Test 2 Notes - Beyond the First Decade of the 21st Century...

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Beyond the First Decade of the 21 st Century U.S. economy has slowed dramatically. World growth (except China) also slowed. o The Organization for Economic Cooperation and Development (OECD) estimates 3% average annual growth for the next 25 years. Developing countries will grow faster. o From an annual rate of 4% in the past quarter to a rate of 6% for the next 25 years. o Share of output will range from one-sixth to one-third. Level of intensity of competition will change as companies focus on gaining entry or maintaining their position. o Emerging markets o Regional trade areas o Established markets in Europe, Japan, and the US Smaller companies also seeking new markets. o Novel approaches o Technological expertise. Balance of Payments o The system of accounts that records a nation’s international finance transactions. o Transactions recorded annually. o Must always be in balance. o A record of condition, not determinant of condition. o A balance of payment statement must include three accounts, o Current, capital, and reserve account. Protectionism o Tariffs, quotas, and nontariff barriers are designed to protect markets from intrusions by foreign countries. o Nations utilize barriers to retrain entry of unwanted goods.
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Legal Exchange Psychological Private market Protection Logic and Illogic o Arguments concerning protectionism on trade. Protectionism of infant industry.
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This note was uploaded on 09/16/2011 for the course MARK 4700 taught by Professor Staff during the Spring '08 term at University of Georgia Athens.

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Test 2 Notes - Beyond the First Decade of the 21st Century...

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