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How to write a thesis for beginners
The basics of writing a thesis statement or introduction sentence. Check out the easybib.com tutorial for works cited page help. http://
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Beat the Robots: How to Get Your Resume Past the System Into Human Hands. Mark Slack and Erik Bowitz. Landing an interview for thesis, a position in of india a giant organization can feel impossible if you don’t have any personal connections. People often blame the sheer volume of paper, resumes that are submitted—HR simply can’t review them all with enough detail to see what a perfect candidate you are! And this is partially true—one study suggests that recruiters spend only six seconds looking at each resume.
However, many resumes are trashed before they’re even seen by books for research human eyes. How is that possible? Here’s how: Many large organizations rely on paper applicant tracking systems (ATS) to essay, help pre-filter resumes. The systems work by scanning resumes for contextual keywords and key phrases, mathematically scoring them for make thesis, relevance, and one page count, sending only the most qualified ones through for human review. Essentially, they’re the 21st century version of the troll under the bridge. Undoubtedly, this saves HR managers the time and trouble of sorting through irrelevant, underprepared, and paper thesis, weak resumes to find the golden candidates. Books! But it also means that your application could slip through the paper thesis cracks if you don’t format your resume just right or include the exact keywords the hiring manager is lectures, searching for.
To make sure you get past the troll and into the door for an interview, check out these tips for writing a resume that an ATS will approve—and a hiring manager will love. While you might want to paper, highlight your creativity or individuality to a hiring manager, ATS require cold conformity and simplicity. Therefore, you’ll need to delete any extra touches you’ve added to your resume, like logos, pictures, symbols, and shadings. Also, stick to standard resume formatting in a normal font like Arial, Courier, or Times New Roman—the ATS can’t read fancy fonts and will reject your resume out of confusion. Furthermore, only include the usual sections of a resume: Qualifications, Professional Experience, Education, Skills, and the like. Adding unfamiliar headings like Affiliations, Publications, or Memberships can choke up an ATS.
Finally, send your resume as a Word doc or in rich text format instead of a PDF. Though ATS software is becoming better at one page word, reading PDFs, it can still miss important things when trying to make thesis, process them. For any profession, there’s always lingo, software, responsibilities, basic skills, and licenses or certificates associated with performing the selected and poems job well—and an ATS will be looking for key phrases and paper thesis, contextual information related to of india, those qualifications. To make sure the software recognizes that you’re a good fit for the job, use these tips to successfully keyword optimize your resume: Include verb phrases and thesis, skills written in the job description on your own resume. These are very likely to be the same keywords and phrases the hiring manager has programmed the ATS to pick up—“project manager,” “Final Cut Pro,” or “social media marketing,” for example.
Try services like Wordle and TagCrowd to help you figure out which keywords to books for research, focus on. Make Paper! Input the job descriptions into these tools to create a word cloud that visually highlights the most frequently used words, and make sure they’re sprinkled throughout your resume. Use both the acronym and the spelled-out form of any given title, certification, or organization, so you’re set regardless of which format the ATS is looking for. For example: Certified Public Accountant (CPA). For Research Paper! An important note here: Don’t go overboard.
In the past, people thought that they could exploit the paper thesis system by overstuffing their resumes with keywords, thus ranking them higher in the eyes of the paper ATS. This is make thesis, a very bad idea: Not only is the software sophisticated enough to see this kind of keyword stuffing, if your resume does make it into human hands, no one will be impressed by a nonsensical resume dressed to the nines in keywords. Aim for repeating important skills-related keywords two or three times (and no more). How can you do that without repeating job responsibilities or sounding obnoxious? Try this:
WANT TO GIVE YOURSELF AN EXTRA BOOST? Are there people who would say no to that? 3. Ditch the to customer relationship Career Objective Section. Career objective sections are kind of a waste of space. That boring boilerplate “I am a hard working person who wants to make paper, work in (blank) industry” is for research, a bit obvious: Why else would you be submitting your resume? Furthermore, it’s not about how you want to make thesis, apply your skills, it’s about essay on science in modern life, how the company needs you to apply them. Instead, try replacing this with a qualifications summary—a six-sentence (or bullet pointed) section filled with ATS-friendly keywords. Even better, use those six sentences to concisely present the creme of the crop of make paper, your achievements, major skills, and important experiences. By doing this, you’re killing two birds with one stone: You’re appeasing the ATS with keywords, and essay on population of india, you’re also giving the make paper hiring manager the juicy, important bits right at the top where he or she can quickly scan and understand the value you would bring the company.
Seriously, spelling mistakes are the death of your resume. While a human being can at least figure out what you mean (before tossing your resume into the trash in disapproval), an ATS will terminate you immediately because it will simply have no idea what you’re talking about. So double, triple, and quadruple check your resume before sending it in. Have someone else do the thesis to customer management same. Spelling mistakes can be easily avoided if you’re careful. Make! So take the time to follow these tips, and you’ll have a resume that will make it onto a hiring manager’s desk—and ultimately snag you the interview. Feeling on a roll with your resume? Why not check out how to essay prompts, optimize your contact information or beef up your skills section?
Photo of person on laptop courtesy of thesis, Sawitree Pamee/EyeEm/Getty Images#46; Mark Slack and Erik Bowitz are Senior Resume Consultants and content managers of the Resume Companion Blog. Resume Companion is a leading online resume building company with over 650,000 registered users, and over 8 million resumes created to date. Essay In Modern Life! Hmmm, seems you#39;ve already signed up for make, this class. While you#39;re here, you may as well check out all the amazing companies that are hiring like crazy right now.
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The Best Way to Write a Thesis Statement (with Examples)
Occupational Therapy Assistant Guide. It is no secret that job opportunities for OTR and paper, COTA professionals are growing rapidly. (27% job growth for OTR and 40% job growth for selected essays, COTA when the paper thesis US average is on population, 7%) But creating the perfect occupational therapy resume to land these job opportunities – still seems to be a secret . After reviewing hundreds of OT resumes for OTR and COTA professionals, we put together this article and free template to share the most important elements to incorporate into make, your occupational therapy resume. Using our template and these resume tips will help you get your resume in front of related relationship management more recruiters and selected for more interviews. Keep reading to thesis, learn how to get more job offers than Nicholas Cage. We found that employers are overwhelmed with resume templates that all look the same and are full of the same content. We also learned that when they receive one that stands out, in in 2010 design and or content, that candidate has a much better chance of being marked as a good job candidate. So, in make paper addition to offering advice on related relationship, creating the best OT resume to paper, get found and selected by recruiters, we are actually going to essay, give away a free resume template designed for occupational therapy professionals.
This template will give you a great starting point, then you just need to fill it in with all of your stellar experience, using our resume tips and keywords to thesis, get found by recruiters #128578; Download OT Resume Template Files. The download includes a Word Doc for word count, Windows users and a Pages doc for Mac users. Make Thesis. Also included is the special font kit and installation instructions, this is required for the icons in the resume. So, without further ado, let’s get started building you an OT resume that is sure to act short essay, get noticed! We won’t spend too much time on paper, the layout of your OT resume but it is for research paper, important to make paper, keep a few things in thesis related to customer mind. The main issue we see with resume formatting is that the paper thesis text is cluttered. We understand it may be hard to fit all of thesis related to customer management your resume content into such a small space and make paper thesis, so few words but it is on population of india in 2010, important to have it formatted in a way that is readable. Here is an example of an OT resume that is very cluttered, take note of the large blocks of text crammed together. Does this look easy to read? The resume is almost just one huge block of text.
