Podcast
Questions and Answers
A requirement arising out of necessity that is essential for an individual to exit or live a healthy life is a ______
A requirement arising out of necessity that is essential for an individual to exit or live a healthy life is a ______
need
A requirement arising out of desire, aspiration, or motivation of an individual is a ______
A requirement arising out of desire, aspiration, or motivation of an individual is a ______
want
The center of all early civilizations where people lived, worked, and traded is ______
The center of all early civilizations where people lived, worked, and traded is ______
cities
The practice of trading services and goods between 2 parties without using money is called ______
The practice of trading services and goods between 2 parties without using money is called ______
Signup and view all the answers
The extent to which a country is capable of generating more wealth than its competitors do in the world markets is known as ______
The extent to which a country is capable of generating more wealth than its competitors do in the world markets is known as ______
Signup and view all the answers
Considered the root cause of national per capita income. ______
Considered the root cause of national per capita income. ______
Signup and view all the answers
An analytical tool for international managers to appraise a country’s competitive advantage in a particular field. ______
An analytical tool for international managers to appraise a country’s competitive advantage in a particular field. ______
Signup and view all the answers
A system of values and norms that are shared among a group of people and that when taken together constitute a design for living. ______
A system of values and norms that are shared among a group of people and that when taken together constitute a design for living. ______
Signup and view all the answers
The basic building block of social organization in many western countries. ______
The basic building block of social organization in many western countries. ______
Signup and view all the answers
Economist who promoted free trade by comparing nations to households and the proponent of the theory of absolute advantage. ______
Economist who promoted free trade by comparing nations to households and the proponent of the theory of absolute advantage. ______
Signup and view all the answers
Study Notes
Key Definitions
- A requirement arising out of necessity for survival and health is a need.
- A requirement based on personal desires or motivations is a want.
Historical Context
- The center of all early civilizations where people lived, worked, and traded is known as a city-state.
Economic Concepts
- The practice of trading services and goods between two parties without the use of money is termed barter.
- The capability of a country to generate more wealth than its competitors in the global market is referred to as competitive advantage.
Income Factors
- The root cause of national per capita income is identified as productivity.
Analytical Tools
- An analytical framework used by international managers to evaluate a country's competitive advantages in specific fields is known as a Porter’s Diamond.
Cultural Aspects
- A system of shared values and norms among a group that serves as a guide for living is termed culture.
- The basic unit of social organization prevalent in many Western nations is the nuclear family.
Economic Theories
- An economist who advocated for free trade by comparing nations to households and is known for the theory of absolute advantage is Adam Smith.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on fundamental economic concepts such as productivity, division of labor, trade contributions, cultural influences, society, and the diamond framework for competitive advantage analysis.
