Sourcing goods and services from different locations around the globe in an attempt to take advantage of national differences in the cost and quality of factors of production. This practice is made possible by the globalization of what? a. Finance. b. Production. c. Markets. d. Process design.

b. Production

Explanation:

Global Value Chains have been successful over the years due to most components being produced in the country where it is cheaper to do so and then the final output is integrated in other country.

Thus globalization of production has enabled firms to take advantage of national differences in the cost and quality of factors of production.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know