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BUSINESS, the regulation of international trade, economic systems, MARKETS…
BUSINESS
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COMMERCE
sale and distribution of goods and services, it involves activities that help buying and selling ( transport, insurance, banking and advertising)
TRADE
it is the commercial activity, that is buying and selling of goods and services
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it exists to identify people's needs and wants and it ensures that the goods and services are available at the right time, place and price.
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economic systems
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free market economy
Consumers answer to the questions WHAT - HOW - TO WHOM. Production is controlled by supply and demand.
mixed economy
Private companies own and control some industries and government provides services such as public transport, education and health care.
MARKETS
MATURE MARKETS have a state of equilibrium and balanced supply and demand (North America, Western Europe and Japan)
THE FOUR ASIAN TIGERS: South Korea, Singapore, Taiwan and Hong Kong. They lack the natural resources, but they produce manufactured goods from imported raw materials.
EMERGING MARKETS: have a rapid growth and industrialization. - BRICS (Brasil, Russia, India, China, South Africa) - Next Eleven
trading blocs
they are groups of countries that have common trading policies, in terms of tariffs and market access
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