{"id":2827,"date":"2023-02-19T16:10:53","date_gmt":"2023-02-19T16:10:53","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-3-1-global-trade\/"},"modified":"2023-07-20T19:47:05","modified_gmt":"2023-07-20T19:47:05","slug":"apply-it-3-1-global-trade","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-3-1-global-trade\/","title":{"raw":"Apply It 3.1: Global Trade","rendered":"Apply It 3.1: Global Trade"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n \t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain what globalization is and how it is related to business&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain what globalization is and how it is related to business<\/span><\/li>\r\n \t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand why absolute and comparative advantage make companies want to do business in foreign markets&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand why absolute and comparative advantage make companies want to do business in foreign markets<\/span><\/li>\r\n \t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the difference between balance of trade and balance of payments&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the difference between balance of trade and balance of payments<\/span><\/li>\r\n \t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the difference between trade deficits and trade surpluses&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the difference between trade deficits and trade surpluses<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Absolute and Comparative Advantage<\/h2>\r\nIt's one thing to talk and read about global business\u00a0and 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.\r\n\r\n<iframe src=\"https:\/\/lumenlearning.h5p.com\/content\/1290499507790791508\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script>\r\n<h2>Globalization and Global Trade<\/h2>\r\n<p style=\"text-align: left;\">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.<\/p>\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9475100&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=CmkULRHGa40&amp;video_target=tpm-plugin-1h6lp2ek-CmkULRHGa40\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/HallyuExplained.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cHallyu Explained\u201d here (opens in new window).<\/span><\/a><\/p>\r\n\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"375\"]3811[\/ohm2_question][ohm2_question height=\"350\"]3812[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain what globalization is and how it is related to business&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain what globalization is and how it is related to business<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand why absolute and comparative advantage make companies want to do business in foreign markets&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand why absolute and comparative advantage make companies want to do business in foreign markets<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the difference between balance of trade and balance of payments&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the difference between balance of trade and balance of payments<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the difference between trade deficits and trade surpluses&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the difference between trade deficits and trade surpluses<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>Absolute and Comparative Advantage<\/h2>\n<p>It&#8217;s one thing to talk and read about global business\u00a0and 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.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/lumenlearning.h5p.com\/content\/1290499507790791508\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><script src=\"https:\/\/lumenlearning.h5p.com\/js\/h5p-resizer.js\" charset=\"UTF-8\"><\/script><\/p>\n<h2>Globalization and Global Trade<\/h2>\n<p style=\"text-align: left;\">You already read about how elements of different cultures are exchanged as part of global trade. In this video, consider South Korea&#8217;s decision to treat culture a product to export and how that related to their economic goals.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=9475100&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=CmkULRHGa40&amp;video_target=tpm-plugin-1h6lp2ek-CmkULRHGa40\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/HallyuExplained.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cHallyu Explained\u201d here (opens in new window).<\/span><\/a><\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm3811\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3811&theme=lumen&iframe_resize_id=ohm3811&source=tnh&show_question_numbers\" width=\"100%\" height=\"375\"><\/iframe><iframe loading=\"lazy\" id=\"ohm3812\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3812&theme=lumen&iframe_resize_id=ohm3812&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><\/section>\n","protected":false},"author":21,"menu_order":8,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Game: Absolute and Comparative Advantage\",\"author\":\"Bob Danielson\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Hallyu Explained\",\"author\":\"this is why\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/CmkULRHGa40\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard Youtube License\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":2819,"module-header":"apply_it","content_attributions":[{"type":"cc","description":"Game: Absolute and Comparative Advantage","author":"Bob Danielson","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""},{"type":"copyrighted_video","description":"Hallyu Explained","author":"this is why","organization":"","url":"https:\/\/youtu.be\/CmkULRHGa40","project":"","license":"arr","license_terms":"Standard Youtube License"}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2827"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":19,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2827\/revisions"}],"predecessor-version":[{"id":8607,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2827\/revisions\/8607"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/2819"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2827\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=2827"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=2827"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=2827"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=2827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}