Everywhere and anywhere the fundamental task of the marketing executive, whether purely locally or thoroughly internationally oriented, is tracking market trends that influence segmentation strategies, product positioning, pricing policies, distribution strategies, and promotion platforms. Ultimately, this rests upon your understanding of the macro trends that influence the micro-activities of international marketing. gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health. Global GDP has grown massively over the last 50 years, but not all countries experienced this economic growth equally. In 1970, the world’s nominal GDP was just $3.4 trillion. Fast forward a few decades and it had reached $85.3 trillion by 2020. And thanks to shifting dynamics, such as industrialization and the rise and fall of political regimes, the world’s largest economies driving this global growth have changed over time.Advisory: The area of each bubble is proportional to the country's nominal gross domestic product as a share of the world total for the corresponding time. Also, as needed, consult : https://www.worldometers.info/geography/flags-of-the-world/. In 1970, the ___________ (United States, China, or Germany) accounted for the largest share of global GDP, making up nearly one-third of the world economy. Also, in 1970, the former ___________ (Union of Soviet Socialist Repbublics, China, OR Japan) came in second place on the list of the world’s largest economies. In the years leading up to 1970, tit had seen impressive GDP growth largely due to adopting Western technologies that increased productivity. However, the its economy began to stagnate in the 1970s, and eventually collapsed in 1991. Meanwhile, by 1990, ______________ (Japan, Germany, or Union of Soviet Socialist Republic) had leapfrogged into second place and nearly tripled its share of the global economy compared to 1970. A number of factors played into its economic success, notably fierce competition between companies encouraged innovation and a well-educated workforce was willing to work extremely long hours. Still, around 1990, the country’s economy began slowing. In 2020, the __________ (United States, Germany, OR China) continued to hold onto the number one spot among the world’s largest economies in terms of nominal GDP. However, a new powerhouse has emerged: ____________(China, Japan, or United States). Its economy saw incredible growth following economic reforms in 1978.The reforms encouraged the formation of private businesses, liberalized foreign trade and investment, relaxed state control over some prices, and invested in industrial production and the education of its workforce. With profit incentives introduced to private businesses, productivity increased.

Everywhere and anywhere the fundamental task of the marketing executive, whether purely locally or thoroughly internationally oriented, is tracking market trends that influence segmentation strategies, product positioning, pricing policies, distribution strategies, and promotion platforms. Ultimately, this rests upon your understanding of the macro trends that influence the micro-activities of international marketing. gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health. Global GDP has grown massively over the last 50 years, but not all countries experienced this economic growth equally. In 1970, the world’s nominal GDP was just $3.4 trillion. Fast forward a few decades and it had reached $85.3 trillion by 2020. And thanks to shifting dynamics, such as industrialization and the rise and fall of political regimes, the world’s largest economies driving this global growth have changed over time.Advisory: The area of each bubble is proportional to the country's nominal gross domestic product as a share of the world total for the corresponding time. Also, as needed, consult : https://www.worldometers.info/geography/flags-of-the-world/. In 1970, the _____ (United States, China, or Germany) accounted for the largest share of global GDP, making up nearly one-third of the world economy. Also, in 1970, the former _ (Union of Soviet Socialist Repbublics, China, OR Japan) came in second place on the list of the world’s largest economies. In the years leading up to 1970, tit had seen impressive GDP growth largely due to adopting Western technologies that increased productivity. However, the its economy began to stagnate in the 1970s, and eventually collapsed in 1991. Meanwhile, by 1990, (Japan, Germany, or Union of Soviet Socialist Republic) had leapfrogged into second place and nearly tripled its share of the global economy compared to 1970. A number of factors played into its economic success, notably fierce competition between companies encouraged innovation and a well-educated workforce was willing to work extremely long hours. Still, around 1990, the country’s economy began slowing. In 2020, the (United States, Germany, OR China) continued to hold onto the number one spot among the world’s largest economies in terms of nominal GDP. However, a new powerhouse has emerged: ____(China, Japan, or United States). Its economy saw incredible growth following economic reforms in 1978.The reforms encouraged the formation of private businesses, liberalized foreign trade and investment, relaxed state control over some prices, and invested in industrial production and the education of its workforce. With profit incentives introduced to private businesses, productivity increased.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 28P: Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100...

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gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

Global GDP has grown massively over the last 50 years, but not all countries experienced this economic growth equally.

In 1970, the world’s nominal GDP was just $3.4 trillion. Fast forward a few decades and it had reached $85.3 trillion by 2020. And thanks to shifting dynamics, such as industrialization and the rise and fall of political regimes, the world’s largest economies driving this global growth have changed over time.Advisory: The area of each bubble is proportional to the country's nominal gross domestic product as a share of the world total for the corresponding time. Also, as needed, consult : https://www.worldometers.info/geography/flags-of-the-world/.

In 1970, the ___________ (United States, China, or Germany) accounted for the largest share of global GDP, making up nearly one-third of the world economy.

Also, in 1970, the former ___________ (Union of Soviet Socialist Repbublics, China, OR Japan) came in second place on the list of the world’s largest economies. In the years leading up to 1970, tit had seen impressive GDP growth largely due to adopting Western technologies that increased productivity. However, the its economy began to stagnate in the 1970s, and eventually collapsed in 1991.

Meanwhile, by 1990, ______________ (Japan, Germany, or Union of Soviet Socialist Republic) had leapfrogged into second place and nearly tripled its share of the global economy compared to 1970. A number of factors played into its economic success, notably fierce competition between companies encouraged innovation and a well-educated workforce was willing to work extremely long hours. Still, around 1990, the country’s economy began slowing.

In 2020, the __________ (United States, Germany, OR China) continued to hold onto the number one spot among the world’s largest economies in terms of nominal GDP. However, a new powerhouse has emerged: ____________(China, Japan, or United States). Its economy saw incredible growth following economic reforms in 1978.The reforms encouraged the formation of private businesses, liberalized foreign trade and investment, relaxed state control over some prices, and invested in industrial production and the education of its workforce. With profit incentives introduced to private businesses, productivity increased.

And, in very broad terms, that's a snapshot of the emerging of emerging economics.

Distribution of the World's GDP in 1970
The area of each bubble is proportional to the country's nominal gross domestic product
as a share of the world total. Some countries (for which flags were not available) are
not shown. Data: United Nations.
Distribution of the World's GDP in 1995
e
Distribution of the World's GDP in 2020
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USSR
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