International Business - Midterm Review Essay - 4115 Words

AFM 333 Midterm Review Module 1: - Fall of Berlin Wall 1989 - Two Trends altering global market: globalization of markets and technological advances - Globalization: interconnectedness of national economies, growing interdependence of buyers, producers and suppliers in different countries G6 economies: US, UK, Japan, Germany, France, Italy - Account for half of global consumption with only 1/10 of population - B6 economies: China, India, Russia, Brazil, Mexico, South Korea - China is the biggest market for phones, TVs, and cars in 2007 - China and India have more middle class households than all of the households in the United States - Growth in B6 more than 3x the growth in G6 economies†¦show more content†¦al Business - trade and investment activities of firms across borders Globalization - economic integration and growing interdependency worldwide Theories of Trade - mercantilism – national prosperity = positive balance of trade (trade surplus) - absolute advantage principle – produce only products for which your country/region has an absolute advantage - comparative advantage principle – both countries produce even if one has absolute advantage in all products, relative efficiency matters, specialize in what you produce best and trade for the rest you can use scarce resources more efficiently National Comparative Advantages - China low cost labour - India – IT workers in Bangalore - Ireland – service economy - Dubai – knowledge based economy Comparative Advantage = superior features with unique benefits in global market either naturally endowed or put in place through national policy - NATIONAL Competitive Advantage = distinctive competencies of a firm from cost, size, innovation that are difficult for competitors to replicate – FIRM Factor Proportions/Endowments Theory = produce and export products that use abundant factors of production and import goods that use scarce resources Limitations of Early Trade Theories - they don’t account for cost of international transportation - tariffs and import restrictions distort trade flows - economies of scale bring about additional efficiencies -Show MoreRelatedDocx949 Words   |  4 PagesInternational University – HCMC Department of English IE2 READING WRITING 1. 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