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Lecture Macroeconomics - Chapter 5: Canada in the global economy

Chapter 5 decribes Canada in the global economy. In this chapter you will learn: That trade is crucial to Canada’s economic well-being, the importance of specialization & comparative advantage in international trade, how the value of a currency is established on foreign exchange markets, the economic costs of trade barriers, about multilateral trade agreements & free trade zones. | Chapter 5 Canada in the Global Economy SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn That trade is crucial to Canada’s economic well-being The importance of specialization & comparative advantage in international trade How the value of a currency is established on foreign exchange markets The economic costs of trade barriers About multilateral trade agreements & free trade zones Chapter 5 Topics International Linkages Canada & World Trade Back to the Circular Flow Model Specialization & Comparative Advantage Foreign Exchange Market Government & Trade Multilateral Trade Agreements & Free-Trade Zones Increased Global Competition International Linkages Other National Economies Canadian Economy Goods & Services Capital & Labour Info & Technology Money Figure 5-1 Chapter 5 Topics International Linkages Canada & World Trade Back to the Circular Flow Model Specialization & Comparative Advantage Foreign Exchange Market Government & Trade Multilateral Trade . | Chapter 5 Canada in the Global Economy SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn That trade is crucial to Canada’s economic well-being The importance of specialization & comparative advantage in international trade How the value of a currency is established on foreign exchange markets The economic costs of trade barriers About multilateral trade agreements & free trade zones Chapter 5 Topics International Linkages Canada & World Trade Back to the Circular Flow Model Specialization & Comparative Advantage Foreign Exchange Market Government & Trade Multilateral Trade Agreements & Free-Trade Zones Increased Global Competition International Linkages Other National Economies Canadian Economy Goods & Services Capital & Labour Info & Technology Money Figure 5-1 Chapter 5 Topics International Linkages Canada & World Trade Back to the Circular Flow Model Specialization & Comparative Advantage Foreign Exchange Market Government & Trade Multilateral Trade Agreements & Free-Trade Zones Increased Global Competition Canada & World Trade volume of international trade has been increasing absolutely relative to GDP for Canada & the world GLOBAL PERSPECTIVE 5.1 Canada’s exports make up almost 40% of domestic output of goods & services Canada & World Trade Canada is dependent on other countries for many goods imported goods compete with Canadian goods in many markets many Canadian industries rely on foreign markets Canada & World Trade Canada has a trade surplus in goods Canada has a trade deficit in services Canada imports goods in some of the same categories it exports % of total exports Machinery & equipment 25 Automotive products 23 Industrial goods & materials 15 Forestry products 10 Energy products 13 Agricultural & fishing products 7 Principal Canadian Exports of Goods, 2000 Table 5-1 % of total imports Machinery & equipment 34 Automotive products 21 Industrial goods & materials 19 Consumer goods 11 Agricultural & fishing products 5 .