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INTB 3600 Week 6 notes

by: Jessica Notetaker

INTB 3600 Week 6 notes INTB

Jessica Notetaker
GPA 3.7

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About this Document

In class notes
International Business
Carol Finnegan
Class Notes
25 ?




Popular in International Business

Popular in 3600

This 2 page Class Notes was uploaded by Jessica Notetaker on Saturday October 1, 2016. The Class Notes belongs to INTB at University of Colorado Colorado Springs taught by Carol Finnegan in Fall 2016. Since its upload, it has received 5 views. For similar materials see International Business in 3600 at University of Colorado Colorado Springs.


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Date Created: 10/01/16
International Trade Theory  Free Trade: goods, services, people, financial instruments can move between countries freely. o Not a theory, not exactly a reality  Why do nations trade? o Mercantilism  Historically used gold/silver as currency  Surpluses meant piles of gold/silver  More currency= more power, prestige and wealth  Govt intervention necessary and wanted, goal was to Max. exports and Min imports (trade is a win/lose game) o Absolute advantage: Specialize in production of a good/goods  Adam Smith’s “Wealth of Nations”  Production efficiencies of nation varied (natural resources, knowledge base….)  Countries should focus on production strengths and buy from others  Assumes all countries are good at something (trade is a win/win game) o Comparative Advantage o Leontief Paradox o Product Life Cycle Theory  How can nations enhance their competitive advantage? o Competitive Advantage Theory o Porter’s Diamond Model o National Industrial Policy o New Trade Theory  Economies of Scale (more units, lower cost per unit)  Trade increases the variety of goods available while decreasing cost  First movers tend to have the advantage because a majority are concentrated industries  Voluntary Exchanges: only when each side can benefit, applies to individuals, states and countries.  When specialization occurs, products can be produced at lower cost and trade at lower costs, both production and consumption increase  Limitations of Early Trade Theory o Doesn’t account for international supply chain costs o Existing trade barriers o Additional efficiencies can be brought about by scale economies o Government intervention o Countries are now able to access needed low-cost capital in the global markets o Some services do not lend themselves to all form so FDI (concrete and retail) 


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