- Explain what globalization is and how it is related to business
- Understand why absolute and comparative advantage make companies want to do business in foreign markets
- Understand the difference between balance of trade and balance of payments
- Understand the difference between trade deficits and trade surpluses
Absolute and Comparative Advantage
It’s one thing to talk and read about global business and another to actually engage in global trade. The following interactive provides a brief introduction to doing just that, with a focus on just how countries behave to create a more productive global economy.
Globalization and Global Trade
You already read about how elements of different cultures are exchanged as part of global trade. In this video, consider South Korea’s decision to treat culture a product to export and how that related to their economic goals.
You can view the transcript for “Hallyu Explained” here (opens in new window).