CBA 110 Chapter 4: Study Notes at Rider University
8 Jan 2019
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Consumers want more than their country can provide. Less reliance on economies of home nations. Domestically produced goods and services sold in markets in other countries. Foreign made products and services purchased by domestic consumers. Decisions to operate abroad depend upon availability, price, and quality of: Country can maintain a monopoly or produce at a lower cost than any competitor. Ex: china"s domination of silk production for centuries. A lot of today"s advantages have to do with advanced technology. Basically not existent in most countries today. Country can supply a product more efficiently and at a lower cost than it can supply other goods, compared with other countries. Ex india"s combination of a highly educated workforce and low wage scale. Things that are currently relevant in pop culture short answer. Not worth doing it here when you can do it elsewhere related questions china tariffs. Balance of trade: difference between a nation"s imports and exports.
