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Topic: Differences Between the Theories of Absolute and Comparative Advantage
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Describe the differences between the theories of absolute and comparative advantage. What were the shortcomings of these theories?
Using the absolute advantage theory: Do trade ﬂows relate to a country’s speciﬁc economic and social characteristics?
3. Conduct external research and find the U.S. BOP (Table 4.1A), then answer the questions below:
1. What do you observe about the current account over time?
2. Are U.S. exports greater or less than U.S. imports?
3. Do services improve the merchandise import and export balance?
Where is foreign exchange markets located? Where are the main centers of foreign trading?
4.Please list and briefly describe the major international trade organizations.
Give an example of international bank or international financial institution and describe how it works in international business.
5.Briefly discuss how local environment and international business can influence each other.
Define culture in your own words and discuss how culture influences local business and international business. Note: even your own words require external "cited" source support.
6. What are some of the basic issues a company must consider when choosing their marketing strategy for a new foreign market? Explain your answer from a functional operations perspective.
Please illustrate how capital budgeting for international projects differs from domestic projects.
7. How does the scope of a firm’s internationalization affect its HRM practices?
Describe the various control mechanisms MNCs can use in International business
8. Define “Ethics in International Business?” Then after you provide a description with supportive literature, tell us in your own words, “Is it possible for International Managers to exercise ethics in International business?” Why or why not?
Based on background reading, media, , what are your thoughts about future trends of international business?
Name Course Instructor Date COURSEWORK/JG Absolute advantage is the condition where a country can produce certain goods at a lower cost compared to another one while comparative advantage refers to the situation in which a given country produces particular goods at a lower opportunity cost when compared to other countries (Louis & Kurtz, 129). Hence, a country has an absolute advantage over another one if it can produce more goods when same resources are availed to both. Comparative advantage means that a country can produce certain goods better than another one. Both theories are limited in their application because they are applicable where there are two countries and two goods. The principles do not apply for larger numbers of countries and commodities, 1. The U.S. current account deficit has been