Podcast
Questions and Answers
What is necessary for a country to gain competitive advantage in the international market?
What is necessary for a country to gain competitive advantage in the international market?
- Having abundant natural resources
- Attaining competitive advantage in its key industries (correct)
- Expanding its labor pool
- Maintaining high interest rates
National prosperity is primarily created through which means?
National prosperity is primarily created through which means?
- Innovation and specialization (correct)
- Expanding labor markets
- Altering currency values
- Inheritance of natural resources
Which of the following does NOT contribute to national competitiveness?
Which of the following does NOT contribute to national competitiveness?
- High interest rates (correct)
- High labor pool (correct)
- Specialization
- Innovation
A competitive nation is best described as a nation that can:
A competitive nation is best described as a nation that can:
Which of these examples is used to illustrate a nation's competitiveness in the content?
Which of these examples is used to illustrate a nation's competitiveness in the content?
According to D'Cruz (1992), what is a key element of competitiveness?
According to D'Cruz (1992), what is a key element of competitiveness?
What does competitiveness simply mean?
What does competitiveness simply mean?
Which factor is NOT a determinant of a country's competitiveness?
Which factor is NOT a determinant of a country's competitiveness?
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Study Notes
Globalization and Competitiveness
- Globalization creates competition among nations in various aspects, including social standards, work ethics, clothing, industry, and consumerism.
- A country must attain a competitive advantage in its key industries to excel in the international market.
National Prosperity
- National prosperity is created through innovation and specialization, not inherited natural resources, land, labor, or other factors.
- A country's competitiveness is not determined by its national endowments, labor pool, interest rates, or currency value.
Definition of Competitiveness
- A competitive nation is not necessarily one that can compete in all industries, but rather one that excels in a particular industry.
- Examples of countries with competitive industries include Italy (footwear), Switzerland (pharmaceuticals), America (aircraft), and Japan (automobiles).
- Competitiveness refers to a nation's ability to excel in a specific industry, measured by productivity in a well-defined and coordinated area.
- D'Cruz (1992) defines competitiveness as the ability of a firm to design, produce, and/or market superior products, considering price and non-price qualities.
Determinants of National Competitiveness
- National competitiveness is not determined by natural resources, labor, or currency value.
- Instead, it is achieved through innovation, specialization, and productivity in specific industries.
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