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Business Management Questions And Answers Essay

839 words - 4 pages

1. Distinguish between an absolute advantage and a comparative advantage. Cite an example of a country that has an absolute advantage and one with a comparative advantage.Absolute advantage is when a monopoly exists in a country when it is the only source and product of an item. Meanwhile, a comparative advantage is when a country can supply products more efficiently and at a lower cost than it can produce other items. South Africa has an absolute advantage because of its diamonds. The United States has a comparative advantage because of the many products we produce.3. What effect does devaluation have on a nation's currency? Can you think of a country that has devaluated or revaluated its ...view middle of the document...

A certain phrase in America can be defined as something very different and sometimes inappropriate in another culture. Body languages and personal space are also an affect. These differences can cause misunderstandings or uncomfortable feelings toward a specific business. Another cultural barrier may be a certain religion and something that person believes in. A business may be mocking a religion without knowing anything about it.8. At what levels might a firm get involved in international business? What level requires the least commitment of resources? What level requires the most?A firm might get involved in international business at many levels, it depends on the commitment and effort a certain company decides to involve itself in international trade. The least commitment of resources is a small company on the level of less than 100 employees. The level which requires the most is a large company with more than 500 employees.9. Compare and contrast licensing, franchising, contract manufacturing, and outsourcing.Licensing is a trade arrangement in which on company allows another to use its company's name, products, patents, brands, trademarks, raw materials, and many others in exchange for a fee or royalty. Franchising is a form of licensing in which a company agrees to provide their name, logo, methods of operation, advertising,...

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