Business and Economics students took part in the International Trade Simulation this week. This was introduced by Katie Baker, a current American Express employee.
During the event students were introduced to the concept of international trade and they learnt why trade between countries is essential. Students are required to use a given set of resources to make ‘products’ which are then exchanged for ‘cash’. The resources provided differ between the groups of students which is a simulation of the differences between countries and their ability to trade. The value of the products produced by students rises and falls throughout the event, meaning that students learn that businesses cannot always control the competitive environment they work in.
As a result of taking part, students increase their knowledge and understanding of business and economics which they can then use when preparing for examinations and coursework. Moreover, participants use and develop a variety of valuable skills during the event, such as the ability to work in a team and to negotiate effectively. These skills are identified by employers as being essential in the workplace, meaning that the students are increasing their competitiveness when they apply for employment in the future.
