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Definition
| A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than a competitor. |
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Term
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Definition
| The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange. |
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Term
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Definition
| A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally. |
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Term
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Definition
| An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs. |
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