The role of the foreign sector.
1. Monetary unit for each country:
• Italy – Euro (€)
• Canada – Canadian Dollar ($C)
• China - Yuan
• Switzerland - Swiss Frank
• India – Paisa
2. Exchange rate with rand:
South African Rand
1 ZAR in ZAR
Canadian Dollar 0.136555
Chinese Yuan 0.887394
Indian Rupee 6.01362
Swiss Franc 0.140811
3. Minister of foreign affairs:
• Italy – Ministero degli Affari Esteri
• Canada – Lawrence Cannon
• China – Yang Jiechi.
• Switzerland – Rt Hon Winston Peters
• India – S.M. Krishna
5. Role of the foreign sector in the economic cycle:
• The foreign sector is when a country cannot satisfy their needs effectively between the closed economies: households, businesses and the government. Countries then convert to an open economy to satisfy their needs effectively. To solve the problem that the country is having they have to trade with other countries to gain a strong economy so that they will be able to satisfy the needs of their people. When countries trade they do not have to rely solely on their own resources because they can sell it and gain other resources form the different countries. Some countries may not have good access to resources so they will not be able to use the foreign sector effectively.
6. Definition of:
• Currency – Money in any form when in actual use as a medium of exchange, especially circulating paper money.
• Exchange rate – Price of one country's money in relation to another's. Exchange rates may be fixed or flexible.
• Import – To bring or carry in from an outside source, especially to bring in (goods or materials) from a foreign country for trade or sale.
• Export – To send or transport (a... [continues]
Cite This Essay
(2010, 11). Secondary Research Project. StudyMode.com. Retrieved 11, 2010, from http://www.studymode.com/essays/Secondary-Research-Project-470610.html
"Secondary Research Project" StudyMode.com. 11 2010. 11 2010 <http://www.studymode.com/essays/Secondary-Research-Project-470610.html>.
"Secondary Research Project." StudyMode.com. 11, 2010. Accessed 11, 2010. http://www.studymode.com/essays/Secondary-Research-Project-470610.html.