1. Based on the reading from Encyclopedia of Business, 2nd ed.

, Reference for Business,

“Globalization at”: http://goo.gl/G7bPf0 Make up a conceptual map including the information
about:
• Definition.
• Background and current situation.
• Future.

2. Watch the video “International trade: Absolute and comparative advantage “.

Write one-page script of the speech (one page and a half maximum) based on
the video. Use the country you’ve done research about and include examples
contextualized in Colombia

Speech:

i
Introduction:

Before I start I want to ask you something, why countries trade? it could be because
they do not have resources or maybe because they do not have the capacity to satisfy
their own needs and wants. We want to understand that, we must know and study the
theory of absolute advantages. It is an economic theory to refers when a country or form
produce a greater quantity of a good, product, or service than competitors, using the
same amount of resources. If a country has the absolute advantages in the production
of a good or service, it means it is the most efficient producer of that product; In other
words, if all countries use the same inputs in their production process, this country will
be able to make better quality products that all the others.

1. Example

Let’s contract a simplified theoretical example to illustrate the point that I want to
explain. Colombia and China are countries with different capabilities to produce two
different products, in the café of Colombia it is the coffee and in China are the
integrated circuits, now over certain time period like one month, Colombia can produce
between 200 and 250 arrobas per hectare of coffee that this country has and 500
integrate circuits using all its resources, China, on the other hand, can produce 100000
integrated circuits in a short time and 40 kilograms per hectare ( we must keep in mind
that china does not have many hectares of coffee because these are used for tea) using
all the resources that China has. Knowing this information, does it make sense that
Colombia produces integrated circuits using its resources or does it make sense that
China produces coffee? the answer to these questions is not. But both countries need
these products. in that case it is better that China provides to Colombia integrated
circuits and that Colombia provides to China coffee, it means that China and Colombia
can trade with each other because each country can focus on producing a single
product in large quantities and good quality. It will increase the effectiveness of a
country. With this, the price paid for these products must be the cheapest because the
producers who are focused on one product can make more of the product than the
competitors

2. Conclusion

i
Economics it’s all about satisfying unlimited wants and needs, for that reason a country
with an absolute advantage can sell the good for less than a country that does not have
the absolute advantage, their products will be made with a good quality, in large
quantities efficient production and limited resources. Countries should specialize in the
products of goods and services in which they are good, in case that there is no trade
with other countries, the country can use its own production. this will increase the
productive efficiency of a country and its economy.

3. Write an argumentative essay regarding entrepreneurship and your skills

illustrating with examples the different abilities you may have as a successful
entrepreneur (1- 2 pages)

the entrepreneur and his or her characteristics

Although it seems incredible to dream is the first step to be an entrepreneur. Dreaming

is the first of a series of motivations that lead to entrepreneurship; dreaming that there
are many resources, dreaming of independence, dreaming of being successful and
building large projects that transcend the world. Walter Elias Disney (1901-1966) said:
“If you can dream it, you can do it”. If you dream big things, I congratulate you because
you take the first step to start. However, you have to keep in mind that to dream to be
enterprising is not the only step, also must work hard and have an entrepreneurial spirit.

But, what is an entrepreneur? to answer this question there are many answers. An
entrepreneur is a person who detects an opportunity and creates an organization,
acquires it or forms part of a group that does it. The entrepreneurial process includes all
activities related to the process of detecting opportunities and creating definitive
organizations.

i
To achieve a successful entrepreneurship, the entrepreneur must have certain
important characteristics to face the business environment. Entrepreneurship depends
on many factors, for example, “the entrepreneur does not exclusively determine the
structure of a firm. The environment also plays an important role in determining the
structure of the firm. In academic literature, a great deal of attention is paid to the
influence of the environment on the firm.” ( Bosma, Van Praag, De Witt, 2000, p. 12) For
that reason, the entrepreneurial success is not only about innovative thinking and
breakthrough ideas, it is about a superior job of doing the blocking and tackling.

Becoming an entrepreneur is more than ideas, dreams and hard work, of course, those
things are important but also the future entrepreneur needs certain characteristics that
are the soul of success. One of the most important characteristics is the passion; the
passion is the axis of the entrepreneurship because with the passion you are able to
make sacrifices (sacrificing a large part of your waking hours to the idea you’ve come
up with, to sacrifice your time to rest, study hard and maintain perseverance) passion
inspires trust between your team and your customers. Another feature is the ability to
detect opportunities that others do not see, maybe those opportunities seem
complicated, but many times the risk makes the entrepreneur successful.

We had already mentioned the hard work, however, it should be mentioned because it
is an essential characteristic of the successful entrepreneur; successful people
practically do not sleep, all the time they study and create new projects without
stopping. The road is not easy but a successful entrepreneur enjoys it, with this
characteristic we find a strong connection with the passion, to enjoy what we do and our
job, it is the beginning of success. Self-confidence, a person unsure of himself or
herself will never take risks based on the entrepreneurial instinct and risks are essential
to achieving opportunities. Team work, not even doctors can work alone, we live in a
society where we need others, this law also applies to entrepreneurship, good
teamwork can give you the strength and skills you lack and need to undertake.

in conclusion, becoming an entrepreneur means many things, is not just a person who
does projects with innovative ideas or with dreams. Becoming an entrepreneur means
working hard, having passion, taking risks, working with other people and having self-

i
confidence. There is no universal way of measuring success, but having hope and a
clear vision about where you can and want to take your future and the future of your
company, is the first step to have the key to success. we are what we do, if we do not
do anything we will not be what we want to be.

http://ondernemerschap.panteia.nl/pdf-ez/h200002.pdf

https://www.entrepreneur.com/article/200730

http://www.diva-portal.org/smash/get/diva2:607679/FULLTEXT01.pdf

http://www.asiaentrepreneurshipjournal.com/AJESII2Rose.pdf

https://www.inc.com/naveen-jain/10-secrets-of-becoming-a-successful-
entrepreneur.html

http://cdn.bilinkis.com/wp-content/uploads/2008/09/ser-emprendedor.pdf

4. Using your outline and the Power Point Presentation from the Guidelines 5
record the presentation of your business idea. It must be 5-7 minutes long
(don’t make it too long, it’s not necessary); when you record it, both your
face and your Ppt slides must be visualized (you can use your Ppt on iPad
in front of you, or present with the slides in your background); make sure
both the quality of the video and the sound is good enough!

https://courses.lumenlearning.com/boundless-economics/chapter/introduction-to-
international-trade/

https://www.economicshelp.org/blog/glossary/absolute-advantage/

https://courses.lumenlearning.com/boundless-economics/chapter/introduction-to-
international-trade/

http://economicsonline.co.uk/Global_economics/Why_do_countries_trade.html