This paper reconsiders meaning and theoretical foundations of the competitiveness measures. Firstly, we can identify two approaches for measurement of the competitiveness, namely, multi dimensional approach and national competitiveness approach. Secondly, there are three important factors which determine competitiveness. They are resources, outcomes, and process which transform the resources into outcomes. Taking these into consideration, the paper reviews, in the second section, the competitiveness measures based on export shares (Constant Market Share, Revealed Comparative Advantage, and technological content of the exports). In the third section, we review indicator approaches which focus of factor cost, productivity, and technology. Final section, we draw some issues for refinement of the competitiveness measures. In that section, we identify issues regarding the theoretical specification of the process linking resources and competitiveness outcomes, the process linking FDI (or economic integration) and a national technological potential.