Def: The exchange of goods and services between people, organizations, and countries.

Skill of the labor force which was solved by the division of labor. Say in the manufacturing of a product the various steps were divided and specialized by different workers.

The proportion of productive to unproductive labor which was solved by the accumulation of capital that allowed for plant and machinery to be created but also enabled labor to be employed

The majority efficiency a country has in producing a unit with fewer man hours required than another county.

The ability a country has to produce a good at lower man hours than the other

Michael Porters 4 key elements of international entrepreneurial success

labor, land, natural resources, capital, and infrastructure. Elements difficult to duplicate therefore generating a competitive advantage

Sophisticated domestic market that demands high quality.

Industries that create competition for products to constantly be improving

Strategy being based on the concept of a short term market or a long term market. Structure on how the management style of industries varies. Rivalry suggesting that competition impulses the industry to thrive.