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Lecture 2

BUSI 2701 Lecture Notes - Lecture 2: Planned EconomyPremium

by
2 pages51 viewsSpring 2018

Department
Business
Course Code
BUSI 2701
Professor
Gilles Le Vasseur
Lecture
2

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Geography and Education Influence Economic Development
Countries with favourable geography are more likely to engage in trade, which makes
them more open to market-based economic systems, and the econ growth it promotes
Countries that invest in education have higher growth rates because the workforce is
more productive (Japan, South Korea)
The Spread of Market Based Systems
Paralleling the spread of democracy since the 80s has been the transformation of
centrally planned command economies to market-based economies
Deregulation: removing legal restrictions to the free play of markets, the establishment of
private enterprises, and the manner in which the enterprises operate
Deregulation has allowed for a sharp increase in private enterprises
Laws protecting private property rights are required for a well-functioning market
economy
The overall appeal of a country as a market depends on the likely long-term benefits
of doing business in that country vs. the likely costs and risks
Benefits:
Market size
The wealth of consumers in the market
The likely future wealth of the consumers
Costs
Lack of
Infrastructure
Supporting businesses
Adequate protection of intellectual property
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