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To answer this question, we need to understand the concept of comparative advantage. The Library of Economics and Liberty defines Comparative Advantage as "producing something at a lower cost than anyone else".
There could be several ...
What is a business' "comparative advantage" and what is an example of a business using this principle?
U. S. Company with Global Operations: Activities, Economic Concepts and Political Policies
Select a U. S. company with global operations. Write a project in which you do the following:
Discuss the firm's activities outside the U.S.
Identify which economic concepts, such as comparative advantage, apply to your firm.
Explain how these economic concepts can be used to address the firm's problems and opportunities?
Identify which economic and political policies affect your firm and explain how they impact business decisions.
How does your firm use technology to strategic advantage?
Discuss the impact of globalization on the firm. Are there any effects on its cost structure, markets, currency risk, and overall strategy? Be sure to provide a definition of globalization in your answer.