College

of Business Administration Education

2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

UNIVERSITY OF MINDANAO
College of Business Administration Education
Business Economics


Physically Distanced but Academically Engaged

Self-Instructional Manual (SIM) for Self-Directed Learning (SDL)

Course/Subject: CBM 321 – International Business and Trade



Name of Teacher: Jesson Rey F. Sabado



THIS SIM/SDL MANUAL IS A DRAFT VERSION ONLY; NOT FOR
REPRODUCTION AND DISTRIBUTION OUTSIDE OF ITS INTENDED USE.
THIS IS INTENDED ONLY FOR THE USE OF THE STUDENTS WHO ARE
OFFICIALLY ENROLLED IN THE COURSE/SUBJECT.
EXPECT REVISIONS OF THE MANUAL.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 1 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

TABLE OF CONTENT
Title Page
Part 1. Quality Assurance Policies Course Outline Policies 4
Part 2. Instruction Delivery 8
Module 1: Week 1 – 3
Topic 1: Introduction to Macroeconomics 8
Metalanguage 9
Key Concepts and Terms 8
Essential Knowledge 11
Topic 1.1: School of Thought in Macroeconomics 11
Topic 1.2: The New Classical School 12
Topic 1.3: The New Keynesians 12
Topic 1.4: The Role of Government in the Macroeconomy 13
Topic 1.5: The Components of the Macroeconomy 14
Topic 1.6: The Three Market Arena 15
Topic 1.7: National Income Accounting 16
Self Help 21
Let’s Check 21
Let’s Do It 24
Question and Answer 24
Keyword Index 24
Topic 2: Global and International Business 26
Metalanguage 26
Key Concepts and Terms 26
Essential Knowledge 27
Topic 2.1: Global vs. International 27
Topic 2.2: International Business 27
Self Help 28
Let’s Check 29
Let’s Do It 30
Question and Answer 31
Keyword Index 31

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 2 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

Topic 3: International Business Differences 32

Metalanguage 32
Key Concepts and Terms 32
Essential Knowledge 34
Self Help 36
Question and Answer 36
Keyword Index 36
Topic 4: Globalization 38
Metalanguage 38
Key Concepts and Terms 39
Essential Knowledge 40
Self Help 40
Let’s Check 41
Question and Answer 43
Keyword Index 43

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 3 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

PART 1. QUALITY ASSURANCE POLICIES COURSE OUTLINE POLICIES

Course Outline: CBM 321 – International Business and Trade

Course Facilitator : Jesson Rey F. Sabado
Email : jessonsabado@[Link]
Student Consultation : Done online (LMS) or traditional contact
(call, text and emails)
Mobile Number : 0933-815-0685
Phone Number : (082) 227-5456 loc. 131
Course Number : CBM 321
Course Name : International Business and Trade
Pre-requisite : ACC 216 (for accountancy student)
Co-requisites : None
Credit: : 3.0
Effectivity Date : June 25, 2020
Time Frame : 54 hours
Mode of Delivery : Online Blended Delivery
Student Workload : Expected Self-Directed Learning
Attendance Requirements : For online sessions: attendance will be 100%
through online (LMS) Black board and a
minimum of 95% attendance is required.

Course Outline Policies

Areas of Concern Details
Contact and Non-contact This 3-unit course self-instructional manual is designed
Hours for blended learning mode of instructional delivery, i.e.
online sessions through the LMS. The expected number
of hours will be 54 including review and examination
days.
Assessment Task Submission Submission of assessment tasks shall be on 3rd, 5th,
7th and 9th week of the term. The assessment paper
shall be attached with a cover page indicating the title

of the assessment task (if the task is performance),
the name of the Course Facilitator, date of submission
and name of the student. The document should be
emailed to the Course Facilitator. It is also expected
that you already paid your tuition and other fees before
the submission of the assessment task.

If the assessment task is done in real time through the
features in the Blackboard Learning Management
System, the schedule shall be arranged ahead of time by
the Course Facilitator

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 4 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

Turnitin Submission (if To ensure honesty and authenticity, all assessment

necessary) tasks are required to be submitted through Turnitin
with a maximum similarity index of 30% allowed. This
means that if your paper goes beyond 30%, the
students will either opt to redo her/his paper or
explain in writing addressed to the Course Facilitator
the reasons for the similarity. In addition, if the paper
has reached more than 30% similarity index, the
student may be called for a disciplinary action in
accordance with the University’s OPM on Intellectual
and Academic Honesty.

Please note that academic dishonesty such as cheating
and commissioning other students or people to
complete the task for you have severe punishments
(reprimand, warning, expulsion).
Penalties for Late Without an approved extension of time, the score for an
Assignments/ Assessments assessment item submitted after the appointed time on
the due date will be reduced by 5 percent of the
possible maximum score for that assessment item for
each day or part day that the assessment item is late.

However, if the late submission of assessment paper has
a valid reason, a letter of explanation should be
submitted and approved by the Course Facilitator. If
necessary, you will also be required to present/attach
evidences.
Return of Assignments/ Assessment tasks will be returned to you two (2) weeks
Assessments after the submission. This will be returned by email or
via Blackboard portal.

For group assessment tasks, the Course Facilitator will
require some or few of the students for online or virtual
sessions to ask clarificatory questions to validate the
originality of the assessment task submitted and to
ensure that all the group members are involved.
Assignment Resubmission You should request in writing addressed to the Course
Facilitator his/her intention to resubmit an assessment
task. The resubmission is premised on the student’s
failure to comply with the similarity index and other
reasonable grounds such as academic literacy standards
or other reasonable circumstances e.g. illness, accidents
financial constraints.
Re-marking of Assessment You should request in writing addressed to the
Papers and Appeal program coordinator your intention to appeal or
contest the score given to an assessment task. The
letter should explicitly explain the reasons/points to

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 5 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

contest the grade. The program coordinator shall

communicate with the students on the approval and
disapproval of the request.

