About This Chapter
MTEL Business: Trade and International Business in Macroeconomics - Chapter Summary
Take in this chapter's information before you sit for the MTEL Business examination, which could include questions on trade and international business. Examine the differences between legal and political environments, and look at the ways in which global managers must strive for diversity and cultural awareness in the workplace. Discover the percentage of U.S. companies that export their goods and learn about the theory of comparative advantage. The video lessons also outline subjects such as tariffs, import quotas and trade protectionism strategies. Your exploration of this chapter's online lessons could help you to:
- Understand the advantages of specialization
- Define absolute advantage
- Identify some benefits and drawbacks of trade protectionism
- List five managerial functions of international organizations
- Explain the responsibilities of international business managers
- Describe aspects of internationalization and globalization
- Discuss the experience of working internationally
- Examine diversity in the workforce
- Understand the benefits of global marketing
- Explain aspects of marketing's four Ps, place, price, product and promotion
- Name some international trade organizations
Use this chapter to get set for questions related to these topics on the MTEL Business examination. The short, entertaining video lessons are offered online. Reap the benefits of self-paced learning and the expertise of the knowledgeable instructors who can answer your questions. Animated videos and transcripts will play a role in teaching you about trade and international business. Five-question self-assessment quizzes are also included in the chapter.
MTEL Business: Trade and International Business in Macroeconomics Chapter Objectives
The third subarea of the MTEL Business examination is titled, Economics. It features 13-15 multiple-choice questions and accounts for 11% of the test score. Demonstrate your knowledge of comparative advantage, macroeconomics theories and more when you reach this section. You'll have four hours to complete the entire examination, which has 100 multiple-choice questions and two open-response assignments within seven subareas. The test is computer administered.
1. Comparative Advantage: Definition and Examples
Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.
2. Gains From Trade and the Benefit of Specialization
Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.
3. Absolute Advantage in Trade: Definition and Examples
In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.
4. Advantages and Disadvantages of Trade Protectionism
Countries want to win the game of international trade by exporting more than they import. Some countries pursue trade protectionism to do this. In this lesson, you'll learn about the advantages and disadvantages of this strategy and related concepts.
5. Managerial Functions in the International Organization
Every manager focuses on five different aspects of management. These aspects are common knowledge and when used together, they help to create an effective manager. This lesson will address those areas and integrate them into international business.
6. Characteristics of the International Manager in Global Organizations
Managers need to be able to plan, control, organize, and lead their companies and departments. When we look at international business, there are some additional aspects that come into play for a manager to be successful.
7. Internationalization & Globalization of Businesses
When companies decide to do international business, they have a wide variety of methods they can use to actually enter the market. This lesson will discuss those different methods and analyze how they work in an international context.
8. Managing in International Companies
Managing in international companies takes a special type of person. The reason for that is that not only do managers have to have an understanding of how to conduct business, but they also must deal with several other factors that are present in the international arena.
9. Managing a Diverse Workforce in Contemporary Organizations
Diversity is all around us and is a huge part of the business climate today. All companies strive for diversity, so they can have a unique perspective and look at issues through the eyes of their employees. This lesson will address diversity in a global setting.
10. International Marketing: The Importance of Global Marketing Strategy
Companies cannot just concentrate on domestic markets if they are to remain competitive. Global marketing allows marketing managers to look for growing target markets and product opportunities overseas.
11. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
12. International Trade Organizations and Trade Agreements
International trade organizations and trade agreements have enormous power in the global trade environment. In this lesson, you will learn about the roles of the GATT, NAFTA, and the World Trade Organization.
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Other chapters within the MTEL Business (19): Practice & Study Guide course
- MTEL Business: Management Basics
- MTEL Business: Management Theories
- MTEL Business: Planning Function of Management
- MTEL Business: Organizing Function of Management
- MTEL Business: Leading Function of Management
- MTEL Business: Leadership Theories
- MTEL Business: Controlling Function of Management
- MTEL Business: Motivation & Management
- MTEL Business: Managing Organizational Change
- MTEL Business: Operational Management
- MTEL Business: Overview of Human Resource Management
- MTEL Business: Job Analysis & Design
- MTEL Business: Hiring & Staffing
- MTEL Business: Employee Training & Assessment
- MTEL Business: Employee Compensation
- MTEL Business: Employment Law & Rights
- MTEL Business: Equal Employment Opportunity
- MTEL Business: Labor Relations
- MTEL Business: Business Communications
- MTEL Business: Overview of the American Legal System
- MTEL Business: Contract Law
- MTEL Business: Property Law
- MTEL Business: Agency Law
- MTEL Business: Creditors' Rights & Bankruptcy
- MTEL Business: Securities & Antitrust Law
- MTEL Business: Product Liability & Consumer Protection
- MTEL Business: Environmental Law
- MTEL Business: Business Law & Ethics
- MTEL Business: Overview of Accounting
- MTEL Business: Accounting Cycle
- MTEL Business: Financial Statements & Ratios
- MTEL Business: Managerial Accounting & Internal Controls
- MTEL Business: Basics of Business Math
- MTEL Business: Probability & Statistics
- MTEL Business: Depreciation
- MTEL Business: Interest & Purchases
- MTEL Business: Financial Analysis
- MTEL Business: Basic Concepts of Microeconomics
- MTEL Business: Supply & Demand in Microeconomics
- MTEL Business: Aggregate Supply & Demand in Macroeconomics
- MTEL Business: Economic Systems & Theories in Macroeconomics
- MTEL Business: Business Cycle, GDP & Growth in Macroeconomics
- MTEL Business: Unemployment & Inflation in Macroeconomics
- MTEL Business: Fiscal Policy & Monetary Policy in Macroeconomics
- MTEL Business: General Marketing Concepts
- MTEL Business: Consumer Behavior
- MTEL Business: Pricing in Marketing
- MTEL Business: Product Development, Market Research & Segmentation
- MTEL Business: Advertising, Promotion & PR
- MTEL Business: Marketing Channels & Distribution
- MTEL Business: Entrepreneurship
- MTEL Business: Information Technology
- MTEL Business: Career Development
- MTEL Business: Consumer Economics & Personal Finance
- MTEL Business Flashcards