Unit #4 Economic Interdependence

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12 Terms

1
Scarcity 
\
An infinite amount of human and non-human resources, produces limited maximum amounts of each economic good
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2
Economic Sustainability 
Support long-term economic growth without negatively impacting social, environmental, and cultural aspects of the community
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3
SWOT
\
S - Strengths

W - Weakness 

O - Opportunities 

T - Threats
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4
The Global Economy
  • Trade between countries and markets around the world

  • Mutually beneficial to countries involved

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5
__**Absolute Advantage**__
One country has a natural complete advantage over another country in producing a good or service efficiently
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6
__**Comparative Advantage**__
One country produces a good or service at a lower opportunity cost than another
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7
Factors Influencing Comparative Advantage
  1. Climate: Better climate in producing a certain product

  2. Factors of Production: More of a natural resource

  3. Technology: Greater access to technology

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8
Differentiated Products
Multiple counties sometimes sell the same types of goods as customers prefer to buy differentiated goods based on varied style, taste, etc.
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9
Imports
Goods and service brought into Canada from another country to be sold to Canadian customers
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10
Exports
Goods and services produced in Canada and sold abroad
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11
**Trade surplus** means more exports than imports 

\
**Trade deficit** means more imports than exports 
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12
**Free Trade** 
  • There are no additional taxes (tariffs) or other trade restrictions placed on imports

  • Trade happens between countries without any additional barriers put into place by the government

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