If disapproved by the Course Facilitator, you can elevate
your case to the program head or the dean with the
original letter of request. The final decision will come
from the dean of the college.
Grading System All culled from Black Board sessions and traditional
contact
Course discussions/exercises – 30%
1st formative assessment – 10%
2nd formative assessment – 10%
3rd formative assessment – 10%

All culled from on-campus/onsite sessions (TBA):
Final exam – 40%

Submission of the final grades shall follow the usual
University system and procedures.
Preferred Referencing Style APA 6th Edition.
(if the tasks require)
Student Communication Students are required to create a umindanao email
account which is a requirement to access the
BlackBoard portal. Then, the Course Facilitator shall
enroll the students to have access to the materials and
resources of the course. All communication formats:
chat, submission of assessment tasks, requests etc.
shall be through the portal and other
university recognized platforms.
Contact Details of the Dean Vicente Salvador E. Montaňo, DBA
Email: vicente_montano@[Link]
Phone: (082)-227-5456 local 131
Contact Details of the Claudio A. Bisares, MSEcon
Program Head Email: cbisares@[Link]
Phone: (082)- 227-5456 local 131
Mobile: 0932-6424-808
Students with Special Needs Students with special needs shall communicate with
the course coordinator about the nature of his or her
special needs. Depending on the nature of the need, the
course coordinator with the approval of the program
coordinator may provide alternative assessment tasks
or extension of the deadline of submission of
assessment tasks. However, the alternative assessment
tasks should still be in the service of achieving the
desired course learning outcomes.
Instructional Help Desk Vicente Salvador E. Montaňo, DBA
Contact Details Email: vicente_montano@[Link]

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 6 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

LMS Administrator: Reil S. Romero

Email: reil_romero@[Link]
Phone: (082)- 227-5456 local 131
Help Desk Contact Email: cbisares@[Link]
Phone: (082)- 227-5456 local 131
Library Contact Details Brigida E. Bacani Head – LIC
Email: library@[Link]
Phone: (082) 300 – 5456
Mobile: 0951-376-6681
Well-being Welfare Support Dra. Ronadora E. Deala – Head – GSTC
Help Desk Contact Details Email: ronadora_deala@[Link]
Phone: (082) 300-5456
GSTC Facilitator: Rhoda Neileen P. Luayon
Email: gstcmain@[Link]

Course Information – see/download course syllabus in the Black Board LMS

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 7 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

PART 2. INSTRUCTION DELIVERY

BIG PICTURE IN FOCUS

CF’s Voice: Hello future business professionals! Welcome to this

course CBM 321: International Business and Trade.
Presently, I am sure that you already made the career-
decision to become an expert on international business
and trade activities in this course with the intention of
enriching your knowledge
CO Primarily, before becoming a successful business
professional, you have to deal with one of the major
challenges especially the dynamic changes of the
market and the economy as a whole. You are expected
that you will be able to justify the various reasons why
countries interact in international trade with the
direction and volume of trade between nations. Analyze
how international factors mobility affects the economy
and to be able to address current issues and policies
using the concepts of international trade theory.
Let us begin!

Module 1: Week 1 – 3

TOPIC 1 : INTRODUCTION TO MACROECONOMICS
Unit Learning Outcome: At the end of the unit you are expected to:
1. To understand the roots and history of macroeconomics
2. Understand the core functions of the government in the macroeconomy
3. Explain the importance of macroeconomic sectors and understand the different
types of market were economic activities took place.
4. Understand and calculate the national income accounts and sources of national
output.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 8 of 43
 College of Business Administration Education
2nd Floor, SS Building
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Telefax: (082)227-5456 Local 131

METALANGUAGE

When dealing with all these essential, we need to go beyond the details of the behavior
of individual economic units, such as household and firms, and the determination of
prices in specific markets (this belongs to microeconomics). In macroeconomics we deal
with the consumer markets as a whole, e.g. the agricultural products market, the labor
market, the medical services market and etc. In other words, we go for the abstract, the
benefits of abstractions in this case it increased the understanding of the vital
interactions among goods, labors, and assets markets. Of course, the trade is that we
loss the details of these markets.

Since the economy as a whole is just a set of many household and many firms that
compete in many markets, microeconomics and macroeconomics are closely connected
together. For example, the basic tools of supply and demand are fundamental to
macroeconomics analysis as they are for the analysis of microeconomics. Yet, studying
the economy in its entirely raises new and intriguing challenges.

Key Concepts and Terms
1. Macroeconomics is a branch of economics that focuses on the behavior and
decision-making of an economy as a whole.
2. Great Depression is an economic event that referrers to the downturn of the
economy. Great depression happened during the 1930s that affects the world
economy.
3. Classical economist believes that recession (economic downturn) can be self-
correcting with no government interventions. As production decline and the
demand for labor moves to the left, the wage rate would decline, thus raising the
amount of labor required by the business which will employ more employees at
the new lower wage rate.
4. Keynesian economist believes government needs to interfere in the economy to
influence production and employment level.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 9 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

