Reflection on Economics for Global Travelers Class

I learned a lot about a few of the basic economic concepts. I learned about supply and demand and currency exchange.  I also learned that despite the distance and language barrier between nations, we are all connected and can have a great economic impact on one another. The complete understanding of GDP and international trade will be the most directly applicable to understanding how the world works. With the technological advances of today and the future advances to come, the world is growing closer and it is necessary to understand trade. I would like to learn more about the long term factors affecting currency. I would like to understand more about the overall impact currency has on the world. I would also like to finish reading the McMillan book, since the book provides examples of many economic topics.

To future students looking to take economics for global travelers, I would suggest reading the book. The book has many examples to help understand the topics. Also, prepare to do research and finding reliable resources.

Scotland New's Article #5

Currency boost

There is a lot of controversy surrounding Scotland's independence referendum. Scotland is receiving support from multiple countries. Hong Kong is a great supporter of Scotland becoming independent from the United Kingdom. Hong Kong money changers have been trying to predict whether or not to invest in the Scottish pound. Lately, Hong Kong money changers have offered 11.50 Hong Kong dollars for a Scottish pound, but 11.30 for an English pound. I it believed that Scotland's economy is a strong contributor to the strength of the Sterling. It is a major concern for the UK if Scotland becomes independent and change their currency. The currency used in Scotland consists of British pounds, but  most Scottish banks print their own versions. Most of the Scottish banknotes circulating are accepted throughout Britain.

Currency used varies from place to place; which is why there are currency exchange rates. Currency exchange rates greatly depends on the number of imports and exports and the demand for the Sterling pound. If Scotland were to switch to become independent and their economy was to boost, their exchange rate could also increase. The Hong Kong money changers who purchased Scottish banknotes beforehand could make a large profit. 

Independence is not a new desire for the Scottish. Today, the fight for independence is greatly focused on Scotland's futre economic growth. A resolution could be voting yes for independence, which has the potential to boost Scotland's economic growth and greatly increase their trade with other countries. A decision needs to be made before policies and resolutions can be determined.