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Level 10

International Competitiveness


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Relative unit labour costs
A measurement of how much labour costs in different countries
Productivity
Output per worker
Composite indices
These attempt to put together a number of factors to establish a country's competitiveness e.g. the World Economic Forum's Global Competitiveness Index
Real exchange rate
Equates to nominal exchange rate x (domestic price level / foreign price level)
Wage costs
The costs of labour
Non-wage costs
e.g. NI contributions, health and safety compliance, pension contributions, costs of employment protection laws etc.
Education and training
Influences the quality of human capital and thus productivity
Capital equipment
Machinery available to workers; it can affect their productivity
Research and development
This is research in to technological advances that can increase innovation, reduce costs and increase productivity
Infrastructure
Roads, railways, telecoms, power supply etc.
Labour market flexibility
Ease of hiring and firing workers
Human capital
The skills, attitudes, education etc. of workers - their productive potential
Supply-side policies
Policies aimed at increasing the capacity of firms and thus the economy, with a positive impact on international competitiveness
Depreciation
The weakening of a currency against other currencies thus increasing the price competitiveness of exports
Export-led growth
Growth fuelled by export earnings