This is paper, how my first resume looked as well out of college. I basically tried to jam pack every sentence I could and as a result had a page that wasn’t laid out into sections very well and books for research, all ran together. So, the first tip is to make sure to edit your content and layout so that you can include all the necessary info in your content without cluttering the make thesis design of the resume. Here is a much better formatted occupational therapist’s resume. Notice the paper layout includes sections with a bit more space and clear bullet points both making the text much easier to make, read. The sections in on science life this resume template provide just enough white space amongst the text so that it is very readable. The good news is, we are giving away an awesome free occupational therapy resume template that is formatted beautifully and is extremely readable. But if you choose to use your own resume template, just remember to format it with sections and make the text readable. The only other formatting and layout advice that you’ll need for creating your own resume template are which sections you’ll need to include.
Again, if you download our free OT resume template then don’t worry about this, but here are the make thesis most important sections that you will want to essay of india, include if you create your own resume template: Professional Summary – Summarize yourself, your career status, and your OT experience. Licenses – State OTR/COTA licenses held along with any other certifications (first aid, CPR, etc) Skill Highlights – What are you specific skills, everything from beneficial personality traits to specific OT skills. Professional Experience – All occupational therapy intern, clinical, and paper, full-time or part-time professional work experience. Education Training – All of your education and continued education as an selected lectures and poems, occupational therapy professional. Pretty straight forward, right? Believe it or not, that is it for resume layout and formatting. You can either use our free OT resume template with all the formatting bells and whistles OR you can create your own using the tips and sections above. So, now that you have an awesome template for your resume you’re probably wondering what exactly to write that will help you get hired! The Common OT Resume that Employers Won’t Notice. The question of the day is, “How do I make my OTR/COTA resume stand out from the make paper thesis rest?”
The first step to essay in modern, finding the answer to this question is to understand which elements make the rest of OT resumes look the same. Once you see what everyone else is doing, it will be easier to do things a bit differently so that you stand out from the make paper thesis rest. Checkout this snippet from an OT resume we reviewed. This is a great example of common OT experience that we found on one page word count, nearly every resume we reviewed: Reviewing referral records, recommending equipment, and staying up to make thesis, date with Medicare are all important for OTs to have experience with. But these experiences are so important that they are expected and don’t need to be highlighted. In other words, your employer already expects you to have these experiences so don’t waste precious resume space to share them.
Your precious resume real estate needs to be saved for one page essay, compelling content about thesis unique OT experience that separates you from the pack. Then if the for research employer wants/needs to make paper, confirm they can ask in an interview about these common or basic experiences. But your resume needs to related relationship, stand out to get your foot in the door for paper thesis, that interview! Here is a list of very common resume content that you will see on most occupational therapy resumes: Examining and diagnosing client’s physical/mental abilities Working with patient, family members, and OT team to act short essay prompts, determine treatment goals Evaluating clients in acute care Evaluating patients for wheelchair and custom device use for seating Respecting maintaining confidentiality and privacy for all patients Performing quarterly screenings for long term patients Performing daily ADL bedside assessments and make paper, formulating functional intervention plans Creating outcomes evaluations ensuring that program goals are met and/or to modify the intervention plan based on essay of india in 2010, patient’s progress, skills, and needs. These are extremely common roles and make paper, responsibilities that ALL OTR/COTA prfessionals should have obtained through their education and clinical trials.
So, how does listing these experiences make you look any different than the next applicant? It doesn’t. Of course you will want to mention some of these, but know that these are common and not going to stand out or get you any special attention. Include some of essay in modern life these, but don’t go overboard or focus on these general OT activities. Just include the thesis most important ones that apply to your experience but leave room for the real meat of to customer relationship your resume. The real meat being: Your unique skills and experiences that make you stand out. The OT Resume that Stands Out to Employers. The trick to a stellar OT resume is thesis, not overwhelming employers with a long list of the expected and thesis, common experiences that they know all OT program graduates have. You need to make paper, use your resume to selected, highlight the make paper unique experiences that you have had that add value . After all, it is these unique experiences that do in fact differentiate you from your peers/competitors and make you the best choice for an employer. For example, look at this occupational therapist’s resume that we reviewed.
He did a good job differentiating his unique experience from the common OT experiences that many others listed on their resumes: Cultivating relationships with patients Identifying and executing opportunities for performance improvement Training new therapists. These are all unique experiences that this OT has had which differentiate him from competing job applicants. Additionally, each of these experiences added value to the business he worked for. It is resumes like this that stand out and will earn the OTR/COTA a job interview. So, how can you create compelling resume content that shares your unique value-added OT experience? Start by asking yourself which of the following skills you’ve had to develop and use throughout your education and essay on science in modern, any job experience you’ve had: Planning/Organizing – Any skills that show you can plan and make, organize things like OT interventions, treatment plan adjustments, new facility processes, or new facility equipment and offerings Analytical/Research – Any skills that show your ability to thesis related to customer relationship, analyze patients or research their conditions to improve their treatment results.
Also, any research or analysis you’ve done on clinical processes, services, and equipment to improve treatment results should be noted. Thesis. Process Improvement – Any skills that display your ability to improve processes that a clinic uses. Improvements can be in act short essay prompts the form of increased: efficiency or production as well as decreases in: costs, customer frustrations, or use of other clinical resources. Make Paper. Taking initiative – Any time you have taken initiative and gotten results, you want to for research paper, showcase this on paper, your resume. This is a big one all employers are looking for. Leadership (with colleagues and essay, patients) – Any time you’ve displayed leadership among co-workers and/or patients it should be noted on your resume.
Critical Thinking – Critical thinking skills that you’ve demonstrated to assist your patients and help improve a clinic should be highlighted. Problem Solving – Any time you’ve been presented with a difficult problem and you solved it successfully you want to communicate this on your resume. Believe it or not, a lot of make paper employees identify problems without offering solutions which just creates headaches for employers. Show them that you solve these problems reducing headaches and you’re basically hired. Interpersonal Communication (With clients, families, and colleagues) – Licensed OTR and COTA professionals know how important interpersonal communication skills are to get the job done right.
It is essential that you demonstrate on your resume your experience and ability to communicate with clients, patient families, co-workers, both inferiors and superiors. As you read that list and think of experiences that you’ve had where you have exhibited these skills, take notes. These are the essays experiences that you will want to make paper thesis, highlight on on population of india, your resume. Out of all of the make occupational therapy resumes that we’ve seen, the most common element they are missing is on population, highlighted accomplishments distinguishing the thesis OT professional as an employee adding value. So, this is a big opportunity to make your OT resume stand out!
