Foreign Exchange Rates

International sellers and buyers must be able to calculate a foreign exchange rate to be able to sell their goods properly.

Fair Trade

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, manners and habits.

Local Economy

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.

Local Economy

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.

Importance of Sustainability

It is important that economic development doesn’t 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.