GDP and Growth
The size of the economy and how an economy is performing compared to other countries
What does GDP tell you about countries?
No restrictions such as tariffs or quotas
What is free trade?
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
What does 'CPTPP' stand for?
An organization of European countries that allows goods, services, and people to move freely across borders with minimal trade barriers.
What is the European Union (EU)?
A tariff imposed in response to another country’s tariff on their country.
What is Retalitory tariffs?
This tracks the economic output of goods from a country - but it adjusts the $ for inflation
What is REAL GDP?
Rupee
What is the currency in India?
This agreement ensures continued trade between the UK and Canada
What is the UK-Canada FTA?
Government policies that protect domestic industries, through tariffs and trade restrictions.
What is protectionism?
Government imposes this type of standard on imported goods to protect its population (health, safety, and environment).
What are regulatory standards?
An economy that is in the process of industrialization and economic growth e.g. Ukraine
What is a transition economy?
Buying imports with this can make costs higher then expected, while making exports cheaper to other countries
What is WEAK CURRENCY ? or a WEAK Canadian Dollar?
This trade agreement between Canada and the European Union was signed in 2017.
What is CETA?
Trump started a trade war in 2018 because of these.
What are Trump tariffs on steel and aluminum?
This trade barrier limits the quantity on exported or imported products during a specific time period
What is a TRADE QUOTA?
An economy that has high GDP per capita compared to other countries.
What is a developed economy?
The act of buying and selling foreign currencies by estimating whether the price will go up or down.
What is Currency Speculating?
This agreement involves Canada, the United States, and Mexico, aiming to reduce trade barriers across North America.
What is the CUSMA (Canada- United States-Mexico-Canada Agreement)?
Harley Davidson responded to tarriffs imposed on EU by US by moving production to Europe.
What is the impact of tarriffs?
Taxes applied to goods when they cross international borders, often used as a revenue source for governments and a protection for domestic industries.
What is a customs duty?
These are all examples of: USA, Canada, UK, Germany Japan
Examples of developed countries?
A Canadian Dollar compared to other popular currencies more valuable than is was in the past.
What is a 'Strong' Canadian Dollar?
Creates inefficiency in the market, make industries less competitive, increase political tensions.
What are the effects of a trade war?
This term describes when a country exports steel at a price lower than its domestic market value, often to gain an unfair advantage in foreign markets.
What is dumping?
This type of barrier is used to prevent imported goods from entering a country altogether and often involves restricting specific items from certain countries. e.g. Russia
What is an embargo?