Now, let’s go over some more good examples of one page word count OT resume content and exactly how you can incorporate them into paper, your resume. Education and Work Experience Section – Your OT Accomplishments! All of your accomplishments, or unique value-added experiences, will be listed on your resume in the education and work experience section. The following are good examples of the types of accomplishments in essay on science in modern life occupational therapy that you would highlight on your resume: Process improvement is a great thing to make thesis, highlight on your resume as this creates huge value for act short essay prompts, businesses. Make Paper Thesis. Make sure you present the highlight with a solid adjective like “Improved”, “Implemented” or “Enhanced” rather than just “Used” and don’t forget to include any results such as decreased costs. Any coaching, training, educating, or leadership roles that you have assumed should always be listed to display your management, communication, and leadership skills. Relevant educational accolades should be presented as well. Anytime that you take initiative and lead a successful project both the initiative and in modern, success should be highlighted on your resume. I think it is make paper thesis, obvious why you should highlight accomplishments where you increase the for research productivity of a clinic. This is a clear statement of how you have successfully added value for thesis, an employer.
If you have experience working with, or focused on, a specific demographic of patient (Ie: age, gender, or disorder) then it is important to include this highlight when applying for a job that would require skills working with said demographic. If you have done something like the paper above that creates value for the employer in thesis the form of increased referrals, then you definitely want to include this highlight in your resume. Again, I hope that some of these examples seem somewhat obvious. Anytime you receive positive feedback from a professor, colleague, supervisor, or patient you will want to essay, highlight this positive feedback on your resume. This is also a great resume highlight as it shows a bit of your personality, creativity, and passion that you bring to your job. The above examples should get your brain ticking. Now, think back to your fieldwork or last job. Thesis. Ask yourself the following:
What did you do best? Or, another way to on population of india in 2010, look at it, how did you add the most value for: The employer? Your patients? Your colleagues? Start writing down your answers, they will make great resume content. Additional and Special Skills Section. There are thousands of other occupational therapy professionals with 1, 3 or 5+ years experience. Paper Thesis. So, simply presenting yourself as an OT with x years experience won’t cut it. Most resumes have a section, typically just below where your education and work experience is listed, that is for listing any special or additional skills you may have.
This can include things like specific types of conditions or patients you assisted, treatments/interventions you delivered, specific demographics you served (pediatric vs geriatric) or even software that you used at the clinic. Use this section to clearly and selected essays lectures, concisely express your unique and powerful skill set. Shoot for make thesis, about 3 – 5 powerful and concise phrases describing your skill set, things like: I have very strong skills using Ecare and have been successful in essay of india charge of managing all clinical data. My love for children has led me to paper thesis, create many successful custom pediatric intervention plans. My own experience taking care of act short essay my grandmother with dementia led me to excel at working with dementia patients.
These statements are unique, descriptive, powerful, and concise. Thesis. You should be able to essay on science, come up with at make paper, least 3 similar statements about yourself. These examples are also full of great keywords and tell the applicant’s story. Essay In Modern. Which leads us to our final resume tips. Final Resume Tips for thesis, Getting Hired. You’ve learned just about everything you need to crush your OT resume and land an books for research paper, awesome job. But there are a couple more pro resume tips that we can share to help your resume get more visibility by recruiters and selected for more interviews. If you have already created your resume then read this tips and thesis, then review your resume for opportunities to implement them. Otherwise, be thinking of these tips as you write your resume content. Keywords for Submitting Resumes Online.
When submitting your resume to prompts, services online such as CareerBuilder it is important to make, understand that they will be scanned by software before being distributed to humans. So you must think of prompts keywords that recruiters would tell the paper thesis software to collect resumes for. Then you must include these keywords in your resume so that the program will find your resume for essay word count, recruiters, getting you more visibility. Common terms like “therapy” “treatment” and “interventions” will be on make, everyone’s resume so they won’t be words that recruiters will be using to find resumes. You will want more descriptive terms like “autistic” “sensory processing disorders” “home health” and “pediatric” because these are terms that recruiters will be searching to find resumes that meet their job requirements. Just make sure you use your keywords naturally through your resume content, placing them in essay of india sentences like this: “Led first successful research, planning, and build of sensory gym for an autism care facility’s sensory processing disorder program.”
You won’t want to have a keyword section with a bullet point list of keywords. Paper Thesis. It is on population in 2010, best practice to use them throughout your resume content where it makes sense to use them. Here are some more examples of good keywords that you can use in your resume: Pediatric Geriatric Autism Sensory Processing Disorder Alzheimers Dementia Home Healthcare Acute Care. Skilled Nursing Facility Ecare Sigma Care School Children learning disability mental health. Pepper those keywords into your powerful resume statements and you will get your resume in more recruiter’s hands. Tip 1 : Go to paper thesis, Google and search ‘submit resume free’ or something similar to related, find more sites like CareerBuilder where you can list your resume for make paper, recruiters to review. Tip 2: In addition to submitting your resume for recruiters to find, you can also apply directly to job postings. If you find a job you want to on science in modern, apply for, copy the job description and make, then go to jobscan.co where you can paste it.
You will also paste in your resume contents and then the software will give you tips on optimizing your resume for that specific job posting. Ok, so to wrap up this section, no need to one page, go overboard on keywords. But make sure that the most descriptive and paper thesis, important keywords are incorporated throughout your resume. You should also consider using a tool like jobscan.co, or doing your own manual review, to check and make sure your resume has your keywords and prompts, is tailored to each job you apply too. Your Resume Should Tell your story. Our final piece of resume advice is simple, tell your story. After all, being authentic is the paper best way to get matched with a job and employer that will be the best fit for you. And the thesis related relationship management most authentic resumes tell the applicant’s story.
Your resume should be your unique story told in a clear, powerful, and concise document so that an employer can quickly get to know the person they would be entrusting their business too. If throughout your education and career you were the innovative COTA always suggesting process and equipment updates based on new trends in OT, then use your resume to tell this story. If you were the thesis leader who got study groups together in school, trained your colleagues during clinical trials, or grew the practice you previously worked in, tell these stories throughout your resume. If you’re a mom who loves children and related to customer, this improves your job skills. Or you grew up taking care of your grandparent with alzheimers, making you exceptional with dementia patients. Then tell these stories. By including just a short bullet point that introduces these stories, you will entice the recruiter to want to interview you so that they can ask for thesis, all the details behind that bullet. Obviously you won’t have room in essay in modern your resume to share all the details of your story. But introduce your story through your resume and earn the opportunity to share the make thesis details in an interview. In conclusion, here is how you can create an effective resume to get hired for the job you want: Download our free occupational therapy resume template.
Fill it out and focus your content on your unique experiences which add value to a business. Do this in a way that tells your story and depicts your unique skill set. Review to make sure you incorporated important keywords recruiters are looking for. Submit resume to online job sites and act short essay prompts, local job postings. Make. Get hired. Now go crush your resume and land your dream job in occupational therapy! Once you finish your resume, use our OTA Salary Database to find the highest paying cities and books for research, also use our OT and OTA Jobs search tool to find awesome job opportunities in make occupational therapy.
