Why Is Important to Know Which Country Has an Absolute Advantage Vs. a Comparative Advantage?

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11) What does ethnocentricity mean, and how can it affect global success?

Belief in the superiority of one's own ethnic group.

People refuse to trade with people outside their race

12) How would a low value of the dollar affect U.S.exports?

We wont be able to buy as much goods with low dollar compare to high dollar. Foreign currency goods becomes more expensive.

13) What does the Foreign Corrupt Practices Act prohibit? While the U.S.is not rated highest on Corrupt Business, you can research an incident that involved Corrupt Practice in U.S. Business? Who did it involve?

Prohibits US businesspersons from bribing foreign officials to secure advantageous contracts

A company called Olympus Corp.

14) Why is trade protectionism good? Why is it bad?

Trade protectionism is good because it provides more jobs. And its bad because there are a lot of foreign competitors.

15) What is the WTO? What is the MISSION STATEMENT of the WTO?

Help: http://www.wto.org/index.htm

The WTO is the World Trade Organization.

Administers the rules governing trade between its 153 members. Helps producers, importers, and exporters conduct their business and ensure that trade flows smoothly.

To facilitate international trade and investment.

16) Is a COMMON MARKET good or bad for the people of a country? What commons markets include the U.S. as a partner?

Common market is good because country trade within themselves to strengthening their economy.

Canada or Mexico includes the us as a partner.

17) What is outsourcing? What is ONE advantage and ONE disadvantage of Outsourcing?

Hiring another organization to perform service to.

One advantage of outsourcing is Increased process capability - improving technology.

One disadvantage is of outsourcing is loss of control and standards - when a business opts to outsource it can often lose control of standards and control of the activities being undertaken.

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