Answer: Environmental conditions, inner-social conditions, and trade conditions. A country cannot choose to be where the oil is at, or if rice can grow there, so they will specialize in what they can get to grow there, much like most Middle Eastern countries and oil.

by making long trips less expensive by making long trips in less time by opening up new trade markets by increasing hiring opportunities by increasing travel options.

9.1 How has a change in internet access from 2003 to 2019 most likely affected globalization? A 50 percent increase in internet access has most likely sped up globalization.

• to take advantage of affordable land prices.
• to take advantage of abundant resources.
• to take advantage of lower labor costs.
• to take advantage of favorable tax laws.

The role does competition play in international trade is that it drives down prices for consumers. Global enterprise, foreign trade or world trade is described as the transportation of assets and assistance through various nations and their exchanges.

A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.

It is not possible for a country to have a comparative advantage in all goods. However, a country can have an absolute advantage in all goods. An absolute advantage exists when a country is simply the best (most efficient) in producing a product or service.

the minimum costs that an organisation must bear to remain in business.

To calculate absolute advantage, look at the larger of the numbers for each product. One worker in Canada can produce more lumber (40 tons versus 30 tons), so Canada has the absolute advantage in lumber. One worker in Venezuela can produce 60 barrels of oil compared to a worker in Canada who can produce only 20.

Absolute Cost Difference: The absolute cost difference arises when one country is in a position to produce at a very low cost compared to another country and the other country can produce some other commodity at a very low cost compared to the first country.

These high-income countries can produce all products with fewer resources than a low-income country. Even when one country has an absolute advantage in all products, trade can still benefit both sides. This is because gains from trade come from specializing in one’s comparative advantage.

When a rich country has absolute advantages in all products begins trading with a poor country: The wages in both countries will go up.

opportunity cost and the monetary cost ($$$) of choices with benefits… Because people and regions cannot produce everything they want they.. We make choices because we cannot do or have everything we want. When we make a choice, we give up something else.