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Indicator 6.03

Indicator 6.03. Determine global trade’s impact on business decision-making. Vocabulary. Imports Exports International trade Absolute advantage Comparative advantage. Describe reasons that international trade takes place. List gains from international trade.

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Indicator 6.03

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  1. Indicator 6.03 Determine global trade’s impact on business decision-making.

  2. Vocabulary • Imports • Exports • International trade • Absolute advantage • Comparative advantage

  3. Describe reasons that international trade takes place

  4. List gains from international trade

  5. Identify ways in which the U.S. economy is affected by international trade

  6. Describe types of trade barriers

  7. Explain techniques used by governments to improve international trade relations

  8. Vocabulary • Exchange rate • Exchange-rate quotation • Free-floating currency • Pegged currency • Foreign-exchange market • Strong/weak dollar • Arbitrage

  9. Distinguish between direct and indirect exchange-rate quotations

  10. Interpret exchange rates

  11. Identify factors that increase demand for currencies

  12. Explain factors that cause a currency to lose value relative to othercurrencies

  13. Discuss how economic factors affect exchange rates

  14. Explain how market psychology can affect exchange rates

  15. Describe how political conditions can influence exchange rates

  16. Distinguish between free-floating and pegged currency

  17. Describe factors that influence free-floating currency

  18. Identify institutions that utilize the foreign exchange market

  19. Discuss types of financial instruments used in foreign exchange markets

  20. Explain the advantages/disadvantages of a strong U.S. dollar

  21. Describe the advantages/disadvantages of a weak U.S. dollar

  22. Explain the risks of speculating on the price of foreign currency

  23. Describe Hofstede’s dimensions of national cultures • Individualism vs. collectivism • Power distance • Uncertainty avoidance • Masculinity vs. feminity

  24. Explain why business subcultures shape the behaviors of businesspeople

  25. Explain how language impacts knowing when and how business will be conducted

  26. Explain how culture influences communication

  27. Discuss how the interrelationship of business law and religion impactsinternational business activities

  28. Identify ways to overcome issues with the crossover of business law andreligion in international business activities

  29. Describe how corruption impacts international business activities

  30. Explain how a country’s level of involvement impacts international trade

  31. Discuss how culture can hamper international trade

  32. Explain how culture can impact trade partner selection

  33. Describe how culture can impact negotiations in international trade

  34. Discuss how culture can impact product delivery in international trade

  35. Explain how positive/negative experiences with a culture can update one’s beliefs

  36. Describe how culture can impact the selection of trade goals ininternational trade

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