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- To what extent can the Porters Theory of Competitive Advantage be used to explain fully or partial growth in the Caribbean region and how is in line with the models of economic development put forward by Best and Lewis.Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own…Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own…
- in International Relations, what is ‘Dominance’ in IR Theory? Instruments of dominance? Concept of ‘Soft Power’?How can analysis of national competitiveness explain the competitive advantage an SME firm is capable of achieving in international markets?Is complete specialization more or less likely if production possibility frontiers exhibit increasing costs rather than constant costs?
- Using the Surplus Approach, describe how tendencies for concentration emerge from the regular functioning of competition between capitalist firms.Explain the historical connection between evolutionary biology and long-run competitive markets.Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it.
- Explain the interdependence between 3 economic industriesIf you had to choose between Bertrand and Cournot to model an economic scenario,you should lean towards Bertrand if firms in the market being studied can easily adjust their quantities sold, for example on-line stock trading services.(a) True. (b) False.Why is Silicon Valley considered as one of the ideal models of entrepreneurial ecosystem? Provide examples or situations for your answers.