Final Exam Preparation

• Weekly Quiz Reviews
  • Importance emphasized for aiding preparation.
  • Expect questions on Chapter 9 in the final exam.

Final Exam Content Overview

• Chapters Focus

  • Chapters primarily covered: 9, 10, 11, 12, 13, and 14.
  • Limited information on Chapter 12 (strategy).
  • Chapter 15 covers supply chain management.
  • Chapter 16 is about marketing.

• Project Components

  • Industry analysis and country analysis incorporated into final exam.

• Projects Supervision

  • MDA personnel (Aggie and Luigi) will monitor projects despite absence.
  • They will receive the final version of each project.

Exam Review Process

• Students can review their exams at the instructor’s office.
  • Email in advance to schedule an appointment for exam review.

Topic of Discussion: Regional Economic Integration

• Definition

  • Refers to agreements facilitating trade between countries.
  • Geographic trade agreements are central to this concept.

• Class Structure and Requirements

  • Submission Deadlines

  • Individual work on Submission 3 due by Monday night (or ideally Sunday).

  • Resource Recommendations

  • Avoid using ChatGPT for trade agreements information; rely on provided resources.

  • Recommended sources include:

    • International Trade Administration
    • Trading Economics
    • U.S. Department of Commerce data.

Class Performance Insights

• Grading Breakdown

  • Only ~40% of graded assignments completed by midterm.
  • 15% of total grade pertains to final exam.
  • Presentation of recommendations counts for 80% of the project grade.

• Midterm Results

  • Average score: 65; Median score: 69.
  • 4 students scored 100 or higher.
  • Distribution: 9 As, 9 Bs, 16 Cs, 9 Ds, 20 Fs.

Time Management Recommendations

• Emphasis on not resting on successes; continuous improvement is necessary for final exam prep.
• Quiz Reviews Importance
  • Reinforces examined material and enhances exam readiness.

Tariffs Discussion

• Tariff Definition and Impact

  • Tariffs are taxes imposed on imported goods.
  • They can limit consumer choices, increase prices, and influence purchasing decisions.
  • Common outcomes include:
  • Selectivity in purchases due to limited budgets.
  • Potential increase in credit card debt for trendy purchases.
  • Delayed or avoided discretionary spending.

• Business Impact

  • Companies must adapt to tariff changes, potentially affecting inventory strategies and GDP.
  • Discussion around business strategies related to tariff changes, such as bulk ordering.

Supply Chain Adjustments Post-COVID

• Strategies for Supply Chain Redundancy
  • Companies seeking new suppliers closer to home (e.g., Mexico) to achieve cost-efficiency.
  • Exploration of new trade agreements after experiencing shipment difficulties during COVID.

Regional Economic Integration Types

• Concept Clarification

  • Examples of Integration Types:
  • Free Trade Areas: Minimal barriers among countries.
  • Customs Unions: Includes a common external trade policy.
  • Common Markets: Free movement of production factors (labor & capital).
  • Economic Unions: Involves shared currency and synchronized economic policies.

• Economic Implications

  • As integration increases, individual national autonomy decreases.
  • Need for negotiated agreements regarding rules governing trade.

Global Market Dynamics

• Economic Union Deficiencies

  • Nations may struggle economically (e.g., Greece) and necessitate援助 from stronger economies.

• Benefits of Trade Blocks

  • For smaller nations within trade agreements, primarily driven by anticipated economic growth and investment influx.

Concluding Thoughts

• Trade Impact Statements

  • Regional trade agreements are justified only if trade generated outweighs potential trade diversions.
  • The prosperity of each member nation is a shared goal in regional agreements.

• Final Review Recommendations

  • Understand the basic definitions and impacts related to trade agreements and tariffs.
  • Review past academic materials for exam preparedness.