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Management (24)
MGT 201 (24)
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Lecture 5

MGT 201 Lecture 5: Lecture5
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Department
Management
Course Code
MGT 201
Professor
Khoury

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Lecture 5 • Comparative Advantage: o Countries should specialize in producing goods for which they have the lowest opportunity cost of production ▪ Specialization in a particular product, helps become an efficient producer o Free trade leads to a more efficient allocation of resources ▪ Results in all countries that are involved in trade benefiting from access to cheaper goods • The Business Environment: o Represents all of the external forces that affect the firm’s business ▪ General environment • Includes the technological, economic, political/legal, and socio- cultural dimensions that affect a firm’s external environment ▪ Task environment • Includes entities that directly affect a firm on a constant basis and include competitors, suppliers, and customers • The General Environment: o Technological dimension: ▪ The processes, technologies, or systems that a firm can use to produce outputs o Economic dimension: ▪ The general economic environment in the markets where the firm performs activities o Political dimension: ▪ Refers to the political events and activities in a market that affect a firm o Legal dimension: ▪ The regulations and laws that a firm encounters in its markets o Socio-cultural dimension: ▪ Demographic characteristics as well as the values and customs of a society • Social Values: o The deeply rooted system of principles that guide individuals in their everyday choices and interactions • Universal Social Dimensions: o Low versus high power distance ▪ I
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