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MGTA01H3 Chapter 5: Chapter 5 notes (What I used to study for final)

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rosebutterfly489
15 Dec 2010
School
UTSC
Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Document Summary

Imports: products that are made or grown abroad and sold in canada. Exports: products made or grown in canada that are sold abroad. Global trade dates back to 2000 bce, when north africans traded wit the middle east. Easier access to international travel makes it more common. Competitive pressure to keep up with competitors causes it as well. Three major world market places: north america, europe and asia-pacific. Per capita income: the average income per person of a country. Canada and america are each others biggest trading partners. Europe: many internet and software manufacturers throughout the continent. Absolute advantage: a nation"s ability to produce something more cheaply or better than any other country (canadian timber, saudi oil, brazillian coffee beans) Comparative advantage: a nation"s ability to produce some products more cheaply or better than it can others (canada has a comparative advantage in farming because of fertile land and temperate climate)

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Related Questions

International trade organizations promote free trade by encouraging countries to 
A. Maintain their tariffs. 
B. Establish their trade quotas. 
C. Limit their protectionism policies. 
D. Develop their products.

44) The price of coffee beans rises on the international market by 7%. Because of its higher raw material costs, The Highland Creek Coffee Shop raises the price of its regular sized coffee by 5%. At the same time, Starbucks raises the price of its coffee at all of its Canadian locations by 9%. This kind of pricing decisions would suggest these businesses are engaged in: a) b) perfect competition a monopoly an oligopoly monopolistic competition

5) The price of coffee beans rises on the international market by 5%. Because of its higher raw material costs, The Highland Creek Coffee Shop ( a local coffe shop located about a mile from UTSC) raises the price of its regular sized coffee by 5%. The Mom and Pop Coffee Shop at the corner of Kingston Road and Morningside also raises its prices by 5.% Ed's Shed, a coffee shop on Ellesmere, raises its prices by 4%. At the same time, Starbucks raises the price of its coffee at all 400+ of its Canadian locations by 10%. This kind of pricing decisions would suggest that the market for coffee in Eastern Toronto, and the GTA is: a) b) c) perfectly competitive a monopoly an oligopoly monopolistic competition d)