chpt 5 notes

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Management (MGT)
Chris Bovaird

Globalization- integration of markets globally Imports- products that are grown or made abroad sold in Canada Exports- products made or grown in Canada that are sold abroad Contemporary global economy International business is nothing new global economy is not big of a change as we think International trade is becoming more important to most nations of the world . In the past, there were strict policies nations follow to protect domestic business Present- increasing international trade to sustain globalization government realizes the benefits of globalization to country and new technology to make international travel easier and cheaper major world market places contemporary world economy revolves around 3 major markets- north America, Europe and asia pacific. World bank uses per capita income to divide countries in 4 groups ( high income, upper middle income low middle income and low income) Per capita income- average income per person of a country North America- composed of USA-largest and most stable economy, Canada, Mexico- cheap labour and low transportation costs Europe- reguarded as 2 regions- western and eastern Europe. Western Europe- eg UK. France, Italy are increasingly important to ecocomerce and technology eastern Europe- important as market place and producer but economic development was slower because of government instability ( Russia, hungary all used to be communist) asia pacific- japan, china, Singapore, Malaysia, etc. strong in automobile, electronics in 1970s80s.--> currency crisis in 1990 slowed growth acts as competition ofr north American eg Toyota, Toshiba,. China is third largest economy next to US, japan. Technology plays important role but asia has slow electronic infrastructure led to slow adoption of computers, higher lower income consumers but technology companies are facing obstacles to keep pace ASEAN- association of southeast asian nations ( 1995, vietname became groups first communist member) over 500 million gnp of 800 billion Forms of competitive advantage- countrys need to import and export as they cant produce all goods and services people need -decisions on what a country importsexports depends on their abilities to use resources.
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