Explanation should include socioeconomic, political, legal, and cultural factors related to potential trading partners in the global marketplace. Factors include
- the evolution of globalization
- free trade
- levels of economic development
- fair trade
- the fact that 95% of the world’s customers are outside the U.S
- anti-corruption and anti-bribery laws.
Process/Skill Questions:
- What are some barriers to global trade?
- What role do government agencies play in the global marketplace?
- Other than business skills, what knowledge is important for working in international business?
- What does it mean to be a global citizen?
- How is a global mindset different from a domestic mindset?
- Why is knowledge of cultural norms important in global trade?