Topic Four (1.4): The Influences of International Trade, Competitors and Suppliers on a Business

Introduction

In this topic you will learn about how international trade, together with the actions and strategies of a business’ competitors and a business’ suppliers, influence a business’ decision-making process and strategy.

Read and Make Notes

Read pages 86 to 90 in Chapter 6 of your textbook and make notes under the following headings:

    • Influence of competitors and suppliers;
    • International influences;
    • Importance of international trade and its impact;
    • Impact of international trade agreements;
    • The role of technology in international trade;
    • Multinational businesses and relationships with government;
    • Why become a multinational?;
    • Potential problems for multinationals;
    • Evaluation of the impact of multinationals on host countries.

Tasks

Now explore the following resources and add to your notes:

WATCH – Open Trade and Protectionism (tutor2u) Links to an external site.

WATCH – Factors Influencing the Attractiveness of Markets (tutor2u) Links to an external site.

WATCH – Free Trade and Trade Blocs (YouTube) Links to an external site.

WATCH – What is the Role of the World Trade Organization? Links to an external site.

WATCH – How Does a Blockchain Work? – Simply Explained (YouTube) Links to an external site.

WATCH – What is Artificial Intelligence (or Machine Learning)? (YouTube) Links to an external site.

WATCH – Multinationals (tutor2u) Links to an external site.

Activities in the Book

  • Complete Activities 6.9 and 6.10 in Chapter 6 of your textbook.
  • Suggested answers can be found in the digital textbook and in General Resources.

Consolidate

The following videos will help draw together what you have learnt so far. Watch them and add to your notes:

WATCH – Different Types of Economies: Free Market Economies, Command Economies and Mixed Economies (YouTube) Links to an external site.

WATCH – Competitive Situation Influences on Business (External Influences on Businesses) (YouTube) Links to an external site.

WATCH – Multinational Corporations (MNCs) and Their Effects on Host Governments & Countries (YouTube) Links to an external site.

Terminology

  • Write down (in your own words) definitions of all the key terms from Chapter 6 (pages 86 to 90).
  • Tick off these terms on your glossary.
  • A helpful tip is to make flashcards for key terms as you go along, with the word on one side and the definition on the other. This makes revision later on much easier.