MKT 310 Lecture Notes - Lecture 1: Foreign Corrupt Practices Act, Foreign Exchange Market, Maastricht Treaty
Document Summary
Relative advantage - degree to which a new product is more advantageous to the customers than the competing brands. Theory of comparative advantage a country focuses on what is harder for another country to do even if they can do both. Best interest to focus on what is harder for other country. the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity. Wto - the only global international organization dealing with the rules of trade between nations. Letter of credit contract between the banks of the buyer and the seller that ensures payment from the buyer to the seller upon receiving an export shipment. Dumping imports being traded at less than their value. Hard service - a service that can be separated from it"s function. Foreign corrupt practices act limits corruption in us, illegal to bribe govt official in order to obtain or maintain business.
