STEN 1000 Chapter Notes - Chapter 3: Multinational Corporation, Absolute Advantage, Comparative Advantage
16 May 2013
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Chapter 3: competing in global markets 2012-09-28 5:59 am. Learning objective #1: discuss the growing importance of the global market and the roles of comparative advantage and absolute advantage in global trade: canada has a population of more than 33 million people. Some 99% of the people in the world live outside canada. For example, zambia has an absolute advantage over many countries in the production of copper due to its copper ore reserves. Learning objective #2: explain the importance of importing/exporting and understand key terms used in global business: anyone can get involved in world trade through importing and exporting. Just about any kind of product can be imported/exported. Companies can sometimes find surprising ways to succeed in either activity. Selling in global markets is not necessarily easy though: what terms are important in understanding world trade, exporting is selling goods and services to other countries. Importing is buying goods and services from other counties.
