BUS 201 Chapter Notes - Chapter 5: Frozen Food, General Agreement On Tariffs And Trade, Language Barrier
3 Oct 2016
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Document Summary
Globalization: process by which the world economy is becoming a single interdependent system. Export- products made or grown domestically and shipped abroad. Imports- products made internationally and shipped to our country. Per-capita income: average income per person, to make distinction among countries: high-income countries: annual per-capita greater than us 746 such as canada and. Us: upper-middle-income countries: annual per-capita between us - us such as china and south africa, low-middle-income countries: annual capita between us - us such as. Armenia and philippines: low-income countries (developing countries) annual income below us such as. These countries are less attractive for international business. World economy revolves around 3 major market places, they are mainly upper-middle-income and high-income nations. Technology is playing an increasingly important role: north america. Canada and us are huge trading partners and mexico provides a manufacturing centre along the border of us due to its low labour costs: europe.
