Economic Environment Stages of Development Buying power Traditional Society Gross National product- total value of Pre-Industrial Society goods and services produced in a particular country Takeoff Economy Per capita income- income per person Industrializing/Developing in a particular country Fully Industrialized Society Currency Exchange rate- price of currency in terms of another countryEconomic Environment • Stages of Development – Traditional Society – Pre-Industrial Society – Takeoff Economy – Industrializing/Developing – Fully Industrialized Society • Buying Power – Gross National Product- total value of goods and services produced in a particular country – Per capita income- income per person in a particular country • Currency – Exchange rate-price of currency in terms of another country