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MGTA01H3 (583)

Chapter no. 5

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Management (MGT)
Chris Bovaird

Business Chapter 5: Understanding International Business -Several forces have combined to spark and sustain globalization: -Governments and business see the benefits of exploiting the global market. -New technologies and easier mode of communications. -Competitive pressures: firm must enter foreign markets to keep up with competitors. Three major markets: North America, Europe (West+East), Asia-Pacific -Countries are divided based on their per capita income: High-income (>10065), Upper-middle income (3255-10065), Low-middle income (825-3255), Low-income (<825). -ASEAN (Association of Southeast Asian Nations): Thailand, Vietnam, Philippines, Singapore, Malaysia, Brunei, Indonesia. -No country can produce all the goods and services that its people need. Thus, they require import and export to acquire and trade goods efficiently. -True absolute advantage is rare. In reality, absolute advantages are always relative. -Absolute Advantage: things that nation makes and sell because others cant due to natural or industrial handicap. -Comparative Advantage: things that a nation makes and sells because they choose to due to better efficiency. -National Competitive Advantage: A country will be inclined to engage in international trade when factor of production conditions, demand conditions, related and supporting industries (strength), and strategies,structurerivalries are favourable. -International competitiveness: the ability of a county to generate more wealth than its competitors in world markets. -Canadas overall trade balance is favourable only because of its large export to the United States; almost all of its other tradin
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