The Concepts of Specialization and Gains from Trade Can Be

question 102

Multiple Choice

The concepts of specialization and gains from trade can be applied to:

• A) international trade.
• B) why globalization has expanded recently.
• C) consumer decisions.
• D) household decisions.

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Definitions:

Global Advertising

Global advertising involves planning and executing advertising campaigns that transcend national boundaries, aiming to reach consumers in multiple countries through standardized or slightly adapted marketing messages.

Gross National Income

The total domestic and foreign output claimed by residents of a country, including wages, salaries, and capital gains.

Investments Abroad

Financial allocations made by individuals or corporations in foreign countries, intended to achieve profits or strategic objectives.

Glocalization

A business strategy that involves adapting products and services to fit the cultural norms, tastes, and preferences of different local markets while maintaining a global outlook.