Select a country whose name begins with the same letter as YOUR first name or last name. For instance, Linda could selec
Posted: Thu May 19, 2022 10:53 am
Select a country whose name begins with the same letter as YOUR
first name or last name. For instance, Linda could select Latvia.
Begin by going to the Global Edge website of Michigan State
University (http://globaledge.msu.edu (Links to an external
site.)). At the home page, click on “Global Insights,” which will
take you to the page where you can search by Trade Bloc, Country,
State, and Industry. Select “Country” from the drop-down menu and
begin to learn about your country. Another source you may want to
consider is the U.S. Department of State (http://www.state.gov
(Links to an external site.))—see “Countries and Regions” from the
menu at the top of the home page. Also consider the CIA World
Factbook
(https://www.cia.gov/library/publication ... d-factbook (Links
to an external site.))—see the drop-down menu on the home page for
a list of countries.
I choose India
Once you’ve completed your research, answer the following
questions about your country:
1) Does your country have an absolute advantage in any area of
international trade? If so, please describe this advantage and
explain why you think your country has this characteristic.
Remember: Absolute advantage is the ability of a country,
individual, company, or region to produce a good or service at a
lower cost per unit than the cost at which any other entity
produces that good or service.
2) Does your country have comparative advantages? Remember:
Comparative advantage refers to the ability of a party to produce a
particular good or service at a lower marginal and opportunity cost
than another. Even if one country is more efficient in the
production of all goods compared to another, both countries will
gain by trading with each other, as long as they have different
relative efficiencies.
3) What cultural and environmental considerations should you
keep in mind when entering into business with your country?
Remember: Cultural considerations include religious, political,
social, and educational factors that affect the way people live in
a given country. They include any customs and taboos that might
affect business and marketing practices. Environmental
considerations include the geography, climate, and infrastructure
of the country.
4) Why have you chosen this country?
first name or last name. For instance, Linda could select Latvia.
Begin by going to the Global Edge website of Michigan State
University (http://globaledge.msu.edu (Links to an external
site.)). At the home page, click on “Global Insights,” which will
take you to the page where you can search by Trade Bloc, Country,
State, and Industry. Select “Country” from the drop-down menu and
begin to learn about your country. Another source you may want to
consider is the U.S. Department of State (http://www.state.gov
(Links to an external site.))—see “Countries and Regions” from the
menu at the top of the home page. Also consider the CIA World
Factbook
(https://www.cia.gov/library/publication ... d-factbook (Links
to an external site.))—see the drop-down menu on the home page for
a list of countries.
I choose India
Once you’ve completed your research, answer the following
questions about your country:
1) Does your country have an absolute advantage in any area of
international trade? If so, please describe this advantage and
explain why you think your country has this characteristic.
Remember: Absolute advantage is the ability of a country,
individual, company, or region to produce a good or service at a
lower cost per unit than the cost at which any other entity
produces that good or service.
2) Does your country have comparative advantages? Remember:
Comparative advantage refers to the ability of a party to produce a
particular good or service at a lower marginal and opportunity cost
than another. Even if one country is more efficient in the
production of all goods compared to another, both countries will
gain by trading with each other, as long as they have different
relative efficiencies.
3) What cultural and environmental considerations should you
keep in mind when entering into business with your country?
Remember: Cultural considerations include religious, political,
social, and educational factors that affect the way people live in
a given country. They include any customs and taboos that might
affect business and marketing practices. Environmental
considerations include the geography, climate, and infrastructure
of the country.
4) Why have you chosen this country?