BUSI 2701 Lecture Notes - Lecture 1: General Agreement On Tariffs And Trade, International Trade, Natural Disaster
8 Oct 2015
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Document Summary
The interdependent global economy: in today"s world, national economies are merging into an interdependent economic system. Globalization refers to the shift toward a more integrated and interdependent world economy. Globalization has several different aspects, including: globalization of markets, globalization of production, globalization of consumers. Refers to the merging of separate national markets into one huge global marketplace. Low-cost transportation has made it more economical to ship products around the world, thereby helping to create global markets. Low-cost global communications networks such as the world wide web are helping to create electronic global marketplaces. While modern communication and transportation technologies are ushering in the global village, very significant national differences remain in culture, consumer preferences, and business practices. Refers to the sourcing of goods and services from locations around the world to take advantage of national differences, costs, and quality of factors of production.
