The major theories of international trade that were advanced before the 20th century.
Includes mercantilism, absolute advantage and comparative advantage
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Classical trade theories
Intangible property that is the result of intellectual activity
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Intellectual property
,Strategy that focuses on developing new markets and avoids attacking core markets
defended by rivals, which is likely to result in a bloody price war
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Blue Ocean Strategy
Brazil, Russia, India, China
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BRIC
The idea that free market forces should determine how much to trade with little or no
government intervention
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Free trade
Costs that vary with the quantity of output produced
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Variable costs
,A political system in which one person or party exercises absolute political control
over the population
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Totalitarian
Exclusive legal right of authors and publishers to publish and disseminate their work
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Copyright
Collective attempts between competing firms to reduce competition
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Collusion
The inherent disadvantage that foreign firms experience in host countries because of
their non-native status
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Liability of Foreignness
, An MNE's possession and leveraging of certain valuable, rare, hard to imitate and
organizationally embedded (VRIO) assets overseas in the context of FDI
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Ownership
The property whereby long-run average total cost falls as the quantity of output
increases
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Economies of scale
The extent to which different countries possess various factors of production such as
labor, land and technology
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Factor endowment
The property of a resource allocation of maximizing the total surplus received by all
members of society
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Includes mercantilism, absolute advantage and comparative advantage
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Classical trade theories
Intangible property that is the result of intellectual activity
Give this one a try later!
Intellectual property
,Strategy that focuses on developing new markets and avoids attacking core markets
defended by rivals, which is likely to result in a bloody price war
Give this one a try later!
Blue Ocean Strategy
Brazil, Russia, India, China
Give this one a try later!
BRIC
The idea that free market forces should determine how much to trade with little or no
government intervention
Give this one a try later!
Free trade
Costs that vary with the quantity of output produced
Give this one a try later!
Variable costs
,A political system in which one person or party exercises absolute political control
over the population
Give this one a try later!
Totalitarian
Exclusive legal right of authors and publishers to publish and disseminate their work
Give this one a try later!
Copyright
Collective attempts between competing firms to reduce competition
Give this one a try later!
Collusion
The inherent disadvantage that foreign firms experience in host countries because of
their non-native status
Give this one a try later!
Liability of Foreignness
, An MNE's possession and leveraging of certain valuable, rare, hard to imitate and
organizationally embedded (VRIO) assets overseas in the context of FDI
Give this one a try later!
Ownership
The property whereby long-run average total cost falls as the quantity of output
increases
Give this one a try later!
Economies of scale
The extent to which different countries possess various factors of production such as
labor, land and technology
Give this one a try later!
Factor endowment
The property of a resource allocation of maximizing the total surplus received by all
members of society
Give this one a try later!
