BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Globalisation
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Privatisation
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Liberalisation
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All of the above
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Detailed explanation-1: -Answer: No country in the world is self-sufficient in all its needs. Goods produced by one country are required by the other and vice versa. Hence differences in resources, needs and development among nations create conditions for international trade between them.
Detailed explanation-2: -In economics, exporting is the practice of producing a good or service in one country and selling it to consumers in another country.
Detailed explanation-3: -The purchase of goods from a foreign country is called import.
Detailed explanation-4: -Answer and Explanation: Countries specialize in the production of certain goods because of comparative advantage. Countries have a comparative advantage in producing certain goods due to the lower opportunity costs of producing one good over the others.