After you have read and studied this chapter, you should be able to

1. Discuss the growing importance of the global market and the roles of comparative advantage and absolute advantage in global trade.
2. Explain the importance of importing and exporting, and understand key terms used in global business.
3. Illustrate the strategies used in reaching global markets and explain the role of multinational corporations in global markets.
4. Evaluate the forces that affect trading in global markets.
5. Explain how trade protectionism has contributed to the creation of common markets.