avoidance c. Individualism d. Collectivism A 7. The wearing of turbans by Muslims in Asia is an example of which of the following? a. Folk custom b. Popular custom c. Symbolic act d. Ritual A 8. Who proposed the theory of absolute advantage? a. David Ricardo b. Adam Smith c. Bertil Ohlin d. Raymond Vernon B 9. The purchase of physical assets or a significant amount of ownership (stock) of a company in another country to gain a measure of management control is called ________
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Main topics/concepts * Scarcity * Scarcity means that society has limited resources and cannot produce all the goods and services people want. * Opportunity costs * The opportunity cost of an item is what you give up to obtain that item. * Equity–efficiency trade off * Individual level * Allocation of time between work and leisure * Society level * Guns vs. Butter is the classic trade-off between production of consumption goods and military
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international trade for many reasons: the forces of production conditions, differences in various countries, the falling of the unit production costs in the development of international trade, due to human inclinations and needs empowerment of absolute and comparative advantages of individual countries, the production of certain goods. International trade is an integral part of the country's reality, every day we are dealing with elements of international trade. There is no country in the world whose economic
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classified into three main categories, ‘‘market-access competencies’’, ‘‘integrity-related competencies’’ and ‘‘functionality-related competencies’’ (Shaabani, et al., 2012). 2. 4. 4. Sustainability of a competitive advantage Hoskisson, et al. (2013), argue that competitive advantage sustainability is a function of: • The rate of adaptation of core-competence as a response to environmental changes, and learning to change rapidly, for example the technological shifts as a result of uncertainty regarding
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Assuming I am a lettuce farmer, what factors would motivate me to produce more lettuce on the market? The market for lettuce do not vary much since lettuce tends to look alike, and there are plenty of lettuce farmers like me in this market. There’s also “perfect information”, where the quality and price of lettuce is relatively known to all consumers.If I produce more lettuce, I can sell it at a lower price. In this lettuce market, we have the perfect competition, meaning, there are other competitors
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prices which is good for consumers, competition also leads to better quality in goods and services, and reduces unemployment and poverty. Thus, this leads to growth and maturing of a countries economy as a whole and also the businesses involved (Advantages and Disadvantages of International Trade). The United States monetary system has the largest impact on global and domestic economy. Global economy includes American trade and imports with other countries; domestic only involves the economy in the
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report aims to critically analyse and evaluate the current situation facing the British Steel Industry using contemporary information and a combination of theories such as ‘The International Product Life Cycle’ and ‘Porter’s Diamond of National Advantage’. Background: Steel is a vital material in the process of economic expansion and it has been very important for the society, considering that the level of consumption of steel/ capita can be used as an index of the level of social wealth, political
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learn the advantages and limitations of international trade. One can also take what is learned from the simulation and relate it to the U.S. economy and the effects international trade has on it. Learning about how fiscal and monetary policies affect the exchange rate is important as well. Not only can one apply what was learned in the simulation to the U.S. economy but they can also apply it to their workplace. The Concept Summary of the simulation helps to make these applications. Advantages and Limitations
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desirable outcome of an action * Inflation – an increase in the general level of prices * Absolute Advantage – the ability to produce the same good using fewer inputs than any other producer. * Production Possibilities Frontier – shows all the combinations of goods that a country can produce given its productivity and supply of inputs * Comparative Advantage – a country has a comparative advantage in producing goods for which it has the lowest opportunity cost. * Demand Curve – a function
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investments in its economy. As a result, the firm was able to build brand loyalty and gain experience in that country's business practices. In the language of business strategy, Capricorn Creative has typically benefited from: a first-mover advantage. forward integration. unrelated differentiation. lateral diversification. technology transfer. 0.5 points QUESTION 4 1. Animax Limited got an order to sell 50,000 central processing units (CPUs) to Palladia, but the Palladian
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