You are an economic consultant for XYZ Corporation who reports to the VP of Finance, Maria Horowitz. You learned that multiple departments of your company are collaborating to create a presentation for a prospective client that explains how XYZ Corporation can help them improve their business. Maria has been asked to present on several financial aspects of an organization. She tasks you with developing the sections of the presentation relating to globalization. The potential client, named Fourevr Enterprises, mentions it mostly operates domestically, both in terms of production and selling, because it is unfamiliar with and apprehensive to engage in globalization efforts.
For this Assignment, select a product or service that Fourevr offers. Select one that is—or potentially can be—involved in international trade and globalization. Some suggestions are:
Automobile or parts manufacturing
Pharmaceutical research and development (R&D) and manufacturing
Oil and gas exploration and production
Small businesses involved in importing and/or exporting consumer products
Maria has developed an outline of questions she would like to have addressed for the presentation and has placed them in the presentation template. She has tasked you with addressing the questions and filling out the presentation template.
In addition to responding to the prompts, you should include a cover slide and a References slide that includes all sources cited. Each content slide should also include detailed speaker’s notes that would be used to make the presentation to the leaders of Fourevr Enterprises. Use the presentation template provided to address the prompts.
Submit your presentation on the effects of international trade and globalization on Fourevr. Be sure to use graphs and economic models/tools to support your response to each of the bullet points.
How does international trade affect Fourevr, both domestically and in international markets? (2–3 slides)
How can existing or potential changes in trade policies affect Fourevr’s operations? (1–2 slides)
Does it make sense for Fourevr to outsource or offshore the production of any of its inputs or any of its operations? Why or why not? (2 slides)
In what other ways might globalization affect Fourevr, both positively and negatively? In your response, consider the effects on Fourevr’s prices, output, and profits. (2–3 slides)
What can Fourevr do to better position itself to benefit, or protect itself, from globalization? (1–2 slides)
Note: For each prompt, be sure to reference at least one scholarly source to support your answer.
The Basics of International Trade
How important is international trade to you? What might happen to your purchases and lifestyle if coffee, tea, or bananas were not available in the market? Or, what if the price of your shoes, clothing, smartphone, and television doubled? How does international trade affect your job? Do you work for a company that depends on export sales or imported parts to keep itself viable? Or, do you work for one that is struggling to compete with foreign-made products? The answers to these and other questions are explored in these resources and can help you evaluate whether or not you and your employer, on average, benefit from or are hurt by current and proposed trade policies.
Crash Course. (2015b). Imports, exports, and exchange rates: Crash Course economics #15 [Video file]. Retrieved from https://www.youtube.com/watch?v=geoe-6NBy10
Note: The approximate length of this media piece is 10 minutes.
Marginal Revolution University. (2015e). Comparative advantage [Video file]. Retrieved from https://www.youtube.com/watch?v=4rUfoU04QJM
Note: The approximate length of this media piece is 7 minutes.
Marginal Revolution University. (2015i). Tariffs and protectionism [Video file]. Retrieved from https://www.youtube.com/watch?v=Gr-Ld7DnBZQ
Note: The approximate length of this media piece is 15 minutes.
Marginal Revolution University. (2015j). The big ideas of trade [Video file]. Retrieved from https://www.youtube.com/watch?v=4lCJymynZag
Note: The approximate length of this media piece is 8 minutes.
Rittenberg, L., & Tregarthen, T. (2012c). International trade. In Principles of microeconomics (Version 2.0). Retrieved from https://saylordotorg.github.io/text_principles-of-microeconomics-v2.0/s20-international-trade.html
Time Estimate: 62 minutes
Globalization refers to the integration of the world economy, which accompanies increased international trade, capital flows, communications, labor flows, and other forms of exchange. Just about every aspect of modern life has been affected by globalization. Today, citizens and businesses of one country routinely purchase and depend on products and services produced in other countries. Consumers modify their consumption patterns when introduced to new products, services, and cultures. For example, consider the growth of ethnic restaurants in the United States over the past several decades that have transformed the country’s menus and food preferences. Or the expansion of fast food restaurants in Africa, Asia, and South America. Globalization has helped millions lift themselves out of abject poverty but, at the same time, it is contributing to environmental degradation and labor forces abuses. Despite its problems, globalization is impossible to stop. Companies and workers who refuse to adapt to a changing external environment will find themselves left behind. Through these resources, you are introduced to the forces of globalization, with an emphasis on those elements that most affect business operations and decision making.
Collins, M. (2015, May 6). The pros and cons of globalization. Forbes. Retrieved from https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#159abf70ccce
Time Estimate: 10 minutes
Crash Course. (2015a). Globalization and trade and poverty: Crash Course economics #16 [Video file]. Retrieved from https://www.youtube.com/watch?v=9MpVjxxpExM
Note: The approximate length of this media piece is 9 minutes.
Khan Academy. (2014). Globalization: Trade and transnational corporations | Society and culture | MCAT [Video file]. Retrieved from https://www.youtube.com/watch?v=GmomzubjO1I
Note: The approximate length of this media piece is 7 minutes.
Neeley, T. (2017, August). How to successfully work across countries, languages, and cultures. Harvard Business Review.
Time Estimate: 8 minutes
PESTLEanalysis Contributor. (2015). Political factors affecting business. Retrieved from http://pestleanalysis.com/political-factors-affecting-business/
Time Estimate: 7 minutes
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