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International competitiveness (Definition (A countries abilities to sell…

- - - - nominal exchange rate falls
      - The price of goods abroad rise relative to prices in domestic country
  - - - The most important cost of production for many industries
      - Wages are higher in the UK than in China, causing UK prices of goods to be higher
      - Relationship between labour productivity and wages is crucial in influencing unit labour costs
    - - These are significant for intentional competitiveness, they will be higher in developed countries and have the effect of reducing international competitiveness of goods and services from developed countries
      - National insurance contributions paid by employers
      - Health and safety regulations
      - Environmental regulation
      - Employment protection and anti-discrimination laws
      - Contributions into company pension schemes