It is more difficult to explain the terms of assets and ownership; As far as the meaning is concerned, asset tends to mean "resource endowment", while posses literally translates as process, but for readers without economic concepts, they may not understand the exact meaning, only after reading the article. Perhaps translating it into "production process" and "processing economy" can better reflect its meaning. Please judge for yourself, and experts are welcome to give advice.

Resource Endowment and Processing Economy

In the management of competitiveness, the World Competitiveness Organization also analyzes how countries combine resource endowment with processing economy. Some countries, such as Brazil, India and Russia, are rich in resources, such as land, population and natural resources, but they are not necessarily competitive. On the other hand, Singapore, Japan, Switzerland and other countries are poor in traditional resources but highly competitive. They have mastered what economists call "transitional processing economy".

Japan's performance illustrates this situation well. Since 1950, compared with 164 times in the United States and 44 times in the United Kingdom, Japan has won only four Nobel Prizes in the fields of precision science and economics. In fact, there is no scientific and technological breakthrough in Japan that can fundamentally change our economic life. Transistors, robots, video recorders, computers, fax machines, magnetic disks, and color TVs-all these were invented by American and European companies. Japan's extraordinary success lies in its product marketing: its ability to turn an idea into a cheaper, faster and more effective product or service far exceeds its competitors. In other words, Japan's competitiveness is based on the processing economy.

1996 annual report on world competitiveness will make a detailed distinction between competitiveness based on a country's resource endowment and competitiveness achieved through processing economy. This key difference is important because the future seems to be more inclined to those countries that have mastered the "processing economy" (in fact, some economists use the "curse of natural resources" to describe the fate of those countries that are proud of their abundant resources). Usually, companies also adopt the same strategy. They pay attention to the added value generated in process management such as quality, speed, order execution, scale users and customer satisfaction.