MGTA05H3 Chapter Notes - Chapter 11: Absolute Advantage, Competitive Advantage, Canadian Business
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MGTA05H3 Full Course Notes
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Canadian business interacts with the world: international trade: international business is business activity that crosses borders, international trade takes place when a customer in one country buys a good or a service from a supplier in another country. Trade occurs because one group of people can produce something that another group needs or wants: 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: closed economy: a country that refuses to trade with the rest of the world and attempts to be self-sufficient (ex. India, and pakistan: being at a disadvantage means that what canada does produce takes more time, requires more labour and costs more than goods that are imported. Canada"s suppliers of imports: united states, china, mexico, germany, and japan. Nafta is a treaty signed by the governments of canada and the.
