BUAD 200 Notes

BUAD 200 Notes - BUAD200 20:24 GlobalCompetition 1. o 1. o...

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BUAD 200 20:24 Global Competition 1.4 Billion-population of China o One child policy per family 1.1 Billion-population of India o Growing, expected to be larger than China 18% of our GDP are imported products o We are importing more than exporting o Trade deficit o GDP=gross domestic product Reflects the level of productivity and efficiency  China has been the highest We are the third largest economy, largest consumer The savings rate for the US has been decreasing o It has gone up 5% in the last few years Comparative Advantage Each country should produce the things they can produce most efficiently and  trade with others to gain things they need o China produce wine and CA produce cheese and trade vs. producing both  in each country o Problems:  highly dependent on one another o Myopic; don’t develop myopia:  a near-sightedness where you can’t see far  into the future o **US dependent upon oil You need to have separation of duties o I.e. even if you pay someone to do your finances, you should still be able  to handle them yourself Factors of Production:  the things you need to start a business Land
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Labor Capital o Major equipments o Or infusion of money Entrepreneurial spirit o
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