International trade lowers the cost of products through competitive advantages, but it can lead to harm for communities and nations. Workers in developed nations are sometimes replaced by counterpart in developing nations. Work conditions in developing nations can be exploitative.Know More
Different nations have competitive advantages over others. Brazil, Cuba and other nations have conditions that are great for growing sugar, and exporting sugar allows everyone to pay less for it than if all sugar was grown locally. Similarly, other nations have the infrastructure needed to develop faster computer parts, and these nations are able to deliver better products people around the world can use.
However, one of the competitive advantages held by developing nations is low labor costs. Workers in developed nations who need jobs that pay better than their counterparts in other parts of the world are sometimes replaced by foreign workers. This can shrink the middle class in developed nations and cause hardships for people no longer able to find work.
Many manufacturing jobs have moved to developing nations as well, and many of their governments do not enforce strong labor laws. As a result, children are sometimes forced to work, and employers might demand more of their workers than most find ethically acceptable.Learn more about Business Resources
An advantage is that primary data is information the researcher has collected and worked with personally. It relates directly to that person's research or study. A disadvantage of primary data is that it is expensive to collect the data, and it often takes a long time to process the information.Full Answer >
The advantages of trading blocs include easy access to each other's markets, protection of individual markets from cheap imports and increased trade between member countries. Disadvantages of trading blocs include limited trade with producers outside the trading bloc, distortion of world trade and retaliation by other countries.Full Answer >
International trade is the exchange of goods and services between two different countries. International trade creates a mutually beneficial set up between countries and companies that operate within them, as the market for goods and services produced in a country expands globally.Full Answer >
International business is important because it gives domestic companies access to new markets, potentially increasing sales and profitability. Operating internationally can also help a company lower expenses through direct access to cheaper materials and labor.Full Answer >