Chapter 3 Notes

Chapter 3 Notes - Chapter3:Globalization&TheManager...

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The Process of Globalization The Spread of Market Based Systems: - Market Economy:  an economy in which businesses are privately owned  and prices are set by the interaction of supply and demand - Socialist Economy:  an economy in which businesses are owned by the  state and prices are set by state planners Falling Barriers to Trade & Investments - International Trade:  the sale of a good or service across borders - Foreign Direct Investment:  investments by a company based in one  nation in business activities in another nation - Tariffs:  a tax on imports - Quotas:  a limit on the number of items of a good that can be imported  from a foreign nation - Regional Trade Agreements:  remove barriers to trade between nations  within a geographic region Implications of Globalization  The Globalization of Production:  sourcing goods and services from locations  around the globe to take advantage of national differences in the cost and quality 
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This note was uploaded on 12/14/2011 for the course ECON 10012 taught by Professor My during the Spring '11 term at Kent State.

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Chapter 3 Notes - Chapter3:Globalization&TheManager...

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