Throughout the term in BPBE 272 there has been many important skills I have learned to help me pursue my goal in University. I have learned all key concepts of economics and also learned how to use them in my everyday life. This class has gave me tremendous help on how to look at the world in the way an economist does. You have taught us in a way that did not require us to just memorize the material but to actually take the time to learn about the information we are given. I will explain the main points I have learned in this class, what it means to have learned all of the information, How I have changed my perspective on economics, how I can apply my knowledge in the workforce and why this course was so important to me.
However, macroeconomics offered a comprehensive view of national economies by putting light on events that affect the economy, such as inflation, unemployment, and economic growth. Importance of Trade in Imports and Exports: Chapter 3. Comprehending the movement of goods across borders, regardless of whether they are produced domestically or overseas, has revealed the interdependence of world economies and the reciprocal advantages that arise from trade partnerships. Supply and demand, the fundamental principles of market economics, are covered thoroughly in Chapter 4. I now understand how buyers and sellers interact to create market equilibrium, which is represented by the equilibrium quantity and price, thanks to this analysis.
As a result, they provide and pay more attention to the dimension of exports trading due to the trend of international business is increasing so that export occupies a important role for the US economy indeed. According to Davis, the Chairman and Former UPS Chief Executive Officer, “UPS was followed by a panel of global trade experts who shared insights about global trade in general, and provided perspectives about trading in Asia, Europe, and the Americas.” (2011) They found that the credit is more available than it has been in a long time; interest rates remain low; demand in emerging markets remains strong; and both corporate profits and balance sheets are strong.
3. Globalization Throughout the last decades, globalization became a real phenomenon, but history tells us that it is actually not a new social, historical phenomena, but has, under different names and manifestations, been with us for a long time. It is actually not only the continuation of the liberalization of international trade, which began in the mid-19th century with the launch of cross-border trade over long distances and later with intensive large-scale mobility of labor and capital. During capitalism, globalization has amplified due to the lust for profit, which is driven by capitalists across the globe. Indeed, globalization has significantly strengthened ever since.
Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. McDonald 's in Japan, French films being played in Minneapolis, and the United Nations, are all representations of globalization. The topic of globalization has become a hotly contested debate over the past two decades. In today’s marketplace conducting business internationally is as much of a defensive play as an offensive play. In examining the upside of going global, consider the sheer size of international markets as contrasted with the size of the domestic market and you will likely find that the majority of your potential customers live abroad.
Debating globalism and nationalism is currently creating a divide between people, locally, nationally, and internationally. After World War II, the world experienced a surge of globalism: the global economy increased in value, environmental and economical issues became interdependent among many nations, and more immigration occurred between countries. This major increase of conflicts in globalist policies continued until the recent years of the 21st century. President of the United States of America, Donald Trump, has implemented harsher immigration policies, especially on the Middle East. Great Britain left the European Union.
Introductions International trade refers to a country trade goods and services to another country. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. apart from these, international trade will create job opportunity and hence reduced unemployment rate as well as positive balance of payment. however, it might bring negative effects to a country as well, therefore, government play an important role in implementing trade restriction on imported goods in order to prevent imported goods destroy the domestic market or at certain extend, monopolize the market. 94 words A ) Discuss the forms of restriction on international trade.
In the contemporary society, there are an increasing number of people involved in the globalisation. I choose the topic of international trade. And in the following paragraphs, I am going to introduce what is international trade, other possible benefits of trading globally and the bottom line. (Heakal 2015) Thanks to the international trade that allows us to expand the market for goods and services.
Nations engage in international trade because they benefit from doing so. The gains from trade arise because trade allows countries to specialise their production in a way that allocates all resources to their most productive use. Trade plays an important role in achieving this allocation because it frees each and every country’s residents from having to consume goods in the same time combination in which the domestic economy can produce them. During the past decade, China’s growing presence in Africa has increasingly become a topic for debate in the international system and among economists as well as policy analysts.
Before delving into the arguments for and against free trade, it is crucial to understand what trade is and its context in the international political economy. First and foremost, free trade is defined as trade without regulation of voluntary exchange of goods, services or capital across borders. All trade and economic growth in the world relies on political structures, like the World Trade Organization (WTO) and its predecessor General Agreement on Tariffs and Trade (GATT). The WTO is the hub of an international political system under which governments negotiate, enforce and revise rules to govern their trade policies. GATT performed the same function between 1947 and 1994 (Oatley, 2014, p. 22).
International trade is also knows as a globe trade which give the country opportunity to expands their markets for both good and services that otherwise may not have been available in other countries. This type of trade also give advantages for world to rise the economy in term of prices, supply and customer demands, affect and are affected by global events. All of the good and services can be found on international market. International trade will involve two types of process which be export and import. Export is a function of international trade in which the goods produced in a country will be sent to another country for future sale or trade.
4.0 Implementation 4.1 Broader perspective Globalization is affected by various factors that drive towards its existence and formation in the society and a set of these macroeconomic factors. As per this analysis we can get an overview of the current economy of the country that helps the researcher to make relevant suggestions and recommendations that can benefit the economy as well as society to make them believe and trust that the globalization enhances their behaviour and life style. PEST Analysis: Source: Visual.ly website PEST Analysis of Saudi Arabia Political environment Giddens and Griffiths (2006, p. 59) states that mainly there are three reasons why politics has become one of the main drivers of globalization.
The company has individual websites, software development centers, customer service centers and fulfillment centers in many locations around the world (Rouse, 2018) II. IMPACTS OF GLOBALIZATION a. VARIOUS WAYS IN WHICH GLOBALIZATION AFFECTED
Learning history is always important as it reveals our mistakes and grants us the opportunity to learn from our mistakes. My understanding of the history of economics will serve as a useful base-knowledge as I continue on my studies in economics. In my third and fourth year of university, I will broaden my field of study to an international level. As I have mentioned previously, I plan to learn international economics through classes such as International Trade or International Finance. Moreover, I will take business-related classes funded by corporates to get familiarized with industries in Japan and the real-world problems that they face.
Through globalization, people around the world share information as well as goods and services. As a result of globalization, consumers around the world enjoy a broader selection of products than they would have if they only had access to domestically made products. International trade has stimulated tremendous economic growth across the globe-creating jobs and reducing price. As globalization accelerates change in technology, more jobs are created and as a result more people are employed thus increasing their purchasing power. As the demand of consumers rise, more and more products are produced to suit the needs and wants of the people.