If you would like to download more awesome resume templates, then checkout http://www.resumeshoppe.com/. They created the template that we gave away in this post and they have lots of awesome and professional resume templates. Have questions about your resume or finding a job? Or some insight for job seekers?Then please drop a comment below! #128578;
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Essay on Theories of International Trade. In this essay we will discuss about International Trade. After reading this essay you will learn about: 1. Make Paper Thesis! Introduction to Theories of International Trade 2. Theory of Mercantilism of International Trade 3. Theory of Absolute Advantage 4. Theory of on science in modern life, Comparative Advantage 5. Factor Endowment Theory 6. Country Similarity Theory 7. New Trade Theory 8. Thesis! International Product Life-Cycle Theory and of india in 2010 Other Details. Essay on Introduction to Theories of International Trade Essay on the Theory of Mercantilism of International Trade Essay on the Theory of Absolute Advantage of International Trade Essay on paper the Theory of Comparative Advantage of International Trade Essay on act short essay prompts the Factor Endowment Theory of International Trade Essay on the the Country Similarity Theory of International Trade Essay on the the New Trade Theory of International Trade Essay on the International Product Life-Cycle Theory of International Trade Essay on the Theory of Competitive Advantage of International Trade Essay on thesis the Implications of International Trade Theories. Essay # 1. Introduction to Theories of International Trade: The exchange of goods across national borders is termed as international trade. Countries differ widely in terms of the products and services traded. Countries rarely follow the trade structure of other nations; rather they evolve their own product portfolios and trade patterns for exports and imports. Besides, nations have marked differences in their vulnerabilities to the upheavals in exogenous factors. Trade is crucial for the very survival of countries that have limited resources, such as Singapore or Hong Kong (presently a province of China), or countries that have skewed resources, such as those located in the Caribbean and West Asian regions.
However, for countries with diversified resources, such as India, the US, China, and the UK, engagement in trade necessitates a logical basis. The trade patterns of a country are not a static phenomenon; rather these are dynamic in nature. Moreover, the books for research paper, product profile and trade partners of a country do change over a period of time. Till recently, the Belgian city of Antwerp, the make, undisputed leader in diamond polishing and trade, had witnessed a shift of diamond business to India and other Asian countries, as given in Exhibit 2.1. It is also imperative for international business managers to find answers to some basic issues, such as why do nations trade with each other? Is trading a zero-sum game or a mutually beneficial activity? Why do trade patterns among countries exhibit wide variations?
Can government policies influence trade? Theories of on science, international trade provide the raison d’etre for most of these queries. Trade theories also offer an insight, both descriptive and prescriptive, into the potential product portfolio and trade patterns. They also facilitate in understanding the basic reasons behind the evolution of a country as a supply base or market for specific products. The principles of the regulatory frameworks of national governments and international organizations are also influenced to make, a varying extent by these basic economic theories. Essay # 2. Theory of Mercantilism of International Trade: The theory of mercantilism attributes and measures the wealth of a nation by the size of its accumulated treasures. Accumulated wealth is traditionally measured in terms of gold, as earlier gold and silver were considered the currency of related management, international trade.
Nations should accumulate financial wealth in the form of gold by encouraging exports and discouraging imports. The theory of mercantilism aims at creating trade surplus, which in turn contributes to the accumulation of a nation’s wealth. Between the paper, sixteenth and on population of india in 2010 nineteenth centuries, European colonial powers actively pursued international trade to increase their treasury of goods, which were in turn invested to build a powerful army and infrastructure. The colonial powers primarily engaged in international trade for the benefit of their respective mother countries, which treated their colonies as exploitable resources. The first ship of the East India Company arrived at the port of Surat in 1608 to carry out trade with India and paper take advantage of its rich resources of spices, cotton, finest muslin cloth, etc. Other European nations—such as Germany, France, Portugal, Spain, Italy—and the East Asian nation of Japan also actively set up colonies to exploit the natural and human resources. Mercantilism was implemented by active government interventions, which focused on maintaining trade surplus and expansion of colonization. National governments imposed restrictions on imports through tariffs and quotas and promoted exports by subsidizing production. The colonies served as cheap sources for primary commodities, such as raw cotton, grains, spices, herbs and medicinal plants, tea, coffee, and fruits, both for consumption and also as raw material for industries.
Thus, the policy of mercantilism greatly assisted and benefited the colonial powers in accumulating wealth. The limitations of the thesis management, theory of mercantilism are as follows: i. Under this theory, accumulation of paper, wealth takes place at the cost of another trading partner. Therefore, international trade is treated as a win-lose game resulting virtually in no contribution to the global wealth. Act Short Essay! Thus, international trade becomes a zero-sum game. ii.
A favourable balance of trade is possible only in the short run and would automatically be eliminated in the long run, according to make paper thesis, David Hume’s Price-Specie- Flow doctrine. An influx of gold by way of more exports than imports by a country raises the domestic prices, leading to increase in export prices. In turn, the county would lose its competitive edge in terms of price. On the other hand, the loss of gold by the importing countries would lead to a decrease in their domestic price levels, which would boost their exports. iii. Presently, gold represents only thesis related relationship management, a minor proportion of national foreign exchange reserves.
Governments use these reserves to intervene in thesis, foreign exchange markets and to influence exchange rates. iv. The mercantilist theory overlooks other factors in a country’s wealth, such as its natural resources, manpower and its skill levels, capital, etc. v. If all countries follow restrictive policies that promote exports and restrict imports and create several trade barriers in the process, it would ultimately result in a highly restrictive environment for act short international trade. vi. Paper! Mercantilist policies were used by colonial powers as a means of exploitation, whereby they charged higher prices from their colonial markets for their finished industrial goods and bought raw materials at much lower costs from their colonies. Selected Lectures And Poems! Colonial powers restricted developmental activities in their colonies to a minimum infrastructure base that would support international trade for their own interests. Thus, the colonies remained poor. A number of national governments still seem to cling to the mercantilist theory, and exports rather than imports are actively promoted. This also explains the raison d’etre behind the ‘import substitution strategy’ adopted by a large number of countries prior to economic liberalization. This strategy was guided by their keenness to contain imports and promote domestic production even at the cost of efficiency and make higher production costs.
It has resulted in thesis, the creation of paper, a large number of export promotion organizations that look after the promotion of exports from the country. However, import promotion agencies are not common in most nations. Presently, the terminology used under this trade theory is neo-mercantilism, which aims at creating favourable trade balance and has been employed by essay on science in modern life, a number of countries to create trade surplus. Japan is a fine example of make paper, a country that tried to equate political power with economic power and economic power with trade surplus. Essay # 3. Essay In 2010! Theory of make paper, Absolute Advantage of International Trade: Economist Adam Smith critically evaluated mercantilist trade policies in his seminal book An Inquiry into the Nature and Causes of the Wealth of Nations, first published in 1776. Smith posited that the wealth of a nation does not lie in building huge stockpiles of gold and silver in its treasury, but the real wealth of a nation is measured by the level of improvement in the quality of living of its citizens, as reflected by the per capita income. Smith emphasized productivity and advocated free trade as a means of increasing global efficiency. Essay Word! As per his formulation, a country’s standards of living can be enhanced by international trade with other countries either by importing goods not produced by it or by producing large quantities of goods through specialization and exporting the surplus. An absolute advantage refers to the ability of a country to produce a good more efficiently and cost-effectively than any other country.
Smith elucidated the concept of ‘absolute advantage’ leading to gains from make paper, specialization with the help of day-today illustrations as follows: It is the maxim of every prudent master of a family, never to make at home what it will cost him more to make than to buy. The taylor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes, but employs a taylor. The farmer attempts to to customer, make neither one nor the other, but employs those different artificers. All of them find it for thesis their interest to employ their whole industry in a way which they have some advantage over their neighbors.
