INTB 1203 Chapter Notes - Chapter 3: Longrun, Steelmaking, The Nikkei
16 Dec 2016
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Document Summary
Gross national income (gni): yardstick for measuring economic activity of a country, measures total annual income of a nation"s residents. Purchasing power parity (ppp): an adjustment in gross domestic product per capita to reflect differences in the cost of living. Innovation & entrepreneurship thrive best with: a market economy with profit incentives, strong property rights case: emerging property rights in china, typically a democracy, but sometimes discipline more than democracy, favorable geography (sachs, education. Innovation: development of new products, processes, organizations, management practices, and strategies: engines of economic growth. Innovation in new products, processes, organizations, management practices, strategies (e. g. , amazon. com - online retailing; toys r us - large warehouses) The nature of economic transformation: the shift toward a market-based economic system often entails a number of steps: deregulation, privatization, and creation of a legal system to safeguard property rights. States in transition: spread of democracy due to, nondemocratic, totalitarian regimes lagged in economic progress, emergence of prosperous middle classes.
