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MEASURES OF COMPETITIVENESS
Competitiveness is the ability of a nation to sell its goods and services
in domestic and international markets at a price and quality that is
attractive in those markets
How can competitiveness be measured?
Relative unit labour costs
Relative productivity measures
Composite indices…read more

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RELATIVE UNIT LABOUR COSTS
This is a measurement of labour costs in one country relative to those
in another country
To make comparisons internationally, the figures are converted into a
single currency and expressed as an index number
The UK's unit labour costs are above average…read more

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RELATIVE PRODUCTIVITY MEASURES
Productivity refers to the output per worker per hour worked
Currently productivity in the UK is much lower than the USA and
countries in the Eurozone…read more

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COMPOSITE INDICES
Such as the global competitive index which is based on the 12 pillars of
competitiveness:
1. Institutions
2. Infrastructure
3. Macroeconomic stability
4. Health & primary education
5. Goods market efficiency
6. Labour market efficiency
7. Financial market sophistication
8. Technological readiness
9. Market size
10. Business
11. Higher education and training
12. Innovation…read more

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FACTORS INFLUENCING COMPETITIVENESS
Real exchange rate
Wage costs and non-wage costs
Labour productivity
Education and training
Human capital
Research and development
Infrastructure
Labour market flexibility…read more

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