Open questions activity
Imagine you are the leader of a small country with limited natural resources. Explain how engaging in international trade can benefit your country's economy and improve the standard of living for its citizens.
Referencing your notes state in your own words what balance of trade is...
Did you know?
International trade creates jobs in both exporting and importing countries. International business can involve cultural differences in language, customs, values, and beliefs. International trade and business have been around since the early 16th century, when the first companies were chartered by governments to explore the new world
Trade and outsourcing leads to a loss of jobs in domestic industries... Why?
What are some of the ethical considerations related to international trade and international business?
Brain break: Draw an elephant flying on a hot air balloon with a tiny party hat on its head
In pairs: Select one task
Question: You have just been chosen as a junior trader in a small trading company. What strategies would you use to start trading internationally?
Research different markets to determine where the best opportunities are. Understand the laws and regulations involved in international trade. Establish relationships with potential buyers and suppliers.
A: Create a plan outlining your strategy for international trading. B: Present your strategy to the team and explain why it is the best choice.
Which of the following is NOT a benefit of international trade?
- Diversification of risk
- Access to new markets
- Increased competition
- Higher import tariffs
What is the main purpose of international business?
- To compete with domestic companies
- To expand operations globally
- To promote cultural diversity
- To reduce trade barriers
Which organization sets rules for international trade and resolves disputes between countries?
- United Nations (UN)
- International Monetary Fund (IMF)
- World Trade Organization (WTO)
- European Union (EU)
What is an import?
- The exchange rate between two currencies
- Goods or services sent out of a country to other nations
- A tax imposed on imported goods
- Goods or services brought into a country from abroad
What does GDP stand for in the context of international business?
- General Development Plan
- Global Demand Projection
- Gross Domestic Product
- Government Development Program
Work together in pairs: What are the three main ways in which countries benefit from international trade?