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?
National prosperity is primarily created through which means?
National prosperity is primarily created through which means?
Which of the following does NOT contribute to national competitiveness?
Which of the following does NOT contribute to national competitiveness?
A competitive nation is best described as a nation that can:
A competitive nation is best described as a nation that can:
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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?
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According to D'Cruz (1992), what is a key element of competitiveness?
According to D'Cruz (1992), what is a key element of competitiveness?
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What does competitiveness simply mean?
What does competitiveness simply mean?
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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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Description
Learn about the importance of competitiveness in the global market, including the role of innovation and specialization in driving national prosperity. Understand how countries can gain a competitive advantage in key industries.
