COMMERCE 1E03 Chapter Notes - Chapter 3: Competitive Advantage, General Agreement On Tariffs And Trade, Efficiency Ratio
24 Dec 2014
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Document Summary
Look for employees that have experienced outside domestic experiences. Important to scan the global environment for signs of opportunity and to minimize threats. Means that companies manufacture, finance, and market products world wide. Most of the world population lags behind developed or industrialized nations. Exporting: selling of goods and services to another country. Allow us to sell our products and exchange them for foreign products. Add production allows economies of scales as it lowers average costs and prices. Competing means being efficient and innovative including specializing in a specific product. More products available to us and externally as well: selling of goods to other countries can also be done through foreign subsidiaries. Importing: buying goods and services from another country. Free trade: movement of goods and services among nations without political or economic obstruction. Trades with other countries enhance our quality of life and contributes to our economic well being.
