Absolute advantage principle

A country benefits by producing only those products in which it has an absolute advantage or that it can produce using fewer resources than another country.


The process of adjusting and adapting to a culture other than one’s own.


Direct investment to purchase an existing company or facility.


Firm’s efforts to modify one or more elements of its international marketing program to accommodate specific customer requirements in a particular market.

Advanced economies

Post-industrial countries characterized by high per-capita income, highly competitive industries, and well-developed commercial infrastructure.


An intermediary (often an individual or a small firm) that handles ...

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