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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
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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
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closed economy
a country that refuses to trade with the rest of the world, and attempts to be self-sufficient
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exports
products that Canadian businesses make and sell to other countries
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imports
products that Canadian consumers buy from businesses in other countries
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absolute advantage
the ability of a country to produce a good or a service more cheaply, more abundantly or to a better standard than other countries do
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comparative advantage
the choice to concentrate resources and production on industries where a country is most internationally competitive, and not compete with products that it are made only moderately well
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opportunity cost
the value of what will have to be given up in order to get something else
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primary industry
an industry that harvests or extracts natural resources
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secondary industry
an industry that takes raw materials and then refines, manufactures or constructs them into finished goods
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free trade
international trade that involves minimum government interference into the flow of goods and services across borders
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North American Free Trade Agreement (NAFTA)
a treaty between Canada, the USA and Mexico designed to increase the ease and speed, and lower the cost with which countries in North America trade with each other
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trade protection or protectionism
a deliberate policy of making it more difficult or expensive to import products, or by aiding Canadian businesses in competing with imports
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infant industry
an industry in its early stages of development, which is incapable of competing with established industries in other countries
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tariff
a fee or a tax that is put on every imported good that enters a country
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quota
a limit or fixed number of products that can be imported into a country
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subsidy
financial and other material assistance provided to support a business, an industry, or an enterprise
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embargo
a complete ban on the import of an particular product, or on any product form a particular country
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balance of trade
the positive or negative difference between exports and imports
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trade surplus
the value of a country's exports exceed its imports
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trade deficit
the value of a country's imports exceed its exports
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foreign direct investment (FDI)
a business in one country invests in a business in another country
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multinational corporation
a business that has facilities and offices in at least one country other than its home country
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country risk
the element of uncertainty introduced if a business invests in a country that is politically or economically unstable
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globalisation
the process by which the experience of everyday life is becoming more similar for people all around the world
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offshoring
the process of moving some part of a business' operations to another country
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