What is prudence in the conduct of books for research, every private family can scarce be folly in that of great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the paper, produce of our own industry. Thus, instead of producing all products, each country should specialize in books for research, producing those goods that it can produce more efficiently. Such efficiency is make paper thesis, gained through: i. Repetitive production of a product, which increases the skills of the labour force. ii.
Switching production from one produce to essay of india, another to paper thesis, save labour time. iii. Long product runs to provide incentives to develop more effective work methods over a period of time. Therefore, a country should use increased production to export and acquire more goods by thesis to customer relationship management, way of imports, which would in turn improve the living standards of thesis, its people. A country’s advantage may be either natural or acquired. Natural factors, such as a country’s geographical and agro-climatic conditions, mineral or other natural resources, or specialized manpower contribute to a country’s natural advantage in essay, certain products. For instance, the agro-climatic condition in India is an important factor for sizeable export of agro-produce, such as spices, cotton, tea, and mangoes. The availability of relatively cheap labour contributes to India’s edge in make paper thesis, export of labour-intensive products. The production of wheat and maize in the US, petroleum in Saudi Arabia, citrus fruits in Israel, lumber in Canada, and essay aluminium ore in Jamaica are all illustrations of natural advantages.
Today, international trade is shifting from traditional agro-products to industrial products and services, especially in developing countries like India. Make! The acquired advantage in either a product or its process technology plays an important role in creating such a shift. The ability to related to customer relationship management, differentiate or produce a different product is termed as an advantage in product technology, while the ability to produce a homogeneous product more efficiently is termed as an thesis, advantage in selected essays and poems, process technology. Production of consumer electronics and automobiles in Japan, software in India, watches in Switzerland, and make paper shipbuilding in South Korea may be attributed to word, acquired advantage. Paper! Some of the exports centres in India for precious and semiprecious stones in Jaipur, Surat, Navasari, and Mumbai have come up not because of their raw material resources but the skills they have developed in processing imported raw stones. To illustrate the concept of absolute advantage, an example of two countries may be taken, such as the UK and life India.
Let us assume that both the countries have the same amount of resources, say 100 units, such as land, labour, capital, etc., which can be employed either to produce tea or rice. However, the production efficiency is assumed to vary between the countries because to produce a tonne of tea, UK requires 10 units of resources whereas India requires only make paper thesis, 5 units of resources. On the other hand, for producing one tonne of books paper, rice, UK requires only 4 units of resources whereas India needs 10 units of resources (Table 2.1). Since India requires lower resources compared to UK for producing tea, it is relatively more efficient in tea production. On the other hand, since UK requires fewer resources compared to India for producing rice, it is relatively more efficient in producing rice. Although each country is assumed to possess equal resources, the production possibilities for each country would vary, depending upon their production efficiency and utilization of available resources. All of the possible combinations of the make paper thesis, two products that can be produced with a country’s limited resources may be graphically depicted by a production possibilities curve (Fig. 2.1), assuming total resource availability of 100 units with each country.
The slope of the act short essay prompts, curve reflects the ‘trade-off of producing one product over the other, representing opportunity cost. The value of a factor of make paper thesis, production forgone for its alternate use is termed as opportunity cost. For instance, if the UK wishes to one page word count, produce one tonne of tea, it has to forgo the production of 2.5 tonnes of rice. Whereas in order to produce one unit of rice, it has to relinquish the thesis, production of only 0.40 tonne of essay, tea. Suppose no foreign trade takes place between the paper thesis, two countries and on science life each employs its resources equally (i.e., 50:50) for production of tea and rice.
The UK would produce 5 tonnes of make, tea and 12.5 tonnes of rice at point B whereas India would produce 10 tonnes of tea and 5 tonnes of rice at point A as shovra in Fig. 2.1. This would result in a total output of 15 tonnes of tea and 17.5 tonnes of rice (Table 2.2). Thesis Management! If both India and the UK employ their resources on production of only tea and rice, respectively, in paper thesis, which each of them has absolute advantage, the total output, as depicted in Fig. 2.1, of tea would increase from thesis related management, 15 tonnes to 20 tonnes (point C) whereas rice would increase from 17.5 tonnes to 25 tonnes (point D). Thus, both countries can mutually gain from trading, as the total output is enhanced (Table 2.2) as a result of specialization. The theory of absolute advantage is based on Adam Smith’s doctrine of laissez faire that means ‘let make freely’. When specifically applied to international trade, it refers to ‘freedom of enterprise’ and ‘freedom of commerce’. Therefore, the government should not intervene in the economic life of a nation or in make paper thesis, its trade relations among nations, in the form of tariffs or other trade restrictions, which would be counterproductive.
A market would reach to an efficient end by itself without any government intervention. To Customer Relationship! Unlike as suggested by the mercantilist theory, trading is not a zero-sum game under the theory of absolute advantage, wherein a nation can gain only if a trading partner loses. Instead, the make paper, countries involved in free trade would mutually benefit as a result of efficient allocation of their resources. Essay # 4. Theory of thesis related, Comparative Advantage of International Trade: In Principles of paper thesis, Political Economy and Taxation, David Ricardo (1817) promulgated the theory of comparative advantage, wherein a country benefits from international trade even if it is less efficient than other nations in the production of two commodities. Comparative advantage may be defined as the inability of a nation to produce a good more efficiently than other nations, but its ability to produce that good more efficiently compared to the other good. Thus, the country may be at an absolute disadvantage with respect to both the commodities but the absolute disadvantage is essay life, lower in paper thesis, one commodity than another. Therefore, a country should specialize in the production and export of a commodity in which the absolute disadvantage is essay word count, less than that of another commodity or in other words, the paper, country has got a comparative advantage in on science, terms of more production efficiency.
To illustrate the concept, let us assume a situation where the UK requires 10 units of resources for make paper producing one tonne of tea and 5 units for one tonne of rice whereas India requires 5 units of resources for producing one tonne of tea and 4 units for one tonne of books for research, rice (Table 2.3). In this case, India is more efficient in producing both tea and rice. Thus, India has absolute advantage in make thesis, the production of both the products. Although the UK does not have an absolute advantage in any of these commodities it has comparative advantage in the production of rice as it can produce rice more efficiently. Paper! Countries also gain from trade by employing their resources for the production of goods in which they are relatively more efficient. Assuming total resource availability of 100 units with each country, Fig. 2.2 indicates all the possible combinations of the two products that can be produced by the UK and India. In case there is no foreign trade between India and make paper thesis the UK (Table 2.4) and thesis related both the countries are assumed to use equal (50:50) resources for production of make paper thesis, each commodity, UK would produce 5 tonnes of tea and 10 tonnes of rice as shown at point A, whereas India would produce 10 tonnes of tea and 12.5 tonnes of rice at point B in Fig. 2.2. If the UK employs all its resources in the production of rice in which it is more efficient than the other, India can produce the same quantum of tea, i.e., 15 tonnes (Point C) by employing only 75 units of its resources. It can utilize the remaining 25 units of its additional resources for producing 6.25 units of rice, which would raise the total rice production from 22.5 tonnes without trade to 26.25 tonnes after trade (Table 2.4).
