Imagine you are an entrepreneur looking to expand into the global market. How wi
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Imagine you are an entrepreneur looking to expand into the global market. How will you choose which country to begin your expansion?
Select a country whose name begins with the same letter as YOUR first name. For instance, Linda could select Latvia. Begin by going to the Global Edge website of Michigan State University (http://globaledge.msu.edu (Links to an external site.)). At the home page, click on “Global Insights,” which will take you to the page where you can search by Trade Bloc, Country, State, and Industry. Select “Country” from the drop-down menu and begin to learn about your country. Another source you may want to consider is the U.S. Department of State (http://www.state.gov (Links to an external site.))—see “Countries and Regions” from the menu at the top of the home page. Also consider the CIA World Factbook (https://www.cia.gov/library/publications/the-world-factbook (Links to an external site.))—see the drop-down menu on the home page for a list of countries.
Once you’ve completed your research, answer the following questions about your country:
Does your country have an absolute advantage in any area of international trade? If so, please describe this advantage and explain why you think your country has this characteristic.
Remember: Absolute advantage is the ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
Does your country have comparative advantages?
Remember: Comparative advantage refers to the ability of a party to produce a particular good or service at a lower marginal and opportunity cost than another. Even if one country is more efficient in the production of all goods compared to another, both countries will gain by trading with each other, as long as they have different relative efficiencies.
What cultural and environmental considerations should you keep in mind when entering into business with your country?
Remember: Cultural considerations include religious, political, social, and educational factors that affect the way people live in a given country. They include any customs and taboos that might affect business and marketing practices. Environmental considerations include the geography, climate, and infrastructure of the country.
Finally, write a one-page proposal explaining why you have chosen to expand into your country. Include the following information:
A brief overview of the country you selected (fewer than 50 words).
The advantage(s) you identified. State whether they are absolute or comparative.
The cultural and environmental factors that influenced your decision.
An explanation and justification for making the decision you did.
The first letter in my name is J.