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MGTA01H3 (583)
Chapter 5

MGTA03 Chapter 5

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Winter

Description
Chapter 5 Understanding International Business The Rise of International Business -increasing amount of world trade today -Globalization: The integration of markets globally -imports: products that are made or grown abroad and sold in Canada -exports: products that are made and grown in Canada and sold abroad The Contemporary Global Economy -trade has been around for many years already, North American tribes trading dates and clothing for olives and spices in Middle East Capital mobility movement of money from country to country Imports only represent slightly higher proportion of GDP than it used to Countries nowadays encourage international trade and not just domestic trade Countries are offering incentives for domestic companies to trade interntionally and they are creating more opportunities for domestic businesses to make alliances with foreign firms Therefore, many firms are now competing on a global scale There are forces which help to spark and sustain globalization: government and businesses who accept it because they recognize the benefits, the advancement of technology to make traveling, communication, commerce overseas phone calls easier and faster than before, and there are also the competitive pressure of needing to keep up with global competition The Major World Marketplaces Contemporary world economy has 3 major marketplaces: North America, Europe and AsiaPacific as they have the most influential financial markets, highest income consumers, etc. World Bank part of the United Nations uses per capita income (the average income per person) to measure and divide countries into one of four groups -High Income Countries per capita income greater than U.S $10, 065 (examples: Canada, Australia, Japan, Hong Kong) -Upper-Middle-Income Countries per capita income between US $3255 and US $10,065 (examples: Greece, Poland, Mexico, Turkey) -Low Middle-Income Countries per capita GDP of in between US $825 and US $3255 (examples: China, India, [
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