Reflective Workshop Report: Global Income, Trade, and Exchange Rates

This report presents a reflective analysis of key aspects of global business, drawing from a workshop experience. It begins by examining the global distribution of income and wealth, highlighting how these factors change over time and contribute to economic inequality. The report then delves into major trends in international trade, including increased interdependence of firms, growing competition, and the development of emerging markets. Finally, it assesses the importance of exchange rates in global business, explaining their impact on exports, imports, and overall business operations. The report references several academic sources to support its findings, offering a comprehensive overview of these critical business topics. The student has understood the concepts and presented them in a well-structured format.

REFLECTIVE WORKSHOP

Table of Contents
1........................................................................................................................................................1
Global distribution of income and wealth with changes in time............................................1
2. ......................................................................................................................................................1
Major trends of international trade.........................................................................................1
3. ......................................................................................................................................................2
Level of exchange rates importance towards global business................................................2
REFERENCES................................................................................................................................4

1.
Global distribution of income and wealth with changes in time
Distribution of wealth and income demonstrates a way in which it can be divided in two
parts in whole population. These patterns of distribution is concerned with and carry several
statistical means that are based on the degree of reliability. Wealth is the accumulated store of
possession and financial claims. It can also determine monetary value with developing price for
categorising it in possession. Income is the net of total flow of payments received within the
given time period. In this aspect, I learned that there are many countries, whose annual tax
statements measures income by providing more or less reliable information. Further, it is very
important for gaining capital and with changes in values of individual wealth to make
comparison which is more difficult.
In global aspect, distribution of income and wealth changes over the time. There are
several people existing in society who looks towards economic distribution of ownership in
assets of the society instead of current income of members. In this way, I learned economic
inequality occurs which has been prominent and perennial concerned with public policy. With
the rising of inequality, experience comes from study of causes and consequences. In addition to
this, it has been suggested that economic growth and prosperity has longer dramatically which
enhance inequality and issues.
In respect to assess pattern of national wealth and income, basic classification need to be
determined that categorise several factors such as labour, capital, land and many other aspects.
The distribution of wealth is very important for comparing wealth of several people and group
within society. It is different from income distribution which looked for the ownership of assets
in the society (Burke, Hsiang and Miguel, 2015). However, I understand that it also creates
inequality among society which leads to war, conflicts, environment and government. This is
because, wars drain wealth and disrupt commercial market to economic growth.
2.
Major trends of international trade
From the analysis of international trade, I saw that current trends at international market
increasing interdependence of firms, intense to the competition and development of recent trends
to develop confluence. These trends are describe as below:
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Forced dynamism: As per my learning, international trade has changed trends, that
shape to global political, cultural and economic environment. It is the complex element that
operates constantly with making certain changes. This is because, at international trend, the
organisations are constantly pushing economic growth, cultural development, politics and
changes surrounding in the society (Aalbers, 2015). Factors including external trade are
development of science and information technology that constantly force to change operations
and functions.
Cooperation among countries: In recent trends, the country also operates successfully
with other nation in several ways to encourages globalisation. Therefore, it assists to eliminate
restriction and outlining the framework which reduces uncertainties that are related to the
organisation. It outlines frameworks to eliminate uncertainties to make cooperation that create
solution for problem, deals with territory, gain reciprocal advantages.
Liberalization of cross border movement: Another major trend in each country
signifies as the movement across borders of goods and services with resources such as
employees, capital to produce effective results. In order to sustain international trade, changes
are required that need to be implemented at workplace. I learned that there economies imposes in
few international with some restrictions that gave better access in greater variety of goods and
services at very low prices.
Growth in emerging markets: Growth of emerging market is the highest international
trend in market which signifies international trade in each year. Emerging market assist in
increasing potential outcomes that facilitates new generation to innovate products and services
(Edward and Sumner, 2014). In this aspect, I also seen that in the emerging global market, long
source of business innovations can be catered to make effective functions and operations.
3.
Level of exchange rates importance towards global business
In this aspect, I learned that exchange rates play very important role within the business
unit to export goods and also import the raw material. I assessed that deprecation also make
cheaper exports and firm get benefits to operate functions and operations in international market.
In addition to this, I also learned many other things at different level of global businesses are as
follows:
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Top of the exchange rates:
With this aspect, exchange rates are extremely important for development of the business
and its operations. Therefore, I explored that locus currency affected due to other nation
currencies fluctuations so that it creates impact on the exports, imports and suppliers, etc.
Research of the past rates:
From evaluates performances of past 6 months, I learned that there is no deep research
required. It required high and low rates of currencies pair which keep the best results and assess
the worst conditions through carrying fund as the rate of market.
Know the business:
If we are to export goods and also offer services at international market, exchange rate
need to kept high. Thus, it helps in gaining more currency of another nation. On the other hand,
when we are importer, we have to understand making the best chance to implement effective
currency conversion and retain it with high margins. (Timmer, Erumban and de Vries, 2014).
Foreign purchases:
As the exporter and importer, time is essential element which required to run the business
operations in successful manner. In this aspect, at global market, business need to stand to make
certain amount of unit products that need to be produced in effective manner.
Paying salary to foreign:
In this way, I understand the most relevant aspect for business owners that assists to
started operations with paying salary and also sending fund on the specific time In this aspect, a
thousand of dollars need to be save with creating foreign contract in currency to pay actual rate
of return. When business depends on the foreign currencies, it assists to make effective results in
business unit to implement good rate of return in business environment (Liberati, 2015).
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REFERENCES
Books and Journals
Aalbers, M. B., 2015. The Great Moderation, the Great Excess and the global housing crisis.
International Journal of Housing Policy. 15(1), pp.43-60.
Burke, M., Hsiang, S. M. and Miguel, E., 2015. Global non-linear effect of temperature on
economic production. Nature. 527(7577). pp.235-239.
Edward, P. and Sumner, A., 2014. Estimating the scale and geography of global poverty now and
in the future: How much difference do method and assumptions make?. World
Development. 58. pp.67-82.
Liberati, P., 2015. The World Distribution of Income and Its Inequality, 1970–2009. Review of
Income and Wealth. 61(2). pp.248-273.
Timmer, M. P., Erumban, A. A. and de Vries, G. J., 2014. Slicing up global value chains. The
Journal of Economic Perspectives. 28(2). pp.99-118.
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