BUS 200 Chapter Notes - Chapter 5: Grater, World Economy, Market (Place)

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 200
• Professor: Jeannette Paschen

Document Summary

The contemporary global economy: world trade = nearly 19 trillion in merchandise trade each year, globalizations: world economy increasingly transforming into a single, independent system. Imports: products made or grown abroad, but sold in canada: exports: products made or grown domestically and shipped abroad. Distinctions based on wealth: high-income countries: annual per-capita income grater than us. Includes: canada, usa, japan, south korea, israel, kuwait, united arab emirates and oman: upper-middle-income countries: annual per-capita income between us and. Includes: china, columbia, lebanon, turkey, argentina, and south africa: low-middle-income countries: annual per-capita income between us and. Includes: ukraine, philippines, armenia, guatemala, vietnam: low-income countries (developing): annual per-capita income of us or less. North america: us dominates north american business region, single largest national marketplace. Europe: traditionally divided into 2 regions western and eastern. Japan, china, thailand, malaysia, singapore, indonesia, south korea, taiwan, philippines: strong entries in automobile, electronics and banking industries, grown rapidly in the past 3 decades.