Exam (elaborations)
rsm100 final (1)
- Module
- Chem 1020.
- Institution
- Chem 1020.
Exam of 12 pages for the course Chem 1020. at Chem 1020. (rsm100 final (1))
[Show more]
Seller
Follow
Content preview
rsm100 finalinternational vs global - ANS-international = operate in more than one country, but
mostly import and export from one main location
global = produce and sell locally in different countries, top management is multinational,
dispersed headquarters
bringing coal to newcastle - ANS-- england had AA in mining coal due to stripmining
compared to countries like england/france
- however, they were the first country to have the industrial revolution really take off
- since that gave them CA in manufacturing (each worker put in mines would give up a
lot of output from factories), they undertook more manufacturing and traded with other
countries for coal, since they were comparatively more productive (had to give up less
factory work)
why do nations trade - ANS-- CA - trade for goods that they have a high OC in
- some countries have AA in goods due to their physical climate; trade allows people in
other countries to have access to them
risks of international business - ANS-- exchange rate
- transportation costs and risks
- supply chain issues
- environmental hazards
- political conflict
why companies trade - ANS-- excess resources/capacity
- cost reduction from economies of scale
- foreign demand
evidence of globalization - ANS-data shows increase in trade, FDI, and financial
transactions
why is the global economy better off with international free trade - ANS-- lower costs
and greater choice for consumers
- having more trade increases jobs
- grows global economy because people are encouraged to trade
what does a lower cad mean - ANS-- cannot get as much external currency for 1 CAD
- money stays in the country
, - less importing because they become more expensive
- more exporting because it is cheaper for other countries
- decreases trade deficit
what does a higher cad mean - ANS-- each canadian dollar gets you more external
currency relative to before
- importing becomes more attractive because you can buy more with your cad
- exporting decreases because other countreis pay more for each good
- trade deficit increases (import > export, currency leaving country)
explain how covid impacted globalization - ANS-- furthered the trend of slowbalization -
keeping operations local rather than global
- disrupted supply chains and showcased their vulnerability (ex. chip shortage)
- decreased corporate travel
- lowered consumer spending, which decreased need for trade
how did covid affect the clothing industry - ANS-- showed vulnerability of supply chains,
causing companies to want to produce and sell locally
- lower demand for nonessential items
explain the concept of resiliency vs efficiency from a globalization perspective - ANS--
countries that are resilient are independent and emphasize protectionism
- efficiency comes from an interconnected world, but countries are less resilient
because they are affected by crises in other countries
- efficient models require international cooperation to get through crises like covid
was brexit a good choice for the uk? - ANS-yes
- allows sovereignty over decisions
- they don't need to follow UK regulations that don't benefit them, such as on investment
- they were giving more than they were receiving
- gain own international reputation
- increases security of country against less wealthy ones
no
- lose international connection
- less mobility between countries in the eu
- lose some business entities such as banks that would rather operate in a free trade
area
- less fishing rights
was brexit a good choice for the eu? - ANS-yes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.37. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now