4.1.2 Flashcards
1
Q
How to import?
A
Buying products for resale or importing raw materials and components for the production of goods that are imported from a foreign country.
2
Q
What is exporting?
A
Selling products and services direct to foreign customers.
3
Q
What is a comparative advantage?
A
Comparative advantage comes from a country’s ability to specialise in the production of certain goods and trade them with other nations, rather than nations producing multiple products themselves.
4
Q
How can a competitive advantage be achieved?
A
A competitive advantage can be gained from adding value where other businesses cannot.
5
Q
A
