Global Economic Environment
- Management Sciences
- 700 level
- 174 pages
- 15 units
This course introduces students to the global economic environment and its impact on business operations. It explores international trade theories, globalization, and the roles of international institutions. Key topics include multilateral negotiations, global power distribution, and the influence of culture and technology. The course also examines import substitution and export industrialization strategies, drawing lessons from financial crises. Students will gain insights into inflation, interest rates, and exchange rates, equipping them for success in international business.
About this course
- Difficulty
- Intermediate
- Study hours
- 20 hours
- Maths
- Basic
- Content
- Theoretical, case study
- Practical work
- No
- Assignments
- Tutor marked assignments
- Final examination
What you'll read
The real module and unit structure of BUS726, taken from the course material NOUN publishes.
- UNIT 2: STRATEGIC ASPECTS OF INTERNATIONAL TRADEPage 1
- UNIT 3: INTERNATIONAL TRADE AND INTERNATIONAL BUSINESSPage 22
- UNIT 4: TERMS OF TRADE AND THEORIES OF INTERNATIONAL TRADEPage 32
- UNIT 5: GLOBALIZATION/INTERNATIONAL INSTITUTIONSPage 42
- UNIT 6: GLOBAL POWER AND WEALTH DISTRIBUTIONPage 50
- UNIT 7:Page 56
- UNIT 8:Page 65
- Unit 9: DETERMINANTS OF ECONOMIC GROWTHPage 72
- UNIT 10: GLOBAL ECONOMIC ENVIRONMENTPage 78
- UNIT 11: IMPORT SUBSTITUTION INDUSTRIALIZATION STRATEGYPage 86
- UNIT 12: EXPORT LED INDUSTRIALIZATION STRATEGYPage 94
- UNIT 13: LESSONS FROM ASIAN AND MEXICAN FINANCIAL CRISESPage 105
- UNIT 14: INFLATIONPage 118
- UNIT 15: INTEREST RATESPage 139
- UNIT 17 FREE MARKET ECONOMYPage 156
One paragraph, so you can see how it reads
BUS726 · UNIT 2: STRATEGIC ASPECTS OF INTERNATIONAL TRADE
In this unit, we shal be discussing the various models of international trade and ranking countries by total international trade (goods and services). We shal also rank top traded commodities in international trade.
What you should be able to do
- Explain the meaning and scope of international trade
- Discuss the importance of international trade
- Describe globalization and international economic order
- Explain the elements of global economic environment
- Define inflation and outline how it affects business operations
What it prepares you for
- International Business Manager
- Trade Analyst
- Economic Consultant
- Policy Advisor
- Market Research Analyst
- International Trade
- Finance
- Government
- Consulting
- Manufacturing
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 1: Introduction to International Trade
Unit 1: International Trade
The Heckscher-Ohlin model requires understanding of factor endowments and their impact on trade patterns, which can be challenging to grasp initially.
- Module 5: Globalization/International Institutions
Unit 5: Globalization/International Institutions
Understanding the complexities of international monetary system reformation requires knowledge of various economic and political factors.
A suggested way through it
13 weeks, about 45 hours in total. Yours will differ.
- Week 1Module 1: Introduction to International Trade
Unit 1: International Trade · 3 hours
Define international trade and its significance.. Discuss Adam Smith's model of absolute advantage.. Identify factors that make international trade costly..
- Week 2Module 1: Introduction to International Trade
Unit 1: International Trade · 3 hours
Explain the Ricardian model and its assumptions.. Discuss the Heckscher-Ohlin model and its core assumptions.. Analyze the Leontief paradox..
- Week 3Module 1: Introduction to International Trade
Unit 1: International Trade · 3 hours
Describe the New Trade Theory and the Gravity model.. Discuss the Ricardian theory of international trade.. Explain the concept of traded intermediate goods..
- Week 4Module 2: Strategic Aspects of International Trade
Unit 2: Strategic Aspects of International Trade · 3 hours
Discuss the importance of international trade.. Describe free trade and its features.. Explain the advantages and disadvantages of globalization..