5. Fiscal Policy is one of the policy that government used to affects the economy
through its tax and expenditure decisions.
6. Expansionary fiscal policy government should cut taxes and/or raise spending
7. Contractionary fiscal policy government should raise taxes and/or cut spending
8. Monetary Policy this when the government controls the economy through the
BSP (Banco Sentral ng Pilipinas) when government determine the quantity of
money in the economy.
9. Income Policy while monetary and fiscal policies are the two key methods used
by the government to regulate the economy, there are other instrument available
as well. Income policies are the government’s primary efforts to regulate prices
and wages.
10. Supply-side Policy supply-side policy proponents oppose the Keynesian idea
that government should intervene in order to increase aggregate demand; rather,
they emphasize on AS and growth.
11. Gross Domestic Product (GDP) total Market value of all final goods and services
produced in a country within a specific period of time by factors of production
located within the economy.
12. Gross National Product (GNP) is the value of all final goods and services
produced by domestically owned factors of production within a given period.
13. Real GDP measure changes in the physical output in the economy between
different time period by valuing all goods produced in the two periods at the
same price from the total GDP.
14. Nominal GDP measures the value of output in a given period in the prices of that
period, or as sometimes put in current price.
15. Expenditure Approach the expenditure approach measures GDP by adding
together all final expenditures.
16. Income Approach the income approach measures GDP by adding together the
incomes paid by firms to factors of production and two other items –
depreciations and net indirect taxes.
17. Production Approach the production approach measures GDP by summing the
value added of each firm in the economy.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 10 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

ESSENTIAL KNOWLEDGE

Topic 1.1: Schools of Thought in Macroeconomics
Topic 1.1.1: The Roots of Macroeconomics
The Great Depression
The Great Depression decade spurred much of the thinking about macroeconomic
issues that occurred in the 1930’s. In the 1920s the US economy had generally been a
prosperous year. Virtually anyone who wanted a job could get one, income irises
considerably, and prices were stable. Nonetheless, things went too quickly turning for
the worse beginning in late 1929. In 1929 there were .5 million unemployed.

Ø To read more about the Great depression go to:
[Link]
power/great-depression/a/the-great-depression

There are two major schools of macroeconomics, namely; (a) those who believes that
market was best if they are left to themselves, and (b) those who believe the
government’s intervention can significantly improve the way the economy operates.
a. During 1980’s, the former is led by Milton Friedman (University of Chicago)
called the monetarist while the other group called the Keynesians is led by
Franco Modigliani and James Tobin.
b. In the 1970’s the monetarist arguments are taken over by the New Classical
Macroeconomist, and the other side is replaced by the third generation
Keynesian who may not entirely share many of the beliefs of Keynes but share
the conviction that government policies will enable the economy to work better.

The Keynesian Revolution.
One of the most important works in the economic history was the Keynesian revolution.
In 1936 “John Maynard Keynes’ General Theory of Employment, Interest and Money”
was published. Based on what was already known about the market and its actions,
Keynes set out to construct a theory that would clarify the complex economic events of

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 11 of 43
 College of Business Administration Education
2nd Floor, SS Building
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Telefax: (082)227-5456 Local 131

his time and the fundamental origin of macroeconomics in the work of Keynes.

Ø To understand more about the great contribution of John Maynard Keynes to
macroeconomic watch this video;
[Link]

Topic 1.2: The New Classical School
In the 1980s the New Classical Macroeconomics that was established in the 1970s
remained influential. Proponents of the New Classical Macroeconomics share the idea of
Freedman, the leader of the group includes Robert Lucas, Thomas Sergeant, Robert
Barro and Edward Prescott and Nail Wallows of the University of Minnesota. The NCM
argues that interventions is likely to make things worse for the government . NCM has
three main working theories.
a. Economic agents maximize
b. Expectations are rational
c. Market clear
What are the implications of these assumptions?
a. There is no possibility of involuntary unemployment. Any unemployed person
who really wants a job will offer to cut his/her wages until the wage is low
enough to attract an offer from some employer.
b. Anyone with excess supply of goods will cut prices so as to sell.
c. Flexible adjustment of wages and prices leaves individual all times in a situation
in which they work as much as they want, and firms produce as much as they
want.
d. In NCM, markets are continuously in equilibrium.

Topic 1.3: The New Keynesians
The New Keynesians emerge in the 1980’s. This group includes; George Akerlof and
Janet Yallen and David Ronner of the UC-Barkely; Olivier Blanchard of MIT, Greg
Mankiw and Larry Summers of Harvard, and Ben Mermanke of Princeton. The New
Keynesians don’t think the market is always clear, but they try to understand and
explain exactly why the market is failing. The New Keynesians arguments are;

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 12 of 43
 College of Business Administration Education
2nd Floor, SS Building
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Telefax: (082)227-5456 Local 131

a. Market sometimes do not clear even when individuals are looking out for their
own interest.
b. Information problems and cost of changing prices lead to some price rigidities,
which help cause macroeconomic fluctuations in output and employment.
It is argued that firm are reducing wages on the labor market not only to reduce labor
cost, but are also likely to eliminate low quality of labor.

Topic 1.4: The Role of Government in The Macroeconomy
The government uses four types of policies to control the macroeconomy;
a. Fiscal Policy
b. Monetary Policy
c. Income Policy
d. Supply-side Policy

Fiscal Policy. One of the major ways in which the government uses to influence the
economy through tax and expenditure decisions. The government collects taxes from
both households and firms and spends it through various item such as purchasing
missiles, building parks, providing social security payments and building highways.
Both the magnitude and composition of these taxes and expenditures have a major
effect on the economy.

Ø To learn more about fiscal policy read and watch the link below;
[Link]
[Link]

Monetary Policy. Taxes and expenditure aren’t the only way that the government
control the economy. The government controls the quantity of money in the economy
through the BSP (Banco Central ng Pilipinas).

Ø Learn more about Monetary Policy through the link below;

[Link]

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 13 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

Income Policy. Even though monetary and fiscal policies are the two main tools used by
the government to regulate the economy, there are also other instruments available.
Income policies are direct attempts by the government to control prices and wages.

