BUS 201 Chapter Notes - Chapter 5: Liquid Oxygen, Voice Of The Customer, Foreign Direct Investment

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Peter Tingling

Document Summary

Globalization: process by which the world economy is becoming a single interdependent system. Import: product made or grown abroad but sold domestically. Export: product made or grown domestically but shipped and sold abroad. North america: most stable economy in the world, us and canada are each others largest trading partners. Europe: used to be divided west and east, but now divided north and south. Asia pacific: consists of japan, china, thailand, singapore etc A group of 4 increasingly important nations: brazil, strong commodities and agriculture, russia, powerful energy supplier, four nations have become a unit, discussing strategies etc India: leading service provide, china, major hub of manufacturing activity. South africa: rich in minerals and other resources. Absolute advantage: exists when a country can produce something more efficiently than any other country, eg. Comparative advantage: when goods that it can produce are more efficient or better than other goods, eg. Canada in farming because of fertile land and climate.