Economics What caused the economic downturn in WesternEurope from the mid-1970s to the early 1980s?
Ch. 3 Exploring Global Business 3-1 The Basis for International Business International Business- all business activities that involve exchanges across national boundaries. (a small business may sell goods from a foreign country, but since they purchase it from an American distributer, they aren’t an international business) Absolute and Comparative Advantage: -Absolute advantage- the ability to produce a specific product more efficiently than any other nation. Ex.) South Africa- diamonds, Australia- wool, Saudi Arabia- crude oil -Comparative advantage- the ability to produce a specific product more efficiently than any other product. Exporting and Importing: -Exporting- Selling and shipping raw materials or products to other natio