1. Discuss the growing importance of global market and the role of comparative advantage and absolute in international business.
Looking of the word global and market according to the American Heritage Dictionary, Global means “worldwide” and market means “the business of buying and selling”. Therefore, global marketing can be said as the process of buying and selling goods worldwide. There are many ways Global market affect the economy of a nation or a country. To begin with, why do countries market globally? Well, countries understand that they are not capable of providing the goods and services the citizens of a country needs. In order words, there are scarce resources, due to the nation’s climate or under developed technology. Another reason will be cost meaning global trading might be cheaper in labor and in product. There is also market needs as in needs of differences. For example, a country may desire different goods than that of their country. Local competition can also cause a nation to market globally, because there are too much of the same goods and services in the country, the economy might be in danger. Lastly, most countries prefer goods from other countries because they are famous for producing presti