policies to improve international competitiveness

• What should you watch to understand the groundwork theory before watching this video?

  The previous video on International competitiveness
• According to the video, what is a key reason for a government to use policies to improve international competitiveness?

  To rebalance the economy
• How does improved competitiveness contribute to an economy's long-term potential?

  By fostering long-term sustained growth
• According to the video, what makes policies to improve competitiveness so important?

  The world is increasingly globalized
• What type of policies are typically used to promote competitiveness?

  Supply side policies
• According to the video, what are the three key aspects of competitiveness?

  Price, non-price, and FDI attraction
• What must an essay about policies to improve international competitiveness include?

  A chain of analysis linking policy to competitiveness
• What buzzword does the video associate with supply-side policies?

  Efficiency
• What is productive efficiency a more specific form of?

  Productivity
• According to the video, how does government spending on transport infrastructure improve price competitiveness?

  It reduces business costs of moving goods
• How can strong infrastructure lead to increased International competitiveness?

  By attracting foreign direct investment
• According to the video, how can lower corporation tax incentivize businesses?

  By increasing retained profits for investment
• What kind of spending might businesses do with increased retained profits from lower corporation tax?

  Spending on technology and Innovation
• In the UK, what is the current tax allowance mentioned in the video?

  £500,000
• According to the video, how does reducing income taxes impact the labor force?

  Increases labor force flexibility and size
• How does deregulation improve the productive efficiency of doing business?

  By reducing the costs of production
• According to the video, how does government spending on education improve competitiveness?

  By targeting productivity improvements
• How can improved skills and productivity impact unit labor costs?

  Driving down unit labor costs
• What fundamental issue do all supply side policies have in common?

  They all have a significant cost
• Why does the video say it's important to consider the opportunity cost of supply side policies?

  To see their future financial implications
• According to the video, what might rising taxes and cuts on spending do in the future?

  Limit future competitiveness
• According to the video, why is there no guarantee that lower corporation tax will improve competitiveness?

  Companies may not invest retained profits
• How long can some supply side policies take to have an impact?

  5, 10, or 15 years
• According to the video, what should you question about policies being used to improve competitiveness?

  Whether they are targeted effectively
• What does the video state about competitiveness as a concept?

  It is a relative concept
• According to the video, what must be considered to determine if a nation gains in competitiveness?

  Other countries' policies
• How can curriculum reform improve skills of the labour force?

  By changing the way topics are taught
• How can adult retraining improve skills of the labour force?

  By giving adults new qualifications
• How can spending on apprentiship schemes improve skills of the labour force?

  By allowing on-the-job training
• According to the video, what could taxes going up in the future cause?

  Loss of price competitiveness
• If a country is unproductive compared to other countries, what should they target?

  Spending on education
• Why should a country not only focus on business related competitiveness?

  They may be unproductive