BBB4M Chapter 1 Part 1 Marchese
Chapter 1: What is Trade?
Part 1
CE A1: demonstrate an understanding of terminology, concepts, and basic
business communication practices related to international business.
Assignment: Why Nations Trade? /10
A good place to start is at the beginning. Answer the following
questions using your own words using the question then answer
format.
1. Why do nations trade? (Give 2 reasons) [2 marks]
Nations trade to get goods and services they cannot produce
themselves. They also trade to buy products at lower prices than if
they made them at home.
To obtain the goods and services which they are unable to produce
themselves.
The aim is to sell their goods and services in other countries in order to
make money.
2. How has the definition of necessity and luxury changed over time?
(Hint: Needs & Wants) [2 marks]
As society and technology advance, things which were previously seen
as luxuries can turn into necessities. For instance, smartphones and
the internet are now regarded as necessary by many people.
3. How has the nature of trade changed over time? [1 mark]
Trading has changed from being mainly based on local and simple
exchanges or bartering to becoming a global system that involves
money, technology, online shopping, and international businesses.
4. How has the nature of trade stayed the same over time? [1 mark]
Chapter 1: What is Trade?
Part 1
CE A1: demonstrate an understanding of terminology, concepts, and basic
business communication practices related to international business.
Assignment: Why Nations Trade? /10
A good place to start is at the beginning. Answer the following
questions using your own words using the question then answer
format.
1. Why do nations trade? (Give 2 reasons) [2 marks]
Nations trade to get goods and services they cannot produce
themselves. They also trade to buy products at lower prices than if
they made them at home.
To obtain the goods and services which they are unable to produce
themselves.
The aim is to sell their goods and services in other countries in order to
make money.
2. How has the definition of necessity and luxury changed over time?
(Hint: Needs & Wants) [2 marks]
As society and technology advance, things which were previously seen
as luxuries can turn into necessities. For instance, smartphones and
the internet are now regarded as necessary by many people.
3. How has the nature of trade changed over time? [1 mark]
Trading has changed from being mainly based on local and simple
exchanges or bartering to becoming a global system that involves
money, technology, online shopping, and international businesses.
4. How has the nature of trade stayed the same over time? [1 mark]