This is unit 3, which is also chapter 7. I have made notes for semester test one and I made very visual summaries of the notes for semester test 2. Although they look very summarised, I have used past papers, lecture slides, lecture notes, the textbook and online notes to create these aesthetic not...
Firms assess and forecast economic conditions at national and international levels
using data published by governments and international organisations such as the
World Bank and the International Monetary Fund (IMF). Firms can also use private
economic consultants and industry associations to provide them with forecasts.
The purpose of economic analyses is to assess the overall outlook for the economy
and the impact of economic changes on the firm.
When a firm enters overseas markets, economic analyses become more complex
because now managers must operate in two new environments:
Foreign Includes all the uncontrollable forces originating outside the home
environment country that surround and influence the firm
Includes the interactions between domestic and foreign environmental
International
forces, or between sets of foreign environmental forces when an
environment affiliate in one country does business with customers in another
Analysts must not only monitor foreign environments, but also stay informed about
the actions taken by trading blocs and their members and international organisations.
Companies should also monitor the economic conditions of countries in which their
major competitors are located because changing conditions may strengthen or
weaken their competitor’s ability to compete in world markets.
A nation’s level of economic development affects all aspects of business. One possible
way of grouping countries is by the level of economic development.
Developing Economies Developed Economies Emerging Market Economies
A classification for high-
Countries that fall between the two
income industrialised
A classification for the extremes of developing and developed
nations, which are
world’s lower-income economies. It refers to developing
economically advanced,
nations, which have less nations who are making a transition
with established
technically developed toward developed status, having
infrastructures and have
infrastructures and embarked on programs of economic
achieved incomes per capita
lower living standards. development and reform to open up
that support a high living
and grow markets.
standard.
Japan, Australia, New
China, India, Brazil, Russia, Mexico,
Botswana, Afghanistan, Zealand, Singapore,
Turkey, Indonesia, Malaysia, and
etc Canada, South Korea, US,
South Africa.
and Israel.
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