Alternatively, the UK can employ its entire resources (i.e., 100 units) to produce 20 tonnes of rice and India can use only 10 units of its resources to produce 2.5 tonnes of rice so as to produce the same quantity of rice, i.e., 22.5 tonnes. The remaining 90 units of resources may be used by India for the production of tea, resulting in an increase in in 2010, tea production from 15 tonnes without trade to 18 tonnes with trade as shown at Point E. Hence, it is obvious from the illustrations that countries gain from trade even if a country does not have an absolute advantage in any of its products as the total world output increases. The Balassa Index is often used as a useful tool to measure revealed comparative advantage (RCA) that measures the relative trade performance of make paper thesis, individual countries in particular commodities. It is assumed to ‘reveal’ the comparative advantage of trading countries, based on the assumption that the commodity patterns of count, trade reflects the inter-country differences in relative costs as the thesis, well as the non-price factors. The factors that contribute to essay in modern life, the changes in the RCA of make thesis, a country include economic factors, structural changes, improved world demand, and trade specialization. RCA is defined as a country’s share of world exports of selected lectures and poems, a commodity divided by its share in make paper thesis, total exports.
The index for to customer management commodity j from country i is computed as. X ij = i th country’s export of commodity j. X wj = world exports of commodity j. X i = total export of country i. X w = total world exports. If the value of the index of revealed comparative advantage (RCA ij ) is greater than unity (i.e., 1), the country has a RCA in make paper thesis, that commodity. Essay! The RCA index considers the intrinsic advantage of a particular export commodity and is consistent with the changes in the economy’s relative factor endowment and productivity. However, it cannot distinguish between the improvements in factor endowments and the impact of the country’s trade policies. As indicated in Table 2.5, China has an RCA in industries such as clothing, electronics, information technology (IT) and consumer electronics, leather products, textiles, and miscellaneous manufacturing that belongs to different technology categories (i.e., low, medium, and high) but not in resource-base manufacture.
On the other hand, India has an RCA in resource-based and low-technological industries, such as fresh food, leather products, minerals, textiles, basic manufacture, chemicals, and clothing. It is also observed that the US, Japan, and the UK have an RCA in high- and paper medium- technology categories, such as IT, consumer electronics, electronics, manufacturing, etc., whereas China’s main competitors such as Mexico, Hong Kong, and Thailand have RCA in low-, medium-, and high-technology categories. This implies that countries specializing in medium- to high-technology products may explore opportunities of expanding bilateral trade with India and those in resource-based industries may stand to benefit substantially by an increase in on science, demand of such products in paper thesis, China. For example, Latin American countries mainly produce and export various commodities. The major producer of Latin America is copper, oil, soy, and books paper coffee, as the region produces about 47 per cent of the world soybean crop, 40 per paper thesis cent of copper, and 9.3 per cent of oil. The rising demand for relationship management commodities in China and other countries presents opportunities to these countries for expanding their production and increasing foreign exchange revenues. Similarly, the rapid growth in economic activities in India and China opens up opportunity for oil exporting countries. Make Thesis! Thus, revealed comparative advantage may be employed as a useful tool to explain international trade patterns. Limitation of Theories of Specialization: Some of the most important limitation of theories of specialization are as follows: i. Theories of absolute and comparative advantage lay emphasis on specialization with an assumption that countries are driven only by the impulse of maximization of production and consumption.
However, the attainment of economic efficiency in a specialized field may not be the only goal of countries. For instance, the Middle East countries have spent enormous resources and management pursued a sustained strategy in developing their agriculture and horticulture sector, in which these countries have very high absolute and comparative disadvantage, so as to become self-reliant. ii. Thesis! Specialization in one commodity or product may not necessarily result in efficiency gains. The production and export of more than one product often have a synergistic effect on developing the overall efficiency levels. iii. These theories assume that production takes place under full employment conditions and labour is the only resource used in the production process, which is not a valid assumption. iv. The division of gains is often unequal among the one page word count, trading partners, which may alienate the partner perceiving or getting lower gains, who may forgo absolute gains to prevent relative losses.
v. The original theories have been proposed on the basis of two countries-two commodities situation. Paper! However, the same logic applies even when the theories experimented with multiple-commodities and multiple-countries situations. vi. The logistics cost is overlooked in for research, these theories, which may defy the proposed advantage of international trading. vi. The sizes of economy and production runs are not taken into consideration.
Essay # 5. Factor Endowment Theory of International Trade: The earlier theories of absolute and comparative advantage provided little insight into the of products in which a country can have an advantage. Heckscher (1919) and thesis Bertil Ohhn (1933) developed a theory to explain the reasons for differences in relative commodity prices and competitive advantage between two nations. According to this theory, a nation will export the commodity whose production requires intensive use of the nation’s relatively abundant and cheap factors and import the on science, commodity whose production requires intensive use of the nation’s scarce and expensive factors. Thus, a country with an abundance of make paper thesis, cheap labour would export labour-intensive products and import capital-intensive goods and vice versa. It suggests that the patterns of trade are determined by factor endowment rather than productivity.
The theory suggests three types of relationships, which are discussed here: A country would specialize in thesis related to customer relationship, production of labour intensive goods if the labour is in abundance (i.e., relatively cheaper) as compared to the cost of land (i.e., relatively costly). This is mainly due to the ability of a labour-abundant country to produce something more cost-efficiently as compared to a country where labour is scarcely available and therefore expensive. In countries where the capital is abundantly available and labour is relatively scarce (therefore most costly), there would be a tendency to achieve competitiveness in the production of goods requiring large capital investments. As the same product can be produced by adopting various methods or technologies of production, its cost competitiveness would have great variations. In order to minimize the cost of production and achieve cost competitiveness, one has to examine the optimum way of production in view of technological capabilities and constraints of a country. According to the factor endowment theory, a country with a relatively cheaper cost of labour would export labour-intensive products, while a country where the labour is scarce and capital is relatively abundant would export capital-intensive goods.
Wassily Leontief carried out an empirical test of the make, Heckscher-Ohlin Model in 1951 to paper, find out whether or not the make, US, which has abundant capital resources, exports capital-intensive goods and of india imports labour-intensive goods. He found that the US exported more labour-intensive commodities and imported more capital-intensive products, which was contrary to paper thesis, the results of Heckscher-Ohlin Model of factor endowment. Essay # 6. Country Similarity Theory of International Trade: As per the Heckscher-Ohlin theory of factor endowment, trade should take place among countries that have greater differences in their factor endowments. Therefore, developed countries having manufactured goods and developing countries producing primary products should be natural trade partners. A Swedish economist, Staffan B. Under, studied international trade patterns in two different categories, i.e., primary products (natural resource products) and manufactures.
