MGTA01H3 Chapter 5: Chapter 5 Lecture

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Ingrid L.Stefanovic

Document Summary

S what advantages does the nation have as an economic unit. N factors of production that give a nation an advantage: natural resources available within nation, trained and capable labour force, capital available for business, social organization as an advantage. N demand: having a market large enough to support business, having a market wealthy enough to purchase, having a market otherwise ready to purchase. N supporting industries: local suppliers of raw materials or subassemblies, transportation suppliers, banking and capital management. N strategies, structures and rivalries: competition that forces you to reduce costs, increase product quality, became more productive, need for innovation, technology for the network economy. S consider these various factors to determine the competitiveness of a national economy. S but today the local economy grows as it links to the international economy. S the international economy is founded on the technology of a network to increase information flows.