MGTA01H3 Chapter Notes - Chapter 11: North American Free Trade Agreement, Secondary Sector Of The Economy, Primary Sector Of The Economy

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Chapter 11:canadian business interacts with the world: trade, International business is business activity that crosses borders. International business manifests itself in two ways: international trade and foreign direct investment. International trade business transactions that involve products or services crossing international borders, i. e. the maker or supplier is in one country, the purchaser is in another. Arab traders have been sailing across the indian ocean for thousands of years. Open economy a country that is willing to buy from, and sell to, sellers and buyers in other countries. An economy that is open to the idea of international trade: ex. Canada is open to international trade because canadians can enjoy best products and services in the world and improves our quality of life. Closed economy a country that refuses to trade with the rest of the world, and attempts to be self- sufficient: ex. Exports - products that canadian business make and sell to other countries.