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Sellers want to get the maximum price for their goods. The market however, eventually will determine the price and the value that is conferred on any product. This ensures that the resource- optimization and resource-utilization in any organization is important.
Comparative advantage on international trade is seen as an advantage due to the fact that goods and services can be produced in regions that support and have the necessary raw materials and the labor for the task. Numerous studies by economists and researchers have indicated that nations relatively open to free trade grow faster and achieve higher incomes levels for their citizens than those nations that follow a relatively closed trade policy. There are however, significant drawbacks. Many countries, as a result of the open markets, come under intense pressure as a result of the talent, technology, capital, and institutions brought into a regional or small market by large-scale multi-national enterprises from developed nations. Trade between nations, which are not at the same level of expertise can introduce an imbalance in the economic field of the less developed nations.
Economic change generally occurs only after a system sustains severe shocks. Conversely however...
(Muldoon, 1983) Opportunity cost should be constantly weighed against the comparative advantages that can be gained during the growth and developmental stages of the company. By evaluating various factors and variables that impact the company during the growth process, an organization can make truly better calculated decisions using sound financial and economic strategy, rather than react when things go wrong.
The essence of the commercial syndrome is voluntary agreement, honesty in dealings, openness to strangers, respect for contracts, innovation, enterprise, efficiency, promotion of comfort and convenience, acceptance of dissent, investment for productive purpose, industry thrift and optimism." (Wolf, 2004)
Bibliography
Broda, Christian, and David Weinstein. "Are We Underestimating the Gains from Globalization for the United States?" Current Issues in Economics and Finance 11.4 (2005): 1-7.
Muldoon, Robert D. "Rethinking the Ground Rules for an Open World Economy." Foreign Affairs 61.5 (1983): 1078-199.
Wolf, Martin. Why Globalization Works. New Haven: Yale University Press, 2004.
Bibliography
Broda, Christian, and David Weinstein. "Are We Underestimating the Gains from Globalization for the United States?" Current Issues in Economics and Finance 11.4 (2005): 1-7.
Muldoon, Robert D. "Rethinking the Ground Rules for an Open World Economy." Foreign Affairs 61.5 (1983): 1078-199.
Wolf, Martin. Why Globalization Works. New Haven: Yale University Press, 2004.
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