Managers Need to Understand How Declining Barriers to Trade and Distance

question 30

Essay

Managers need to understand how declining barriers to trade and distance between national cultures have affected the global economy.Discuss.

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Definitions:

Technologically Progressive

Characterized by innovative application of knowledge and technology to improve products, services, or processes.

Nondiscriminating

Nondiscriminating, in economic terms, often refers to pricing or marketing policies that do not vary between different consumers or groups, treating all participants equally.

Pure Monopolist

A market scenario where a single seller controls the entire supply of a product or service, with no close substitutes available to consumers.

Productively Efficient

This refers to a situation where a firm produces goods at the lowest possible cost.