Ø Learn more about Income Policy through this link;
[Link]

Supply-side Policy. Advocates of supply-side policies rejects the Keynesian notion that
the government should act to improve aggregate demand; instead, they concentrate on
AS and increasing production. In fact, the tax system has been the key tool of supply-
side policy. (Supply-side policy in this context is just a special case of fiscal policy).
Personal taxes are reduced to increase labor supply by increasing the incentive to work
and the supply of capital by increasing the incentive to save. It could take the form of
reduced business taxes to provide extra incentives to stimulate investment. Proponents
of these policies argued that stimulating the supply of labor and capital and increasing
investment was best way to increase the supply of goods and services.

Ø To Learn more about Supply-side Policy watch this video;
[Link]

Ø To summarized the discussion about macroeconomic history, government
policies and the school of thoughts watch the video below;
[Link]
92WhzNyzPde8QgV5_w

Topic 1. 5: The Components of The Macroeconomy
Macroeconomics focuses on four economic groups; household, government (public
sector), business (private sector), and the rest of the world (foreign sector).

The Circular Flow Diagram
A useful way to examine the economic relations between the four sectors of the
economy is by analyzing the circular flow diagram showing the revenue earned and
payments made by each sector . The image below is a basic circular flow diagram.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 14 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

Topic 1.6: The Three Market Arena

Another way of looking at the way household, firms, the government, and the rest of the
world relate to each other by considering the market in which they interact. The three
broadly defined market arenas in which they interact as illustrated in figure below are
goods and services market, labor market and the money (financial market).

Goods and Services Market. On this market household and the government purchase
goods and services from firms in the goods and services market. In this market, firms
buy goods and services from each other. Firms supply to the goods and services market.
Household, the government and firms demand from this market.

Labor Market. Labor market interaction occurs when the government bought labor
from the household and household supply labor in the market while business and
government demand labor. Business are usually the main labor demanders, although
government is also a major employer of labor in the market. The overall labor supply in
the market will be based on the decision made by households. Household members

Course: CBM 321 – International Business and Trade

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 College of Business Administration Education
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Telefax: (082)227-5456 Local 131

must determine whether to be a part of the workforce and how many hours they going
to render for work. The rest of the world also demands labor.

Money Market. Household purchase stocks and bonds from the firms in the capital
market, or sometimes referred to as the financial market. Household supplied funds the
money market with the intention of receiving extra revenue in the form of stock
dividends and bond interest. Households often need (borrow) money from this market
to fund various purchases and activities of the household. Business borrow money from
the money market to fund the building of new buildings, in the expectation of gaining
more in the future. The government borrows by bonds issuance. The rest of the world is
borrowing from financial market, and even lending to the financial market as well. Most
of the lending and borrowing is managed by financial institutions – commercial banks,
savings and loan institutions, insurance firms and the like. These financial institutions
are taking deposits from one group and lending it to another.

Topic 1.7: National Income Accounting
Topic 1.7.1: The Circular Flow of GDP
GDP is the overall Market value of all final products and services produced in a country
within a specified period of time by factors of production located within the country. It
includes houses, all goods, value of services, airplane rides, lecture of professors, etc.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 16 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

Ø To discuss the importance of national income accounting and its component

refer to this link; [Link]
[Link]

Topic 1.7.2: Measuring GDP
Approaches to measure GDP.

Expenditure approach
The expenditure approach measures GDP by adding together all final expenditures;
private final consumption expenditure (C), private gross fixed capital expenditure
plus the increase in stocks or investment (I), government final consumption
expenditure plus public gross fixed capital expenditure (G) and export of goods and
services less import of goods and services or net export (NX).
Thus, GDP = C + I + G + NX where; NX = (exports – imports)

Ø Read more: [Link]

Ø For examples watch this: [Link]

The statistical discrepancy is the difference between GDP as measured by the
expenditure approach and the GDP as measured by the income approach. Because they
use data from different sources, these two approaches do not usually give the same
numerical estimate of GDP, and discrepancy arises. The discrepancy is included on the
expenditure side simply because of convention and does not necessarily imply that the
income approach is more accurate than the expenditure approach. The discrepancy is
usually small relative to the aggregated being measured.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 17 of 43
 College of Business Administration Education
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Example: Gross Domestic Product, Philippines, 2003 – 2004 (in million pesos; at current
prices)
Expenditure Approach
Type of Expenditure 2003 2004
1. Personal consumption expenditure 2,988,240 3,344,220
2. Government consumption 477,411 494,575
3. Capital formation 715,236 825,361
A. Fixed capital 715,492 797,874
1. Construction 325,623 370,936
2. Durable equipment 333,138 360,303
3. Breeding stocks & orchard development 56,731 66,635
B. Change in stocks (256) 27,487
4, Exports 2,125,368 2,440,954
A. Merchandise export 1,923,958 2,186,749
B. Non-factor services 201,410 254,205
5, Less: Imports 2,212,677 2,413,489
A. Merchandise export 2,061,185 2,251,152
B. Non-factor service 151,492 162,337
6, Statistical Discrepancy 199,448 134,722
GROSS DOMESTIC PRODUCT (GDP) 4,293,026 4,826,343

The Income Approach. The income approach measures GDP by adding together the
incomes paid by firms to factors of production and two other items – depreciations and
net indirect taxes. All these income items, taken together represent the cost of
producing GDP. To use the factor income approach to measure GDP, we need to add
indirect taxes to total GDP at factor cost and subtract subsidies.

