Learning Outcomes After reading this Unit, you will be able to: . Explain if you

Question

Learning Outcomes After reading this Unit, you will be able to: . Explain if you think the recent changes have made the world global marketplace different than in the past. . Describe how the role of China is changing in the global marketplace. . The theory of comparative advantage has always been the basis of global trade. Explain if you think it still applies. . Explain how innovation can be channeled to benefit all of the population of the earth while at the same time protecting and rewarding the innovators

Explanation / Answer

Answer:

We do not think that the recent change have made the world global marketplace different than in past, but the recent change made some improvements and the improvements in global world market carried out some changes and differences, but it is not completely different from past. The recent changes have improved the global market to next level of execution in the world market. The improvement in technology and industrial expansion has carried out major differences in the world which further supported by the new global players like China and India.

Role of China in Global market place: China has emerged strongly in the global world market and had demonstrated their presence in the world market significantly. The innovation application by China is super and they have developed great innovation products at cheap price and world market accepted their approach and they are highly successful in the global market. China is fastest grown economy in the world market. The mix of innovation with technology is the key for China in achieving the success in global market.

Comparative Advantage: the theory of comparative advantage is still the basis of global trade. Because it is the comparative advantage that drives the willingness to have newer products and newer appliances in the global world market. Consumer feels that they want to have comparative advantage and that influences them to purchase products. Thus we can say that comparative advantage will be basis for global trade in long run as well, as it creates the market and the business players wants to explore the market with this approach.   

Innovations: Innovations can be helpful for people on the earth and it can create meaningful benefits for the people on earth because it can create the products and processes which are cheaper, faster and better thus benefits the consumers in the world market. Innovation needs to be protected and rewarded so that we can proper management approaches for the innovations. Innovation can bring high involvement from people on the earth and they can leverage the technology for human support.

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