It was found that in natural resource-based industries, the relative costs of act short, production and factor endowments determined the trade. Paper! However, in the case of manufactured goods, costs were determined by the similarity in product demands across countries rather than by the relative production costs or factor endowments. It has been observed that the majority of trade occurs between nations that have similar characteristics. The major trading partners of most developed countries are other developed industrialized countries. The country similarity theory is based on selected and poems the following principles: i. Paper! If two countries have similar demand patterns, then their consumers would demand the same goods with similar degrees of quality and sophistication. This phenomenon is also known as preference similarity. Such a similarity leads to enhanced trade between the two developed countries. ii. The demand patterns in on science life, countries with a higher level of per capita income are similar to those of paper thesis, other countries with similar income levels, as their residents would demand more sophisticated, high quality, ‘luxury’ consumer goods, whereas those in countries with lower per capita income would demand low quality, cheaper consumer goods as a part of one page, their ‘necessity’.
Since developed countries would have a comparative advantage in the manufacture of complex, technology-intensive luxury goods, they would find export markets in other high income countries. iii. Paper Thesis! Since most products are developed on the demand patterns in the home market, other countries with similar demand patterns due to cultural or economic similarity would be their natural trade partners. iv. Countries with the proximity of geographical locations would also have greater trade compared to the distant ones.
This can also be explained by various types of similarities, such as cultural and economic, besides the lectures and poems, cost of transportation. The country similarity theory goes beyond cost comparisons. Therefore, it is also used in international marketing. Essay # 7. New Trade Theory of make, International Trade: Countries do not necessarily trade only to benefit from their differences but they also trade so as to increase their returns, which in turn enable them to benefit from specialization. International trade enables a firm to increase its output due to its specialization by providing a much larger market those results in enhancing its efficiency. The theory helps explain the trade patterns when markets are not perfectly competitive or when the economies of scale are achieved by the production of specific products. Decrease in the unit cost of a product resulting from one page word count, large scale production is termed as economies of make paper thesis, scale. Since fixed costs are shared over an increased output, the economies of scale enable a firm to reduce it’s per unit average cost of production and enhance its price competitiveness. Companies benefit by the economies of scale when the cost per unit of output depends upon their size.
The larger the size, the higher are the economies of scale. Firms that enhance their internal economies of scale can decrease their price and essay monopolize the industry, creating imperfect market competition. This in turn results in the lowering of make paper thesis, market prices due to the imperfect market competition. Internal economies of scale may lead a firm to specialize in a narrow product line to essay, produce the volume necessary to achieve cost benefits from scale economies. Industries requiring massive investment in RD and creating manufacturing facilities, such as branded software by Microsoft, microprocessors by Intel or AMD, and aircrafts by Boeing or Airbus, need to thesis, have a global market base so as to achieve internal economies of scale and compete effectively. If the cost per unit of output depends upon essay on population, the size of the industry, not upon the size of an individual firm, it is thesis, referred to as external economies of scale. This enables the selected lectures and poems, industry in paper thesis, a country to on science, produce at a lower rate when the industry size is large compared to the same industry in another country with a relatively smaller industry size. The dominance of a particular country in the world market in a specific products sector with higher external economies of thesis, scale is attributed to the large size of books for research, a country’s industry that has several small firms, which interact to create a large, competitive critical mass rather than a large-sized individual firm. However, external economies of scale do not necessarily lead to imperfect markets but may enable the country’s industry to achieve global competitiveness. Although no single firm needs to be large, a number of small firms in a country may create a competitive industry that other countries may find difficult to compete with. The automotive component industry o India and make paper thesis the semiconductor industry in Malaysia are illustrations of external economies of essays lectures and poems, scale.
The development of sector-specific industrial clusters, such as brassware in Moradabad, hosiery in Tirupur, carpets in thesis, Bhadoi, semi-precious stones in jaipur, and diamond polishing in Surat, may also be attributed to external economies. The new trade theory brings in the concept of economies of scale to explicate the essay of india in 2010, Leontief paradox. Such economies of scale may not be necessarily linked to the differences in factor endowment between the trading partners. The higher economies of scale lead to increase in returns, enabling countries to specialize in the production of such goods and trade with countries with similar consumption patterns. Besides intra-industry trade, the theory also explains intra-firm trade between the MNEs and their subsidiaries, with a motive to make paper thesis, take advantage of the scale economies and essay prompts increase their returns. Essay # 8. International Product Life-Cycle Theory of International Trade: International markets tend to follow a cyclical pattern due to a variety of factors over a period of time, which explains the shifting of make thesis, markets as well as the location of essay of india, production.
The level of innovation and technology, resources, size of market, and competitive structure influence trade patterns. In addition, the make paper thesis, gap in technology and preference and the ability of the customers in international markets also determine the stage of international product life cycle (IPLC). In case the innovating country has a large market size, as in case of the US, India, China, etc., it can support mass production for domestic sales. This mass market also facilitates the producers based in these countries to achieve cost-efficiency, which enables them to become internationally competitive. However, in case the market size of a country is too small to achieve economies of scale from the domestic market, the companies from essays, these countries can alternatively achieve economies of scale by setting up their marketing and production facilities in other cost-effective countries. Thus, it is the economies of scope that assists in achieving the economies of scale by expanding into international markets.
The theory explains the variations and reasons for paper change in production and consumption patterns among various markets over a time period, as depicted in Fig. 2.3. The IPLC has four distinct (Exhibit 2.2) identifiable stages that influence demand structure, production, marketing strategy, and international competition as follows. Generally, it is in high-income or developed countries that the majority of new product inventions take place, as product inventions require substantial resources to thesis related management, be expended on RD activities and need speedy recovery of the initial cost incurred by make thesis, way of market-skimming pricing strategies. Since, in the initial stages, the price of a new product is relatively higher, buying the product is only within the means and capabilities of related to customer relationship, customers in high-income countries. Paper! Therefore, a firm finds a market for for research new products in other developed or high income countries in make thesis, the initial stages. The demand in one page word, the international markets exhibits an increasing trend and the innovating firm gets better opportunities for make exports. Moreover, as the market begins to develop in other developed countries, the thesis management, innovating firm faces increased international competition in the target market. In order to make, defend its position in international markets, the firm establishes its production locations in other developed or high income countries. As the thesis, technical know-how of the innovative process becomes widely known, the paper thesis, firm begins to management, establish its operations in paper thesis, middle- and low-income countries in order to take advantage of resources available at competitive prices.
The major thrust of marketing strategy at essay prompts, this stage shifts to price and cost competitiveness, as the technical know-how and skills become widely available. Therefore, the make, emphasis of the selected essays, firm is on most cost-effective locations rather than on producing themselves. Besides other middle-income or developing countries, the production also intensifies in low-income or least-developed countries (LDCs). As a result, it has been observed that the innovating country begins to make thesis, import such goods from other developing countries rather than manufacturing itself. The UK, which was once the largest manufacturer and exporter of bicycles, now imports this product in large volumes. The bicycle is at the declining stage of its life cycle in industrialized countries whereas it is still at a growth or maturity stage in a number of developing countries.
The chemical and hazardous industries are also shifting from high-income countries to essay on science in modern life, low-income countries as a part of their increasing concern about environmental issues, exhibiting a cyclical pattern in international markets. Although the product life cycle explains the emerging pattern of international markets, it has got its own limitations in make, the present marketing era with the fast proliferation of market information, wherein products are launched more or less simultaneously in various markets. Essay # 9. Theory of Competitive Advantage of International Trade: As propounded by Michael Porter in The Competitive Advantage of Nations, the theory of books paper, competitive advantage concentrates on a firm’s home country environment as the main source of competencies and innovations. The model is often referred to as the diamond model, wherein four determinants, as indicated in Fig. 2.4, interact with each other. Porter’s diamond consists of the following attributes: Factor conditions refer to how well-endowed a nation is as far as resources are concerned. Make Paper Thesis! These resources may be created or inherited, which include human resources, capital resources, physical infrastructure, administrative infrastructure, information infrastructure, scientific and technological infrastructure, and natural resources.
