Chapter 2 presentation - 3
1. International sellers and buyers must be able to calculate a foreign exchange rate to be able to sell their goods properly. 2. Fair Trade A policy of ensuring that small producers in developing nations earn sufficient profit on their exported goods.Respecting Other Cultures Entrepreneurs who wish to engage in international trade need to respect: beliefs, language, beliefs, attitudes, customs, ma nners and habits. 3. Local Economy: Covers a limited area, such as a community or town.Entrepreneurs Benefit Local Economies By: Purchasing materials and supplies from local merchants. Opening an account at a local bank. 4. Entrepreneurs Benefit Local Economies By: Joining a local business association. Paying local taxes that benefit schools and public services. Investing in local businesses. Donating money or time to local charities. Hiring local employees. Supplying goods and services to local consumers. 5. It is important that economic development doesnt harm the environment but ensures that human and natural resources are there for future generations. This is called sustainable economic development, or sustainability. Goal to maintain and improve human life for generations.