Ø Read more: [Link]
[Link]

Ø For example watch this: [Link]

Course: CBM 321 – International Business and Trade

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 College of Business Administration Education
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Example: Gross Domestic Product, by Expenditure Account, Income Approach.

Philippines 1972-1973 (in million pesos: at current price)
Type of Expenditure 1972 1973
1. Compensation of employees 18,589 22,553
2. Entrepreneurial and property income of person 25,296 31,875
3. General govt’ income property and entrepreneurship 198 255
4. Corporate income 1,708 4,049
A. Corporate tax 865 2,577
B. Corporate savings 843 1,472
NAT’ INCOME or NET NAT’L PRODUCT at factor Cost 45,791 58,732
5. Indirect taxes 4,530 6,663
6. Less: Subsidies 148 245
7. Capital Consumption Allowance 5,353 6,466
GROSS NATIONAL PRODUCT in purchasers’ value 55,526 71,616
8. Personal consumption expenditures 39,922 48,241
9. General government consumption expenditures 5,260 6,231
10. Gross domestic capital formation 11,573 15,444
A. Fixed capital formation 8,831 11,049
B. Increase in stocks 2,742 4,395
11. Exports of goods and non-factor services 9,877 15,984
12. Less: Imports of goods and non-factor services 10,334 13,392
13. Statistical discrepancy (223) (722)
EXPENDITURES ON GROSS DOMESTIC PRODUCT 56,075 71,786
14. Net factor income from the rest of the world (549) (170)
EXPENDITURES ON GROSS NATIONAL PRODUCT 55,526 71,616

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The Production Approach. The production approach measures GDP by summing the
value added of each firm in the economy.

Example: Gross Domestic Product, by Industrial Origin, Philippines, 2003 – 2004 (in
million pesos at current prices)
Industry 2003 2004
1. Agri, Fishery and Forestry 631,304 734,344
a. Agri and Fishery 629,055 730,809
b. Forestry 2,249 3,535
2. Industry Sector 1,372,588 1,537,653
a. Mining and Quarrying 43,566 52,887
b. Manufacturing 1,004,004 1,115,034
c. Construction 187,846 213,912
d. Electricity, Gas and Water 137,172 155,819
3. Service Sector 2,289,134 2,554,347
a. Transpo, Communication and Storage 313,160 366,836
b. Trade 602,772 681,742
c. Finance 188,118 215,270
d. Ownership of Dwelling & real estate 270,074 292,208
e. Private services 537,941 604,759
f. Government services 377,069 393,532
GROSS DOMESTIC PRODUCT 4,293,026 4,826,343

Topic 1.7.3: Problem in Measuring GDP
a. Sometime output are not valued correctly as it is traded on the market. This
include volunteer work, do it yourself and government activities and services.
b. The changes in the price of products are difficult to account for. Computers, for
example, improved tremendously as their prices decreases.
c. Some activities measured as adding to GDP is fact represent the use of resources
to avoid or contain “bad” such as crime or risk to national security.
d. The underground economy output is difficult to measure.
e. Gross Domestic Products disregard all activities in which money or goods change

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hands but in which there were no new goods and services are being produced.
GDP is concerned only with new, or current, production. Old output produced
will not be counted because it was already accounted back at the time it was
produced. Examples: selling of used cars, resold house.
f. GDP excludes output produced abroad by domestically owned factors of
production.

SELF HELP

Please refer to the articles below to further deepen your understanding in
macroeconomics
Read more: [Link]
domain/macroeconomics/macro-economic-indicators-and-the-business-
cycle/macro-the-circular-flow-and-gdp

[Link]
the-macroeconomic-perspective/

[Link]
Video Clip: [Link]
[Link]

LET’S CHECK

Congratulations! you just finished most vital concept in the study of international
business and trade. Let us check your understanding of the important concept. Please
proceed to the multiple choice. Select the letter that best describe your answer.
1. Which of the following would not be included in the GDP for 2009?
a. Production of microcomputers in 2009
b. Government’s purchase of tissue papers in 2009
c. Consumer expenditures on haircuts in 2009
d. Mazda’s expenditures on steel for producing the latest car model in 2009
2. The National income accounting refers to as:
a. A set of rules in determining macroeconomic policy.

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b. A set of rules and definitions that measure economic activity in

aggregate.
c. A powerful tool use by macroeconomist?
d. All of the above
3. Real GDP can be best described as:
a. The market value of products and services generate in the economy.
b. All products and services generate by the economy based on the prices of a
given year.
c. The market value of products and services generate in the economy
based on the prices of a given year.
d. The market value of products and services generate in the economy bases
on the current prices of a given year.
4. Philippine economy is producing and selling millions of various products. To
sum them up to a single aggregate, each good is weighted by:
a. Cost of production.
b. Market prices.
c. Utility to consumers.
d. Contribution to corporate profits.
5. In calculating nominal GDP:
a. Total quantity of all final products and services produced by the economy in
a specified year.
b. Total quantity of all products and services bough in the economy on a
specified year.
c. The average output of each final products and services generate by the
economy in a given year by its price that year and then add the result.
d. The average output of each products and services generate by the economy
on a specified year by its price in that year, and then add the result.
6. In calculating GDP, the amount of each final products and service generate must
first be weighted by:
a. Market prices.
b. Cost of production.
c. Share of total output.

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d. Contribution to corporate profits.

