Chapter 5 Lecture

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University of Toronto Scarborough
Management (MGT)
Ingrid L.Stefanovic

Chapter 5 .ppt 01 Laurence, Hugh MGTA03, Lec. 03 International Trade National Boundaries and Trade o What does the economic system look like if we consider nations as economic units? o All about boundaries the boundaries between nations o Boundaries o Economies within boundaries o Doing business across boundaries o Barriers at the boundary o Opening the boundary to freer trade o Within the National Boundary o Competitive Advantage If we consider a nation as a unit in the larger world economy, how competitive is that nation? What advantages does the nation have as an economic unit Conditions of advantage N Factors of production that give a nation an advantage o Natural resources available within nation o Trained and capable labour force o Capital available for business o Social organization as an advantage N Demand o Having a market large enough to support business o Having a market wealthy enough to purchase o Having a market otherwise ready to purchase N Supporting industries o Local suppliers of raw materials or subassemblies o Transportation suppliers o Banking and capital management N Strategies, structures and rivalries o Competition that forces you to reduce costs, increase product quality, became more productive o Need for innovation o Technology for the network economy Consider these various factors to determine the competitiveness of a national economy But today the local economy grows as it links to the international economy The international economy is founded on the technology of a network to increase information flows So we might better look at sectors of economies within nations Then consider how much the international information economy touches various sectors locally
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