Activities That Take Place Prior to the Point of Customization

question 31

True/False

Activities that take place prior to the point of customization are called upstream activities.

Recognize the factors determining whether a country exports or imports a particular good.

Understand the role of opportunity costs in determining comparative advantage.

Analyze how international trade affects domestic economies, including producers and consumers.

Identify the importance of productivity and labor costs in international competition.

---

Definitions:

Theoretical

Pertaining to, involving, or concerned with the abstract principles or theories, rather than practical applications or empirical realities.

Vision

The faculty or state of being able to see, or the ability to think about or plan the future with imagination or wisdom.

Adventure

An exciting or very unusual experience; participation in exciting undertakings or enterprises.

Nihilism

The view that nothing has any value or that there are no values.