The efficiency, quality, and specialization of underlying inputs that firms draw while competing in international markets are influenced by a country’s factor conditions. The inherited factors in case of India, such as the abundance of arable land, water resources, large workforce, round-the-year sunlight, biodiversity, and essay a variety of agro-climatic conditions do not necessarily guarantee a firm’s international competitiveness. Rather the factors created by meticulous planning and implementation, scientific and market knowledge, physical and capital resources and make paper thesis infrastructure, play a greater role in determining a firm’s competitiveness. The sophistication of demand conditions in the domestic market and the pressure from domestic buyers is a critical determinant for essay on science in modern life a firm to upgrade its product and services. The major characteristics of domestic demand include the nature of make paper thesis, demand, the essays lectures, size and growth patterns of domestic demand, and the way a nation’s domestic preferences are transmitted to foreign markets. As the make thesis, Indian market has long been a sellers’ market, it exerted little pressure on one page essay word Indian firms to strive for quality up gradation in the home market. However, as a result of India’s economic liberalization, there has been a considerable shift in make thesis, the demand conditions. (iii) Related and essay Supporting Industries : The availability and make paper quality of local suppliers and related industries and the state of development of clusters play an important role in determining the of india, competitiveness of a firm. These determine the cost-efficiency, quality, and speedy delivery of inputs, which in paper, turn influence a firm’s competitiveness.
This explains the development of industrial clusters, such as IT industries around Bangalore, textile industries around Tirupur, and metal handicrafts around Moradabad. (iv) Firm Strategy, Structure, and Rivalry : It refers to the extent of act short essay prompts, corporate investment, the type of strategy, and the intensity of local rivalry. Make Paper Thesis! Differences in management styles, organizational skills, and strategic perspectives create advantages and disadvantages for firms competing in different types of industries. Besides, the intensity of domestic rivalry also affects a firm’s competitiveness. In India, the management system is paternalistic and hierarchical in nature. In the system of mixed economy with protectionist and monopolistic regulations, the intensity of competition was almost missing in major industrial sectors. It was only after the economic liberalization that the essay, Indian industries were exposed to market competition.
The quality of goods and services has remarkably improved as a result of the increased intensity of market competition. Two additional external variables of Porter’s model for evaluating national competitive advantage include chance and government, discussed below. The occurrences that are beyond the control of firms, industries, and paper thesis usually governments have been termed as chance, which plays a critical role in determining competitiveness. It includes wars and their aftermath, major technological breakthroughs, innovations, exchange rates, shifts in factor or input costs (e.g., rise in essay, petroleum prices), etc. Some of the major chance factors in paper, the context of India include disintegration of the in modern life, erstwhile USSR and the collapse of the communist system in Eastern Europe, opening up of the Chinese market, the Gulf War, etc.
The government has an important role to play in influencing the determinants of a nation’s competitiveness. The government’s role in paper, formulating policies related to trade, foreign exchange, infrastructure, labour, product standards, etc. influences the determinants in the Porter’s diamond. Assessing country competitiveness : In order to facilitate the quantifiable assessment of competitiveness, the essay, World Economic Forum has developed the paper, Global Competitiveness Index. It presents a quantified framework aimed to measure the set of institutions, policies, and essay on population factors that set the sustainable current and make paper medium-term levels of economic prosperity. The US was ranked as the most competitive economy in the world, followed by Switzerland, Denmark, Sweden, Singapore, Finland, and Germany whereas China and India were ranked at essays and poems, 30th and 50th positions, respectively.
India has made remarkable progress in make thesis, improving its global competitiveness during the act short, recent years. Paper Thesis! The rapid rise in the share of the working age population for the last 20 years would add to favourable demographics to India’s competitiveness. However, to benefit from management, this India will have to find ways to bring its masses of young people into paper the workforce, by spending on education and improving the quality of act short, its educational institutions so as to enhance the paper, productivity of its young. Moreover, the country still has to take effective measures (Exhibit 2.3) to deal with its bureaucratic red-tape, illiteracy, and infrastructure bottlenecks, especially road, rail, seaports and airports, and electricity, among others, so as to boost its global competitiveness. Essay # 10. One Page! Implications of International Trade Theories: The trade theories provide a conceptual base for make thesis international trade and shifts in trade patterns. This article brings out the significance of developing a conceptual understanding of the essays lectures, trade theories as it deals with the fundamental issues, such as why international trade takes place, trade partners, shifts in make, trade patterns, and determinants of competitiveness. The initial theory of essay on science life, mercantilism was based on accumulating wealth in terms of goods by increasing exports and restricting imports. Trade was considered to make paper, be a zero-sum game under the mercantilism theory wherein one country gains at the cost of the other.
However, a new form of mercantilism, known as neo-mercantilism, is followed by for research, a number of countries so as to increase their trade surpluses. Paper! In 1776, Adam Smith advocated the concept of free trade as a means of increasing gains in for research paper, world output from specialization. The theory of absolute advantage suggests that a country should produce and export those goods that it can produce more efficiently. David Ricardo’s theory of comparative advantage was based on the international differences in labour productivity and make paper advocates international trade even if a country does not have an selected and poems, absolute advantage in the production of any of its goods. Although it is possible for make a country not to have an absolute advantage in production of any good, it is not possible for on science it not to have a comparative advantage in paper thesis, any of the goods it produces. In the one page word, later case, the country should specialize in the production and make paper thesis export of those goods that can be produced more efficiently as compared to others. The factor endowment theory highlights the interplay between proportions in which the factors of production such as land, labour, and capital are available to different countries and the proportions in which they are required for producing particular goods. Trade between countries with similar characteristics such as economic, geographic, cultural, etc. is essay, explained by the country’ similarity theory. The new trade theory explains the specialization by some countries in production and exports of particular products as international trade enables a firm to increase its output due to its specialization by providing much larger market that results into enhancing its efficacy.
The shifting patterns of production location are elucidated by the theory of IPLC that influences demand structure, production, the innovator company’s marketing strategy, and paper international competitiveness. The theory of competitive advantage comprehensively deals with the micro-economic business environment as the determinants of competitive advantage. Earlier trade theories suggested the shift in comparative advantage in low-skilled production activities from advance economies to developing countries. The product life-cycle theory too heavily relied on such presumptions. However, in recent years, the rapid shift of high-value activities such as RD, technology-intensive manufacturing, and white-collar jobs to India and other Asian countries have evoked considerable apprehension among intellectuals in the US and other advanced economies about whether free trade is still beneficial for their countries or not. This concern has been illustrated through Exhibit 2.4. Essay In 2010! It is likely to continue as a matter of serious debate and the upcoming economic thought may witness a significant deviation in terms of the thesis, support to one page, theories based on free trade and, in him, globalization.
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