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COMPETITIVENESS Definition: Competitiveness is the ability of a nation to compete successfully internationally and sustain improvements in real output and wealth for its citizens. Competitiveness is vital in raising real incomes, and if a country cannot compete it will suffer from unemployment and something will have to be done to increase competitiveness. It is also characterized by increasing export market shares. Competitiveness, therefore, is demonstrated by the ability to meet the test of free international markets while expanding real income. It is based on generating more value through improved productivity, quality, service and innovation. Effective business strategies are the generators of competitiveness. International competitiveness mostly depends on the competitiveness of firms. How is Competitiveness Measured and Why: There is no single measure of competitiveness, and it is measured on price or non-price factors. 'Price' Competitiveness - measures the relative costs of production and the final price levels between international businesses: - Unit Labour Costs: This is...

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