Podcast
Questions and Answers
What do clients associate international success with?
What do clients associate international success with?
- Dependability, efficiency, and cohesiveness (correct)
- Aggressive marketing
- Innovative products
- High profit margins
Why is it beneficial to dispose of surplus products?
Why is it beneficial to dispose of surplus products?
- To penetrate new markets
- To increase product life spans
- To reduce waste and potential losses (correct)
- To reduce production costs
Why may there be demand for a product in other countries even if there is no demand in the domestic market?
Why may there be demand for a product in other countries even if there is no demand in the domestic market?
- Because of government regulations
- Because of different marketing strategies
- Because of cultural differences
- Because domestic markets differ from international markets (correct)
What happens to the lifespan of goods when trading globally?
What happens to the lifespan of goods when trading globally?
What happens to the cost of importing items when a nation's currency is weak?
What happens to the cost of importing items when a nation's currency is weak?
What is an advantage of a weak currency rate for globally trading businesses?
What is an advantage of a weak currency rate for globally trading businesses?
Why do companies trading globally have an advantage when their nation's currency is weak?
Why do companies trading globally have an advantage when their nation's currency is weak?
What is a risk associated with a strong currency rate for domestic-only enterprises?
What is a risk associated with a strong currency rate for domestic-only enterprises?
What was the Philippines' GDP growth rate in 2022?
What was the Philippines' GDP growth rate in 2022?
What is the target GDP growth rate set by NEDA for 2024?
What is the target GDP growth rate set by NEDA for 2024?
What is the focus of the trilateral meeting between the Philippines, United States, and Japan?
What is the focus of the trilateral meeting between the Philippines, United States, and Japan?
Who views the Philippines' relationship with the USA and Japan as a positive thing for the economy?
Who views the Philippines' relationship with the USA and Japan as a positive thing for the economy?
Why does Congressman Joey Salceda think the Philippines' realignment to the West and Japan will be beneficial?
Why does Congressman Joey Salceda think the Philippines' realignment to the West and Japan will be beneficial?
What is the name of the organization that expects the Philippine economy to grow faster in 2024?
What is the name of the organization that expects the Philippine economy to grow faster in 2024?
What is the rank of the Philippines' economic growth rate in 2022 compared to other Asian emerging markets?
What is the rank of the Philippines' economic growth rate in 2022 compared to other Asian emerging markets?
What is the policy adopted by President Ferdinand Marcos Jr. that Congressman Joey Salceda views as beneficial for the economy?
What is the policy adopted by President Ferdinand Marcos Jr. that Congressman Joey Salceda views as beneficial for the economy?
What is the primary focus of the Asian Infrastructure Investment Bank?
What is the primary focus of the Asian Infrastructure Investment Bank?
What is a characteristic that distinguishes the AIIB from the World Bank?
What is a characteristic that distinguishes the AIIB from the World Bank?
What is a result of global economic instability?
What is a result of global economic instability?
According to the Global Risks Report 2023, what is one of the top risks for 2023 with the greatest potential impact on a global scale?
According to the Global Risks Report 2023, what is one of the top risks for 2023 with the greatest potential impact on a global scale?
What is a global economic institution's role?
What is a global economic institution's role?
What is NOT a characteristic of the Asian Infrastructure Investment Bank?
What is NOT a characteristic of the Asian Infrastructure Investment Bank?
What is a potential consequence of global economic instability?
What is a potential consequence of global economic instability?
What do international economic institutions collectively strive to promote?
What do international economic institutions collectively strive to promote?
What is the primary reason for businesses to engage in international trade?
What is the primary reason for businesses to engage in international trade?
What is a significant benefit of international trade for small firms?
What is a significant benefit of international trade for small firms?
What is a major advantage of international trade in terms of risk management?
What is a major advantage of international trade in terms of risk management?
Why is it safer to trade worldwide than only domestically?
Why is it safer to trade worldwide than only domestically?
What is a common practice in international trade that helps with cash flow?
What is a common practice in international trade that helps with cash flow?
Why is requesting payment in advance more favorable for companies in international trade?
Why is requesting payment in advance more favorable for companies in international trade?
What is a benefit of global trade for companies in terms of reputation?
What is a benefit of global trade for companies in terms of reputation?
Why do companies that trade globally frequently benefit from a good reputation?
Why do companies that trade globally frequently benefit from a good reputation?
What is the significance of the Code of Hammurabi in the context of trade?
What is the significance of the Code of Hammurabi in the context of trade?
What was the main purpose of European explorers during the Age of Exploration?
What was the main purpose of European explorers during the Age of Exploration?
What was the primary goal of mercantilism during the 16th to 18th centuries?
What was the primary goal of mercantilism during the 16th to 18th centuries?
What was the role of Zhang Qian in the Silk Road?
What was the role of Zhang Qian in the Silk Road?
What was the main characteristic of the Industrial Revolution in the context of international trade?
What was the main characteristic of the Industrial Revolution in the context of international trade?
What was the significance of the Silk Road in facilitating international trade?
What was the significance of the Silk Road in facilitating international trade?
What was the role of colonialism in the pursuit of mercantilism?
What was the role of colonialism in the pursuit of mercantilism?
What was the duration of the Age of Exploration?
What was the duration of the Age of Exploration?
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Study Notes
Ancient Trade Regulations and Practices
- The Code of Hammurabi (1754 BCE) provides early documentation of trade regulations and practices.
The Silk Road
- Emerged during the Han Dynasty in China
- Extended over 6,000 miles, facilitating trade between Asia, Europe, and Africa
- Promoted the exchange of valuable goods, such as silk, spices, precious metals, and cultural ideas
- Figures like Zhang Qian played a pivotal role in expanding and solidifying this trade route
Age of Exploration
- Witnessed significant expansions of international trade routes (15th to 17th centuries)
- European explorers like Christopher Columbus, Vasco da Gama, and Ferdinand Magellan embarked on voyages, seeking new trade routes to Asia and discovering new lands
- Led to the establishment of trade links and colonies, enabling the exchange of goods, resources, and cultural influences between continents
Mercantilism and Colonialism
- Dominant economic doctrine (16th to 18th centuries)
- European powers aimed to accumulate wealth through favorable balances of trade
- Colonialism played a crucial role, as European nations established colonies worldwide to secure raw materials, establish markets for finished goods, and maintain a monopoly on trade
Industrial Revolution
- Brought about revolutionary changes in international trade (18th to 19th centuries)
- Global traders have a larger potential consumer base, which can mean the difference between stagnation and advancement for businesses
Benefits of International Trade
- Mitigate potential market risks by not relying on a single market
- Manage cash flow better through foreign markets by requesting payment in advance
- Boost reputation through global trade, associating with dependability, efficiency, and cohesiveness
- Dispose of surplus products by finding demand in other countries
- Increase product life spans by selling in foreign markets where the product may not be obsolete
- Balance foreign exchange risks by exporting products at a lower cost during weak currency rates
Philippine Economy
- Grew at a pace of 7.6% in 2022, the fastest rate of economic growth recorded since 1976
- Comparable to some of the world's fastest-growing large emerging markets in 2022
- National Economic and Development Authority (NEDA) expects the Philippine economy to grow faster in 2024
- Department of Foreign Affairs (DFA) recently held a trilateral meeting with the USA and Japan, focusing on economic cooperation
International Economic Institutions
- Play vital roles in shaping global economic policies, fostering cooperation, and addressing economic challenges
- Examples include the Asian Infrastructure Investment Bank, which lends money to fund infrastructure projects within the Asia-Pacific region
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