BUS 201 Chapter Notes - Chapter 5: Market (Place), Root Mean Square, Voice Of The Customer
4 Oct 2016
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Document Summary
Distinctions based on wealth: the world bank uses per-capita income (average income per person) to make distinctions among countries: 1. Geographic clusters: 3 major marketplaces: north america, europe, asia - largest economies, biggest corporations, in uential nancial markets and highest-income consumers. Bric: brazil, russia, india and china: later became brics - with the addition of south africa, rich in mineral resources & gateway to the african continent. Absolute advantage - exist when a country can produce something more ef ciently than any other country (it can produce a larger output of goods and services using the same or fewer input resources) Comparative advantage - it can produce more ef ciently or better than other goods: national competitive advantage. Factor conditions are the factors of production (labour, capital, entrepeneurs, natural resources, and information) Demand conditions re ect a large domestic consumer base that promotes strong demand for innovation products.
