What Is Globalization? Process by which the world economy is becoming a single interdependent system Copyright 2004 Prentice Hall, Inc.
What Are Imports and Exports? Imports are products made or grown abroad but sold domestically, while exports are products made or grown domestically but shipped and sold abroad Copyright 2004 Prentice Hall, Inc.
Absolute advantage is the ability to produce something more efficiently than any other country can
Comparative advantage is the ability to produce some products more efficiently or better than other products
National competitive advantage is an international competitive advantage stemming from a combination of factor conditions; demand conditions; related and supporting industries; and firm strategies, structures and rivalries
Copyright 2004 Prentice Hall, Inc.
Attributes of National Competitive Advantage Copyright 2004 Prentice Hall, Inc.