Principles and Practices of Global Business - MSc class notes
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Principles and Practices of Global Business
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Principles And Practices Of Global Business
Detailed notes of the seminar "Principles and Practices of Global Business" by Fraser Hodges at the International Business School Budapest/ Vienna for the Master's programme in M.Sc. Strategic International Management
Globalization and National Sovereignty
WTO
- Your expenses create revenue for various businesses EU
CIS
o those businesses cover their costs and
UN
create income to various stakeholders
APEC
o Suppliers, rent and interest payments, labor costs
o Profit
- Total effect on national spending is way bigger than the original expenditure of €1000:
It would result in more economic activity due to a multiplier effect
The basic circular flow
- Households HH
o Own resources (factors) of production: Labor, land, capital, etc.
o Supply factor services to firms
o Receive income in exchange: Wages, rent, interest, profit
o Buy output (G & S) of firms: Consumption expenditures
- Firms
o Produce G&S by using resources of HH: Rent factor services from HH
o Deliver income to HH: Costs of production, outlays(costs) of firms = Income of HH
o Sell G&S to HH: Revenue of firms = spending of HH
1
, 02.05.2021
Week 2: Monday & Wednesday
Pre-session
Basics of macroeconomics and global business, Chapters: Mankiow – Taylor: Economics, 3rd
edition, Ch 19 (p. 411-433)
2
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