7. Which of the examples below is an intermediate product?
a. A pair of skis that are sold to a skier by a sports goods retailer.
b. Stocks share of IBM
c. Boise Cascade manufactured the lumber and sold it to a builder of new
houses.
d. An antique car that was sold to the top bidder.
8. Which of the following is a final good, or service example?
a. Compensation on unemployment.
b. A CD player bought as a gift.
c. Steel used to manufacture appliances.
d. Vegetables that local restaurants have purchased for making soup.
9. Double counting does not occur in the national income accounts if GDP is
measured by summing all:
a. Sales of final output.
b. Sales of final output and intermediate goods.
c. Sales.
d. Cost of production.
10. Given a four-sector economy, which of the following equations is not correct?
a. Y = C + I + G + IM – EX
b. Y = C + S + T
c. Y + IM = C + I + EX
d. I + G + EX = S + T + IM

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LET’S DO IT

Use the data for an imaginary economy, Alpha, given in a table below to calculate;

The Alpha Economy: Expenditures and Other Figures

Amount (in PhP M) Compute for the following;
Consumption Expenditure 300
Taxes 120 a. GDP
Transfer Payments 50 b. Net investment
Exports 40 c. Net exports
Imports 50
Government Expenditure on 100
goods and services
Gross Investment 70
Depreciation 10

QUESTION AND ANSWER

Question/s: Answer/s:
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.

KEYWORD INDEX

C G
Classical economist p11 Great depression p11
E Goods and services p15
Expenditure approach p17 Gross Domestic Products p17
F I
Fiscal policy p13 Income policy p14
Financial market p16 Income approach p18

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K N
Keynesian revolution p11 New classical p12
Keynesian p11 New Keynesians p12
L P
Labor market p15 Production approach p20
M S
Macroeconomics p11 Supply-side-policy p14
Microeconomics p11 Statistical discrepancy p17
Monetarist p11
Market clear p12
Monetary policy p13
Money market p16

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TOPIC 2 : GLOBAL AND INTERNATIONAL BUSINESS

Unit Learning Outcome: At the end of the unit you are expected to:
1. Understand the different channel and mode of international business activities
2. Explain the importance contribution of global and international business in the
global economy
3. Identify the different international business differences and;
4. Students be able to explain and discuss the role of different organization both the
private and government in promoting international business.

METALANGUAGE

Global business practice and international business become common phenomena with
dynamic globalization. Often, foreign companies and MNCs are involved in more than one
country. Managing such cross-border operations requires a thorough understanding of
local cultures, practices, laws and business and political environment. International
managers, therefore, have to play several important roles within their organization.

International business encompasses all commercial activities that take place across
national borders to facilitate the movement of products, services, capital assets, ideas
and technology.
Key Concepts and Terms
1. Countries are sovereign states that have definite geographical regions and
have distinct cultures, languages, and people.
2. Global is an adjective which means concerning the entire earth and not just
one or two regions. It is synonymous to worldwide and universal and it also
means unlimited, unbounded, general and comprehensive.
3. International is an adjective which means “concerning two or more nations.”
4. International Business comprises the impact of the above practices on the
domestic and international markets, economies, states, companies and
individuals.

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ESSENTIAL KNOWLEDGE

Topic 2.1: Global vs. International
Countries are sovereign states with definite geographical regions and have distinct
cultures, languages, and individuals. They are politically organized, distinct and
separate from each other. They communicate with each other on an regional or global
level, through trade and other activities.

Ø For further discussion go to:
[Link]
between-global-and-international/

Topic 2.2: International Business
Foreign or international business activities take place in different picture such as :
• The movement of goods from country to another (exporting, importing, trade)
• Contractual agreements that allow foreign firms to use products, services, and
processes from other nations (licensing, franchising)
• The formation and operations of sales, manufacturing, research and
development, and distribution facilities in foreign markets

International business studies includes understanding the impact of the above practice
on domestic and international markets, economies, states, firms and individuals.
Successful multinational business understand the world marketplace’s complexity and
are able to deal with the challenges and threats of doing business in a rapidly evolving
global market environment.

Ø For more discussion go to: [Link]
international-business/

Features of International Business
A cross-border business is very different from one that involves a single country. The main

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feature of such businesses is that they operate on very large scales and involve multiple
jurisdictions.

Ø For more discussion go to: [Link]
management-and-entrepreneurship/recent-trends-in-
management/international-business-and-global-practices/

Challenges of International Business
Because nation-state have specific structure of government, laws and regulations, taxes,
duties, currencies, culture and traditions. International business is definitely more
complex than business that exclusively operates in the domestic economy.

Ø For more discussion go to: [Link]
international-business/

SELF HELP

Please refer to the articles below to further deepen your understanding in Global and
international business
Read more: Difference Between Global and International | Difference
Between [Link]
language/difference-between-global-and-international/#ixzz6Ks6Ctri5

International Business: [Link]

Saylor:
[Link]
nternational%[Link]

Video clip: [Link]
[Link]

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LET’S CHECK

Congratulations! you just finished most vital concept in the study of international
business and trade. Let us check your understanding of the important concept. Please
proceed to the multiple choice. Select the letter that best describe your answer.
1. Exporting countries can earn __________ from importing countries.
a. foreign exchange
b. developed
c. government benefits
d. E-commerce
2. MNCs from __________ countries dominate international business.
a. foreign exchange
b. developed
c. government benefits
d. E-commerce
3. Tax sops and financial incentives are examples of __________ to attract foreign capital and
business.
a. foreign exchange
b. developed
c. government benefits
d. E-commerce
4. __________ companies can function remotely and sell their products worldwide.
a. foreign exchange
b. developed
c. government benefits
d. E-commerce
5. Which of the following could be defined as a multinational company?
a. A firm that owns shares in a foreign company but does not participate in the
company's decision making.
b. A UK based internet package holiday firm specializing in selling tours to
Turkey to German customers.

