Chapter 3: Business in the Global Economy

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Chapter 3: Business in the Global Economy http://www.youtube.com/watch?v=emx92kBKads

Target Identify why countries trade and are afraid of trade. Explore how countries interact with one another and the international environment. Classify multinational corporations.

International Business 101 Imports Items brought in from another nation Exports Items sent from your nation Absolute Advantage A country can produce item at lower cost better then other nations Comparative Advantage A country has more then one absolute advantage, but may only produce one and import the other

Balance of Trade Difference between imports and exports Surplus = exports more then imports Deficit= imports more then the export 2012 : U.S. trade in goods with World, Seasonally Adjusted Month Exports Imports Balance January 126,527.4 192,480.3 -65,952.9 February 126,880.6 186,360.9 -59,480.3 March 130,788.6 197,453.0 -66,664.4 April 129,010.8 193,813.8 -64,803.0 May 129,412.9 192,285.7 -62,872.8 Total 642,620.3 962,393.7 -319,773.4

International Currency Exchange Rate Value of one currency compared to another Affected by Balance of payments Amount of money that comes into a country and goes out of it Economic Conditions Political Stability

Globalization Become or make something international 3 Areas Cultural Economic Political and Legal 4th more minor = Geography

Trade Barriers or Not Quota Tariff Embargo Free Trade Agreements

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