COMM 200 Chapter Notes - Chapter 2, 3, 6: Outsourcing, Swot Analysis, Offshoring

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Gary Bisonnette

Document Summary

Ability of a country to produce or supply goods or services at a lower cost than other countries or to possess resources or unique services unavailable elsewhere. When a company/individual from one country makes an investment into a business within another country. Investment can reflect the physical ownership of productive assets or purchase of a significant interest in the operations of a business. Ability of the market, independent of external influences to determine price for which a product/service will be bought and sold. Economic system that adheres to the principles of economic freedom. Law of supply and demand, full and open access to principles of private ownership, entrepreneurship and wealth creation. Economic system where fundamentals of the law of supply and demand, private ownership, entrepreneurship and wealth creation are largely restricted and absent. Government fully controls the economic direction and activity. Economic system that contains components of both open and controlled systems.