WGU C211 Global Econ Study Guide & Cohort Questions with well explained answers

Views of globalization (Chp 1.4) - 1. It's a new phenomenom, starting in the late 20th century. 2. It's a long term part of human history. 3. Neither recent nor one directional, it's a pendulum that swings back and forth. Location specific advantage of Natural resource—seeking - Strategic goal - Possession of natural resources and related transport and communication infrastructure Location specific advantage of Market-seeking - Strategic goal - Abundance of strong market demand and customers willing to pay Location specific advantage of Efficiency-seeking - Strategic goal - Economies of scale and abundance of low-cost factors Location specific advantage of Innovation-seeking -Strategic goal - Abundance of innovative individuals, firms, and universities Name first mover advantages: (Chp 10.3) - 1. Proprietary, technological leadership 2. Pre-emption of scarce resources 3. Establishment of entry barriers for late entrants 4. Avoidance of clash with dominant firms at home 5. Relationships with key stakeholders such as governments Name late mover advantages: (Chp 10.3) - 1. Opportunity to free ride on first-mover investments 2. Resolution of technological and market uncertainty 3. First mover's difficulty to adapt to market changesName strategic goals supported by location specific advantages (Chp 10.2) - 1. Natural resources 2. Market 3. Efficiency 4. Innovation