What is the role of the WTO and economic communities in encouraging free trade

Short answer

2-1. Describe the market conditions that influence a firm’s decision to enter foreign markets.

2-2. Explain what world trade means. What is the role of the WTO and economic communities in encouraging free trade? What is protectionism? Explain import quo- tas, embargoes, and tariffs.

2-3. Explain how GDP the categories of economic develop ment, and the business cycle influence marketers’ de- cisions in entering global markets. What are the BRIC countries? What is the Group of Eight (G8)?

2-4. Explain the types of competition marketers face: dis- cretionary income competition, product competition, and brand competition.

2-5. What are a monopoly, an oligopoly, monopolistic com- petition, and pure competition?

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