Business 7th edition griffin pdf

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One of the most important challenges in this process is that of privatization selling state-owned property to the public sector. Under the leadership of Boris Yeltsin, Russia's central government staggered from one financial crisis to another. They are primarily Muslim countries suffering from scarcity of arable land and from poverty. Afghanistan was invaded by Russia in the Russians withdrew ten years later.

After the September 11, , Al Qaeda terrorist attacks, the U. The new Afghan government faces many challenges as it attempts to consolidate power and promote development. Asia is unique in that it is a source of both high- and low-quality products and of both expensive and inexpensive labor. Further, the region attracts MNC investments, and is a major supplier of capital to non-Asian countries.

Moreover, its companies are increasingly pressuring European and North American companies to improve their operations. A keiretsu is a large family of interrelated firms. Although Japan is frequently criticized for its exports, it should be recognized that its exports are a smaller portion of its GDP than is the case for many nations.

However, the country seemingly restricts importers from competing for its domestic market. This topic will be discussed in more depth in Chapter Nine. Teaching Note: The question of whether Japan practices free trade usually generates good discussion among students. New Zealand, the other traditional industrial power in Pacific Asia, has aggressively moved to deregulate and privatize its economy.

Australia, Japan, and the United States account for approximately half of New Zealand's exports and imports. While many publications still classify the Four Tigers as Emerging Markets, they have in fact already emerged as indicated by their having achieved high income classification by the World Bank for more than a decade.

Chaebol are large, privately owned conglomerates such as Samsung, Hyundai, and Daewoo. Today, however, many of the chaebol are experiencing financial difficulties as a result of the Asian currency crisis. Taiwan, the island off mainland China, has relied on private businesses and export- oriented trade policies to bring about its phenomenal growth. Today, Taiwan has outgrown its status as a low-cost manufacturing center, and instead focuses on high-value-added industries, such as electronics and automotive parts.

Singapore is another nation that can no longer compete with low-cost labor countries, and instead has shifted to higher value-added activities, including oil refining and chemical processing. The country gains much of its economic growth through the practice of reexporting.

So important are exports to Singapore that, in , they made up percent of the GDP. Singapore thrives on reexporting.

Hong Kong was ceded back to the PRC in but will continue to enjoy special privileges under Chinese rule until The country is also active in banking and financial services throughout East Asia. In addition, Hong Kong acts as a middleman for companies that wish to do business with mainland China. Hong Kong exported percent of its GDP in Today, the PRC continues to adopt market-oriented economic policies, but always under the watchful eye of the Communist Party.

As the private sector has developed, foreign investment in the country has soared, particularly by firms located in the Four Tigers that are seeking innovative low-cost labor. Display Figure 2. It has relied on state ownership of key industries as a key to its economic development. In the past, India has not seen international trade as being important, and instead has subsidized globally uncompetitive firms and relied on its large domestic market.

However, in , the Indian government launched a series of economic reforms that lessened restrictions on foreign investment. The reforms have started to pay off, and foreign companies are beginning to consider India for possible expansion. Their GDPs enjoyed annual growth rates averaging over 7 percent from to However, the currency crisis seriously hurt these countries. Even so, they have continued to be the target of large flows of foreign investment, particularly by Japanese companies seeking low-cost labor.

Egypt occupies the northeastern tip of the African continent and represents the western boundary of what is commonly known as the Middle East. Though countries on the African continent are now independent, some vestiges of colonialism remain and affect international business.

Much of the economy still revolves around subsistence farming. South Africa is expected to be the dominant power in the continent during the twenty-first century. Countries in the region are trying to plan for a life after oil and are beginning to diversify their economies.

Dubai, for example, is attracting investors by offering all the benefits of a foreign trade zone. Until recently, most South American countries have followed an economic policy of import substitution. The trouble with the policy is that in most cases the domestic market is too small to allow producers to gain the necessary economies of scale and mass production.

Consequently, domestic prices rise above prices in other markets, putting exporters at a competitive disadvantage. To improve the competitiveness of the companies and maintain employment levels, governments usually resort to subsidies and even nationalization. Today, the nations of South America are reversing their import substitution policies in favor of free trade agreements with neighboring countries, and are following a policy of privatization. Describe the U. The United States has a unique position in the world economy because of its size and political stability.

The U. Approximately one-half of all international transactions are denominated in U. The United States is also a recipient of long-term investment.

International trade remains a relatively small component of the U. How do differences in income levels and income distribution among nations affect international businesses? Countries are typically classified according to the World Bank scheme as being high-income, middle-income, or low-income nations.

Firms can use this information to help identify the best markets for their products. For example, a firm with a range of products in different price categories might export the most expensive, sophisticated products to high-income countries, and the low-priced, standard products to low-income countries.

Similarly, a firm seeking sources of low-cost labor would consider low-income countries, while a firm needing a well-developed infrastructure would look at higher-income countries. MITI, a government agency, partnered with Japanese businesses to help guide corporate production and investment strategies in a manner that helped Japanese businesses concentrate initially on basic industries such as steel, and then later to move into automobiles, electronics, and so on. What is a keiretsu? A keiretsu is a large family of interrelated companies that share ownership among each other.

Typically, a keiretsu is centered around a major Japanese bank that takes primary responsibility for meeting the keiretsu's financing needs. The members often act as suppliers, buyers, and distributors for one another. E-Intermediaries — Internet-based channel members who perform one or both of two functions: 1. Collect information about sellers and present it to consumers 2. Help deliver Internet products to buyers. Types of E-Intermediaries — Shopping agents e-agents help Internet consumers by gathering and sorting information.

Publicity and Public Relations. Discuss the impacts information technology has had on the business world. Identify the IT resources businesses have at their disposal and how these resources are used.

Describe the role of information systems, the different types of information systems, and how businesses use such systems. Identify the threats and risks information technology poses on businesses. Describe the ways in which businesses protect themselves from the threats and risks information technology poses. Networks: System Architecture. Hardware and Software. Leveraging Information Resources. IT Protection Measures. What Is Accounting?

Solvency Ratios. Medium Medium of of Exchange Exchange. Store Store of of Value Value. Measure Measure of of Worth Worth. The U. Controlling the Money Supply.

The Changing Money and Banking System. Describe the risk-return relationship, and discuss the use of diversification and asset allocation for investments. Describe the various ways firms raise capital and identify the pros and cons of each method. Identify the reasons a company might make an initial public offering of its stock, and explain how stock value is determined.

The Time Value of Money. Mutual and Exchange Traded Funds. The Major Exchanges and Markets. Financing the Business. Working Capital and Unsecured Loans from Banks. Sale of Corporate Bonds. Open navigation menu. Close suggestions Search Search. User Settings. Skip carousel.

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Did you find this document useful? Is this content inappropriate? Report this Document. Flag for inappropriate content. Download now. Related titles. Carousel Previous Carousel Next. S Business Environment note. Experience-based corporate corruption and stock market volatility: Evidence from emerging markets. Jump to Page. Search inside document. Managing Social Responsibility Programs 1. Figure 7. Benefits of Just-in-Time Production 1. The Ascent of the E-Intermediary E-Intermediaries — Internet-based channel members who perform one or both of two functions: 1.

Help deliver Internet products to buyers Types of E-Intermediaries — Shopping agents e-agents help Internet consumers by gathering and sorting information. Hoang Huyen Trang. Suketu Jhaveri. Jm Chua. Jeremy Tay. Muhammad Junaid Anis. Atif Aslam. Bogdan Bogdanovic. Thomas Woo. Mario Davila. Leung Chi Hin. Sourav Gupta.