3 Tutorials that teach Global Economy
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Global Economy

Global Economy

Author: Jeff Carroll

This lesson is an overview of international trade and the intersection of globalization and business.

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Source: Image of globe, dollar bill, t-shirt, red car, wine, blue car, man at laptop on phone, box, handshake, crowd of people, images by Video Scribe, License held by Jeff Carroll; Image of oil pump, Public Domain, http://bit.ly/1pHpQoF; Image of peanut, Public Domain, http://bit.ly/ULZvM4; Image of trade balance sheet, Public Domain, http://bit.ly/1r7ftL5.

  • International Business

    Business conducted between two or more nations.

  • Imports

    Goods domestically sold that were produced in a foreign nation.

  • Exports

    Goods produced domestically and sold to a foreign nation.

  • Globalization

    The expansion of business into international markets.

  • Comparative Advantage

    A trading advantage achieved over another company due to lower opportunity cost.

  • Absolute Advantage

    The capacity to produce a higher number of goods or services using the same production resources as competitors.