Absolute advantage principle

The idea that a country benefits by producing only those products it can produce using fewer resources.


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


Direct investment to purchase an existing company or facility.


The 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 orders to buy and sell commodities, products, and ...

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