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c. A firm owning a chain of supermarket outlets outside its country of origin.

d. A finance company transferring its HQ and all its activities from the UK to the
US.
6. Which of the following can be used to enter or expand international operations for a
firm?
a. Exporting
b. Licensing
c. Joint venture
d. All of the above
7. ________ is the most common form of international business activity.
a. Exporting
b. Licensing
c. Greenfield strategy
d. Management contract
8. The cross-border flow of goods and services is called international trade.
a. True
d. False
9. One of the key benefits of international trade is that it allows consumers and
producers to benefits by exploiting each country’s comparative advantages.
b. True
d. False
10. The ability to outsource is a key disadvantage of international trade for companies
looking to reduce cost.
b. True
d. False

LET’S DO IT

1. Discuss the scope of international business and define international business in your
own understanding.
2. Discuss precisely the importance of each international business environment into
international business activities.

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3. Among international business environment what do you think is the most important
environment that greatly affects international business activities. Explain to support
your answer.
4. Changes in the technological trend provides challenges among business thus, affects
human capital. Do you think technology is a threat to human capital and why?

QUESTION AND ANSWER

Question/s: Answer/s:
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.

KEYWORD INDEX

C N
Cross-boarders p26 National state p28
Culture p27 P
G Political environment p26
Global p26 Phenomena p26
Global business p26 R
Globalization p26 Regulations p28
Geographical region p27
I
International managers p26
International p26
International Business p27
L
Local culture p26
Laws p26

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TOPIC 3 : INTERNATIONAL BUSINESS DIFFERENCES

UNIT LEARNING OUTCOME: At the end of the unit you are expected to:
1. Discuss the different types of international business differences
2. Explain the effects of international business differences into international
business activities
3. Identify the important determinants of culture towards international business
activities.

METALANGUAGE

International business refers to any business activities that take place across national
boundaries. International business talks about the act of buying and selling of products
and services across two or more national boundaries. On the other hand, international
business is defined by those big businesses or enterprise that operates outside their
domestic economy.

International business strategy may differed from one enterprise to another depending
on the level of differences on each enterprise. Differences in different environment such
as political and legal, cultural, economic, currency, language, marketing infrastructure,
trade restriction, cost of distance and trade practices may leads to the differences of
international business activities and strategies that are being discuss on the succeeding
topics.

Key Concepts and Terms
1. Political and Legal Differences. Each nation possess different political and legal
environment practices that differed from the domestic economy of the foreign
market.
2. Cultural Differences. In international business cultural differences is considered
to be one of the most challenging problem into international marketing.
3. Economic Differences. Economic environment in international business can vary
from country to country.
4. Differences in The Currency Unit. In international business activities, currency

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unit plays an important role that varies from one nation to another and
sometimes may cause problems such as currency convertibility and also the
problems of exchange rate fluctuations.
5. Differences in The Language. Differences in language is one of the common
problem that an international marketer often encounter
6. Differences in The Marketing Infrastructure. Different countries may vary
widely on the availability of its marketing facilities and its nature.
7. Trade Restrictions. In international business activities, trade restriction or
barriers particularly import control become a very important problem face by
international marketer.
8. High Costs of Distance. Distance is one the factor considered in international
business that contribute additional cost when the markets are far located from
each other.
9. Differences in Trade Practices. Every nation’s trading practices and customs
differ from nations to another.
10. Material culture. Material culture discuss about technological goods being
utilized by most of the population.
11. Cultural preferences. Preferences for products, foods, product quality level and
brands my differed in every international market.
12. Languages. The Languages used in a country affects the marketing activities, the
brand names, gathering of data through interviews, advertising and the conduct
of business relationship.
13. Education. Education refers to the level of completed educational attainment in
a region that can be an indicator of the quality and potential work force and the
status of consumers.
14. Religion. Religion is consider to be the major cultural influencer that can affect
the life of individuals.
15. Ethics and values. Ethics and values influence on international business,
especially on the conduct of business into another country.
16. Social organization. Social organization are composed of family and groups, the
prevalence of special-interest groups and attitude toward them.

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ESSENTIAL KNOWLEDGE

1. Political and Legal Differences. Each nation possess different political and legal
environment practices that differed from the domestic economy of the foreign market.
Generally, the complexity of the political and legal environment increases the number of
companies that does business on other countries. It should be remembered that the
political and legal environment in all the provinces of many markets is not
homogeneous. In the United States, for instance, the political and legal system is not the
same as all other states in the US.

2. Cultural Differences. In international business cultural differences is considered to
be one of the most challenging problem in international marketing. Thus, domestic
market however are not excuse from cultural diversity.

3. Economic Differences. In international business, economic environment may vary
from country to country.

4. Differences in The Currency Unit. In international business activities, currency unit
plays an important role that varies from one nation to another and sometimes may
cause problems such as currency convertibility and also the problems of exchange rate
fluctuations. The monetary system and regulations also vary from one nation to
another.

5. Differences in The Language. Differences in language is one of the common problem
that an international marketer often encounter. There are instances when the same
language (words and terms) is used in different countries but it gives different meaning.
Challenge on language differences, however, is not something peculiar to the
international marketing like for example, India has multiplicity of languages.

6. Differences in The Marketing Infrastructure. Different countries may vary widely
on the availability of its marketing facilities and its nature. For instance, an advertising

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medium could be very effective in one market and may not be available or not yet
developed in the other market.

7. Trade Restrictions. In international business activities, trade restriction or barriers
particularly import control become a very important problem face by international
marketer.

8. High Costs of Distance. Distance is one the factor considered in international
business that contribute additional cost when the markets are far located from each
other. Transportation cost and the time required affects the delivery that tends to
become longer. Distance tends to increase certain cost of each products.

