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Related Flashcards
Cards In This Set
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Globalization
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The intergration of markets globally
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Imports
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Products that are made or grown abroad and sold in canada
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Exports
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Products that are made or grown within canada and sold abroad
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Per capita income
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The average income per person in a country
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Absolute advantage
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A nations abiltiy to produce something cheaply or better than any other country
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Comparative advantage
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A nations abiltiy to produce something mor cheaply or better than all other countries
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National comparative advantage
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A country will be inclined to engage in international trade wen factor conditions, demand conditions, related and supporting industries, and strategies/structures/rivalries are favourable
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International competitiveness
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The ability of a country to generate more wealth than its competitors in world markets
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Balance of trade
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The difference in value between a country's totla exports and its total imports
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Balance of trade & Balance of payments
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To decide whether an overall balance exists, economists use two measures
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Balance of payments
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The difference between money flowing in to and out od a country as a result of trade and other transactions
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Trade surplus
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Occurs when a country exports more than it imports
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Trade deficits
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Occurs when a country imports more than it exports
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Exchange rate
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The ratio of one currency to another
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Euro
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A common currency shared among most of the memeber of european union
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