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MKT 360 > Ch 9 Economic Development + the Americas > Flashcards

Ch 9 Economic Development + the Americas Flashcards

1
Q

What are the 5 stages of economic development according to Walt Rostow?

A

Traditional society
Preconditions for take- off
Take off
Drive to maturity
The age of high mass consumption

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2
Q

What is economic development

A

increase in national production that results in an increase in the average per capita GDP

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3
Q

What is the first stage of economic development

A

Traditional Society– country has NO capability to increase level of productivity

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4
Q

What is the second stage of economic development

A

Preconditions for Take–Off: country starts applying scientific advances to agriculture and production. Starts developing infrastructure

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5
Q

What is the third phase of economic development?

A

The take- off
Growth patterns become a normal condition (sustainable development)

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6
Q

What is the fourth stage of economic development?

A

Drive to maturity
economy takes on international involvement (exporting)

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7
Q

What is the last and fifth stage of economic development?

A

Age of high mass consumption
economy shifts to consumer goods + services; many people have high discretionary income

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8
Q

What are the characteristics of a More-Developed Country (MDC)?

A

Fully industrialized w high Per Capita Income, $14,000>
Ex: Germany, US

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9
Q

What are the classifications of a LEAST Developed Country (LLDC)

A

Industrially UNDERdeveloped, agrarian subsistence economy with rural populations

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10
Q

What are the classifications of a Less- Developed Country (LDC)

A

Country is DEVELOPING and entering world trade but PCI is low, $500<but < $14,000

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11
Q

Who classifies the status of the countries?

A

UN

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12
Q

What are some of the factors that have contributed to the growth of Newly Industrialized Countries (NICs)?

A

Political stability in policies affecting development
Economic + legal reforms
Entrepreneurship
Planning
Outward orientation
Factors of production
Industries targeted for growth
Incentives to force a high domestic rate of savings, direct capital to updating infrastructure, transportation, housing, edu, + training
PRIVATIZATION of state owned enterprises (SOEs) that placed.a drain on national budgets

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13
Q

What are NICs

A

Newly Industrialized Countries
– are experiencing rapid economic expansion and industrialization, do not exactly fit as LCDs OR MDCs

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14
Q

What is the role of State Owned Enterprises in the development of NICs?

A

They are being privatized

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15
Q

What is the role of infrastructure in economic development?

A
  1. infrastructure represents types of capital goods that serve the activities of many countries
  2. Quality directly affects country’s economic growth potential + ability of an enterprise to engage effectively in business.
  3. Less developed, less adequate for conducting business
  4. Countries begin to lose economic development ground when their infrastructure cannot support expanding population + economy
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16
Q

How does marketing change as countries develop?

A

Parallel relationship
More developed economy, greater variety of mkt functions demanded–> more sophisticated and specialized institutions become to perform mkt functions

17
Q

What is “economic dualism?”

A

country has 2 economies inside of the country
one segment of population is wealthy, other is not

18
Q

What are some of the important traits of Big Emerging Markets (BEMs)?

A

Physically large
Significant populations
Represent considerable mkts for wide range of products
Have strong rates of growth or the potential for significant growth
Major political importance within their region
“Regional economic drivers”
Engender further expansions in neighboring mkts as they grow
PRIVATIZING their own state enterprises

19
Q

What is the present economic situation of emerging markets in the Americas?

A

600 million population
democracy elected officials
Privatization of state-owned enterprises

20
Q

What are most countries dependent on?

A

Prices of commodities (oil, copper, wheat)

21
Q

What are some concerns of the emerging markets in the Americas

A

Vulnerable to downturns in world economy
Social unrest, 50% poverty
Gov red tape

MKT 360 (25 decks)

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