Trade 101
What does “international trade” mean?
Buying and selling across countries.
Goods a country sells to other countries are called ___?
Exports.
This organization makes the rules for world trade.
WTO (World Trade Organization).
True or False: Trade always feels fair to everyone.
False - some groups feel disadvantaged after.
Why is your phone already a “global” product?
Parts and labor come from many countries.
Why do countries trade with each other?
To get what they don’t have or can’t make easily.
Goods a country buys from other countries are called ___?
Imports.
This North American deal connects U.S., Canada, and Mexico.
NAFTA (or USMCA today).
What’s one benefit trade gives ordinary people?
Cheaper products, more variety, better technology, etc.
True or False: Global trade is only about products, not services.
False. Services like banking, IT, and streaming are traded too.
True or False: Trade only benefits big countries.
False - all countries can benefit..
If Korea sells K-pop merch to the U.S., is that import or export for Korea?
Export.
The EU is short for what?
European Union.
What’s one reason some workers feel “free trade” is a rip-off?
Jobs move overseas, or local industries lose to foreign competition.
What’s one global issue connected to trade (environment, labor, politics)?
Any of: climate change, sweatshops, inequality, politics, etc.
Which product is the most traded in the world?
Oil.
If Korea buys cheese made in France, what is that for Korea?
Import.
Which country is called the “world’s factory”?
China.
Imports of sugar flood in… local farmers cry. What’s happening to their profits?
The prices drop! Imports make local sugar cheaper.
Why is your morning latte actually a global deal?
Because ingredients (coffee, sugar, cocoa, etc.) come from many countries. Daily life depends on global connections.
If you buy Korean ramyeon in Canada, what kind of trade must have happened, and why might it be more expensive?
Canada imported the ramyeon and probably paid tariffs (import tax) on it.
Fill in the blank: Imports = stuff coming __, Exports = stuff going __.
True or False: Coupang (Korea’s Amazon) is part of international trade.
True - it sells and ships across borders.
Smart traders say: ‘Chaos = $$$.’ What do they mean?
Smart businesses can identify opportunities in messy times.
Why does the syllabus say this class is “real training for CEOs”?
Because it prepares you to think strategically about global business: strategy, influence, and leadership