MGTA01H3 Lecture Notes - Upper Middle Class, Goal Setting, Strategic Alliance
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
7th largest exporter, 7th largest importer: g8 countries are our biggest customers, suppliers. 3 biggest customers are usa, japan and uk: we are very dependent on the us in terms of imports and exports so we should try to sell to other countries. The major world marketplace: world economy revolves around 3 major markets: north america, europe and asia, high income countries have more than income per capita, canada, the u. s, most countries in europe, australia, japan, south korea, Low middle class: - : colombia, guatemala, samoa, and thailand. For example, the nation of somalia is plagued by drought, civil war and starvation, and plays virtually no role in the world economy. Comparative advantage: absolute advantage: a nation"s ability to produce something more cheaply or better than any other country, comparative advantage: a nation"s ability to produce some products better or more cheaply than others.