- Week 5Module 2: Strategic Aspects of International Trade
Unit 2: Strategic Aspects of International Trade · 3 hours
Explain the advantages and disadvantages of international trade.. Discuss trade barriers and their impact.. Analyze examples of free trade areas..
- Week 6Module 3: International Trade and International Business
Unit 3: International Trade and International Business · 3 hours
Define international business and its nature.. Compare international trade and international business.. Examine the prevailing problems of international trade..
- Week 7Module 3: International Trade and International Business
Unit 3: International Trade and International Business · 3 hours
Explain the various forms of international trade.. Examine the establishment of the World Trade Organization (WTO).. Discuss the benefits and usefulness of the WTO..
- Week 8Module 4: Terms of Trade and Theories of International Trade
Unit 4: Terms of Trade and Theories of International Trade · 3 hours
Discuss terms of trade and its features.. Examine the measures of terms of trade.. Explain the concept of balance of trade..
- Week 9Module 4: Terms of Trade and Theories of International Trade
Unit 4: Terms of Trade and Theories of International Trade · 3 hours
Examine the theories of international trade: absolute advantage, comparative advantage.. Discuss the rent for surplus theory.. Explain the theory of factor proportions..
- Week 10Module 5: Globalization/International Institutions
Unit 5: Globalization/International Institutions · 3 hours
Discuss globalization and the international economic order.. Explain international trade and technology transfer.. Discuss regulation and control of international institutions..
- Week 11Module 6: Global Power and Wealth Distribution
Unit 6: Global Power and Wealth Distribution · 3 hours
Examine global power and wealth distribution.. Discuss instruments for wealth redistribution.. Analyze problems of global power in wealth distribution..
- Week 12Module 7: Multilateral Negotiations
Unit 7: Multilateral Negotiations · 3 hours
Define negotiation and its purpose.. Discuss the elements of effective negotiation.. Explain the approaches to negotiation: adversarial and partnership..
Unit 8: Global Culture and Information Technology · 3 hours
Discuss the content of negotiation.. Explain what constitutes an effective negotiation.. Outline the process of negotiation..
- Week 13Module 8: Global Culture and Information Technology
Unit 8: Global Culture and Information Technology · 3 hours
Discuss the emergence of information technology.. Examine the technological environment and the innovation process.. Explain global awareness and cross-cultural effectiveness..
Unit 9: Determinants of Economic Growth · 3 hours
Review determinants of economic growth.. Discuss the global economic environment.. Prepare for final examination..
Preparing for the exam
- Review the models of international trade (Adam Smith, Ricardian, Heckscher-Ohlin).
- Focus on the advantages and disadvantages of globalization and international trade.
- Understand the functions and agreements of the World Trade Organization (WTO).
- Study the determinants of economic growth and their implications.
- Practice applying the concepts of inflation, interest rates, and exchange rates to real-world scenarios.
Questions students ask about this course
What is BUS726 about?
This course introduces students to the global economic environment and its impact on business operations. It explores international trade theories, globalization, and the roles of international institutions. Key topics include multilateral negotiations, global power distribution, and the influence of culture and technology. The course also examines import substitution and export industrialization strategies, drawing lessons from financial crises. Students will gain insights into inflation, interest rates, and exchange rates, equipping them for success in international business.
How many units does BUS726 have?
BUS726, Global Economic Environment, has 15 units across 1 module, over 174 pages of course material. You can read it one unit at a time.
Is BUS726 hard?
BUS726 is rated intermediate level, with basic mathematical content. It is mostly theoretical and case study work.
How long does BUS726 take to study?
About 20 hours of study, spread across its 15 units.
How is BUS726 assessed?
BUS726 is assessed by assignments, tutor marked assignments and final examination.
What can I do with BUS726?
International Business Manager, Trade Analyst, Economic Consultant, Policy Advisor and Market Research Analyst.