Notes for Midterm 2

Notes for Midterm 2 - Absolute Advantage different...

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Global Dimensions of Business Notes Competitive Advantage – Laissez-faire – “leave it alone” Mercantilism – theory that the goal of trade is to increase a country’s treasure, esp. holdings of gold Favorable Balance of Trade – country is exporting more than it is importing Unfavorable Balance of Trade – country is importing more than it is exporting
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Unformatted text preview: Absolute Advantage different countries produce some goods more efficiently than others Strategic Trade Policy Govs sometimes target select industries, in terms of R&D subsidies, import restraints or export subsidies Often fails in rich nations...
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