IB 201 Chapter Notes - Chapter 4: Operations Management, Topnotch, Newly Industrialized Country
16 Nov 2016
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Economic development increase in the economic well-being, quality of life, and general (cid:449)elfa(cid:396)e of a (cid:374)atio(cid:374)"s people. Requires economic growth a quantifiable increase in the foods and services that a a society produces. Ratio of outputs (what is created) to inputs (resources used to create output) For a business to boost its productivity, it must increase the value of its outputs using the same amount of inputs, create the same value of outputs with fewer inputs, or do both at the same time. Business increase their productivity through entrepreneurial activities and innovation, in all their forms. Developed country country that is highly industrialized and highly efficient, and whose people enjoy a high quality of life. Ex australia, canada, japan, new zealand, us, all western european nations. Newly industrialized country(nic) country that has recently increased the portion of its national production and exports derived from industrial operations. Ex hong kong, south africa, singapore and taiwan, brazil, china, india, malaysia, mexico,
