International Business a Managerial Perspective 8th Edition Solution Manual by Griffin

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  13 Copyright © 2015 Pearson Education, Inc. CHAPTER    2   International Business A Managerial Perspective 8th Edition by Griffin Link download full: Chapter Objectives After studying this chapter, students should be able to: 1. Evaluate the impact of the political and economic characteristics of the world's various marketplaces on opportunities available to international businesses. 2. Appreciate the uses of national income data in making  business decisions. 3. Discuss North America as a major marketplace and  business center in the world economy. 4. Describe Western Europe as a major marketplace and  business center in the world economy. 5. Discuss Asia as a major marketplace and business center in the world economy. 6. Assess the development challenges facing African, Middle Eastern, and South American countries. LECTURE OUTLINE OPENING CASE: The Northwest Passage   The opening case explores the historic search for the Northwest Passage, which may make Artic trade routes possible. Key Points  14 Copyright © 2015 Pearson Education, Inc.    The diminishing ice cap may make a Northwest Passage feasible.    One possible route goes from North America, through the Canadian Artic islands, to Greenland, making a route to Europe or the eastern coast of the Americas possible.    The second route follows the coastline of eastern Siberia and enters the Arctic Ocean through the Bering Strait.    These routes could develop into some of the world’s most important trade corridors.    .These regions may also hold a great deal of commercially recoverable reserves of oil and natural gas.    The Arctic Council is the primary international organization addressing the region’s issues . CHAPTER SUMMARY Chapter Two provides a basic foundation of geographic, economic, and  political factors necessary for understanding international business. The chapter considers the major centers of international business and analyzes existing patterns of trade. It is designed to act as a reference chapter for students as they develop their knowledge of the field of international  business. Most of the world's current economic activity is concentrated in the developed countries of North America, the European Union and Japan, and the United States) or the Quad  (the Triad plus Canada). Include a discussion of Figure 2.1 here.   Teaching Note : Students are often surprised to find out that they may actually know very little about basic world geography. An interesting exercise for students at this point in the course is to provide them with a  blank world map and ask them to fill in various countries, cities, capitals,    15   Copyright © 2015 Pearson Education, Inc. etc. This exercise not only provides students with a measure by which to gauge their knowledge, but it also provides instructors with a basic idea of what students already know about world geography. THE MARKETPLACES OF NORTH AMERICA The United States, Canada, Mexico, Greenland, the nations of Central America, and the various island nations of the Caribbean make up North America. The United States    The United States is the world’s largest economy. It accounts for 2 1  percent of the world’s $ 69.9 trillion GDP (as of 2011). It has the highest  per capita income in North America. EMERGING OPPORTUNITIES  Classifying Countries by Income Level This box discusses the importance of knowing income levels when internationalizing. The box explains the differences among high-income countries (at least $12,476 GDP/capita), middle-income countries (GDP/capita less than $12,476 and $1,025), and lower-income countries (GDP/capita of $1,025 or less) and their attractiveness to foreign direct investment.    The size and political stability of the United States provide the country with a unique position in the world economy. It accounts for one-eleventh of world trade in goods and services, and therefore attracts the exports of lower-income nations that are trying to develop. Also, it is a favorite target for firms from higher-income countries. In addition, the U.S. dollar serves as the  invoicing currency  in approximately half of all international transactions, making it an important component of the foreign currency reserves owned by governments around the globe. It also attracts money (known as  flight capital ) fleeing political turmoil in other countries and longer-term investments.    International trade, although growing in recent years, is still a relatively small component of the U.S. economy. This phenomenon is probably due in part to the large geographic size of the country. Transactions that  16 Copyright © 2015 Pearson Education, Inc. might constitute international trade and investment in other parts of the world are just domestic transactions in the United States.    Many of the world’s 500 largest industrial companies (as of the year 2010) are headquartered in the United States. Discuss Figure 2.2 here.   Canada    Although the second largest country in the world, Canada has a relatively small population of 34 million, most of which is concentrated along its southern border with the United States. The country has close political and economic ties with the United States, although it has tried to retain a separate cultural identity.    The United States is a dominant market for Canadian products, receiving more than three- quarters of Canada’s output in a typical  year. The trading relationship between the United States and Canada is the single largest bilateral trading relationship in the world.    Canada’s strong infrastructure and proximity to the U.S. market make it an attractive location for international businesses.    Canada’s political stability is currently being threatened by a long -standing conflict between French-speaking Canada and English-speaking Canada. The conflict is not only affecting investment in the country, but it is also affecting international business because firms exporting  products to Canada must be aware of the country’s labeling laws.   Mexico    Mexico, the world’s largest Spanish -speaking nation. Mexico follows a federal system similar to that of the United States under which a new  president is elected every six years.    In 1994, Canada, Mexico, and the United States initiated the North American Free Trade Agreement (NAFTA). Mexico signed a similar agreement with the European Union in 1999. In 2000 it signed free trade  pacts with El Salvador, Guatemala, and Honduras; and in 2004 it signed  pacts with Japan and Uruguay. (The role of trade in Mexico’s economy is explored in depth in Chapter 10’s opening case, “Trade By Prosperity: The Case of Mexico.) Central America and the Caribbean
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