Problem
1) Explain when a country decides to Export and when does a country decide to import.
2) Explain what are the profits and losses of the U.S. exporting our own goods abroad?
3) Explain what are the profits and losses of the U.S. importing goods from abroad?
4) What is the difference between FREE vs. FAIR Trade and when should we use either approach?
5) Explain what did Marshall McLuhan mean by calling the world of today a "GLOBAL VILLAGE" and give some examples to what he might be saying? And how does his idea affect the rise of U.S. Multinationals doing business abroad as well as the creation of Emerging Markets?