BUS 201 Chapter Notes - Chapter 5: Asia-Pacific, World Economy, International Trade

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Susan Christie- Bell

Document Summary

World economy transferring into a single, interdependent system, this is called globalization. Imports & exports becoming more frequent (cid:0)international trade increasing. Exports: product made/grown domestically but shipped & sold abroad. 5 key trends in global market according to globe and mail from mckinsey: economic centre will shift away from north america/europe/japan to asia & Latin america: improved productivity is key to keep up with competition, increasing complexity in global networks, environmental sustainability will become important, increase in government intervention to cope with financial crisis. Us: low-income countries (developing countries): ,025 us or less b/c of low literacy rates, weak infrastructure, unstable gov. etc, world economy divided into 3 major market places. North america: us dominates the world market, canada being mutual largest trading partners. Mexico becoming more of a player as a manufacturing centre. It has cheap labour & low transportation costs. Europe: divided into western europe, later becomes european union (eu)