BUS 200 Lecture Notes - Lecture 4: Economic Development Administration, Dispute Settlement In The World Trade Organization, World Trade Organization
Document Summary
Competitive advantage: a competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. Example: makes awful shoes but really good at selling them. Why some countries are more successful than others. Companies use it to analyze sales, analyzes a company"s ability to compete in certain industries, how much the consumers want the product/service. Why some industries inside some countries are more successful. With globalization, supporting industries are effected since going overseas is cheaper and another option now. What can the government do if they think an industry in not strong enough: they can purchase the product and distribute it to companies, schools, colleges, etc. Import quota (when they limit how much one can import) measured by quantity and time. Goals of trade policy: employment, promote industrialization, protect consumers- more choice, national culture, promote strategic interests- agriculture/food, defense.