9. Differences in Trade Practices. The trade practices of every nation and customs vary
from nation to another. (May 17, 2020 <[Link]
downloads/ibiii_ibe.pdf>)

Determinant of Culture
It is important that companies take into account the lifestyles and culture of countries to
which they are considering exporting. Such information can be used to decide whether a
products or service in a target market will be considered important, valuable, luxurious
or even undesirable. You might even find certain products and services culturally
unacceptable.

Ø For the continuation of the discussion go to:
[Link]
factors-need-consider-choosing-next-export-market/

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SELF HELP

Please refer to the articles below to further deepen your understanding in International
business differences
Read more: [Link]

[Link]
exchange/articles/overseas-business-and-national-differences/

QUESTION AND ANSWER

Question/s: Answer/s:
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.

KEYWORD INDEX

C H
Cultural differences p32 High cost distance p33
Convertibility p33 I
Cultural preferences p33 International business p32
D L
Differences in currency p32 Legal differences p32
E Language differences p33
Exchange rate fluctuation p33 Language p33
Ethics and values p33 M
Education p33 Marketing infrastructure p33
Material culture p33

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P T
Political differences p32 Trade restrictions p33
R Trade practices p33
Religion p33
S
Social organization p33

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TOPIC 4 : GLOBALIZATION
UNIT LEARNING OUTCOME: At the end of the unit you are expected to:
1. Understand the underlying concepts about globalization and identify different
types of globalization.
2. Assess the negative and positive attributes of globalization into the growth of
economy.
3. Understand the effects of globalization on cultural changes, political and socio-
cultural environment.

METALANGUAGE

The world is more linked than ever after decade of technological progress and
developments in international co-operation. But how much has the growth of
globalization and the new global economy contribute to or affects American businesses,
jobs and the consumers? Here is a basic guide from current research to the economic
side of this broad and much debated topic.

Globalization is the term used to describe the interdependence of the economies,
societies, and populations of the world, brought on by cross-border trade in products
and services, technology, and investment, citizens and knowledge flows. Countries have
built economic partnerships over many centuries to facilitate those movements. Yet the
term gained prominence in the early 1990s after the Cold War, as such cooperative
agreements dominated modern everyday life. This guide uses the term more narrowly
to refer to international trade and some of flows of investment between advance
economies, focusing mostly on the US.

Globalization’s wide-ranging consequences are dynamic , and politically charged. As
with the big developments in technology, globalization benefits society as whole, while
hurting other communities. Knowing the relative costs and benefits will pave the way
for problem alleviation while preserving the boarder payoffs.

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Key Concepts and Terms

1. Globalization means speeding up movements and transactions (of people,
products, and services, money, technology and cultural practices) across the
globe.
2. Globalization in Geography in geography, globalization is defined as the set of
processes that contribute to the relationship between societies and individuals
around the world (economic, social, cultural, technological, institutional).
3. Economic globalization In transactional actors such as corporations or NGOs,
economic globalization is the development of trade systems.
4. Financial globalization financial globalization, with international financial
exchanges and monetary exchanges, can be linked to the rise of a global financial
system.
5. Cultural globalization refers to the interpenetration of cultures, which means
that nations adopt other nation’s principle, beliefs and costumes and losing their
unique culture to a unique, globalized supra-culture.
6. Political globalization the growth of political globalization and the increasing
impact of international organizations such as the UN or the WHO means that
policy action takes place at international level.
7. Sociological globalization Sociological information on globalization, together
with the interconnection and interdependence of events and their consequences,
travels almost in real time.
8. Technological globalization is the phenomenon by which millions of people are
interconnected via platforms like Facebook, Instagram, Skype or YouTube
thanks to the power of the digital world.
9. Geographic globalization is the ever-changing modern structure and hierarchy
in various part of the world.
10. Ecological globalization: reflects the idea of seeing planet Earth as a single
global object – a common good that should be protected by all communities
since the weather affects us and we are all protected by the same atmosphere.

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ESSENTIAL KNOWLEDGE

Globalization Definition
Globalization means speeding up movements and transactions (of people, products, and
services, money, technology and cultural practices) across the globe. One of
globalization’s effects is that it promotes and increases interactions among different
regions and population around the globe.

Globalization can be characterized as growing interconnectedness and interdependence
between people and countries according to the WHO. It is generally understood that
there are two interrelated elements: the opening up of international borders to
increasingly rapid flows of goods, services, finance, people and ideas; and the changes in
national and international institutions and policies that facilitate or promote such flows.

Ø For complete discussion go to:
[Link]
benefits-effects-examples/

SELF HELP

Please refer to the articles below to further deepen your understanding in globalization
Read More: [Link]

[Link]

[Link]
papers/globalization-concept-causes-and-consequences

Video Clip: [Link]

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LET’S CHECK

Congratulations! you just finished most vital concept in the study of international
business and trade. Let us check your understanding of the important concept. Please
proceed to the multiple choice. Select the letter that best describe your answer.
1. Globalization means:
a. A more integrated and interdependent world
b. Restricted foreign trade and investment
c. Global damage
d. All of the above
2. Which of these does NOT facilitate globalization?
a. Improvements in the communications
b. Barriers to trade and investment
c. Looser immigration controls
d. Removing border control on capital movement
3. Which of the following is globalization driven?
a. Border barriers and control on foreign direct investment inflows.
b. Competitive competition.
c. Technological advance.
d. All of the above
4. Globalization is good for business, because
a. This protects them from international competition.
b. Among other nations, it cushions them from the impact of events
c. It opens up new market opportunities.
d. It increases the risk and uncertainty of globalization economy.
5. The internet facilitates globalization by:
a. Making it harder to contact potential foreign customers.
b. Cutting the cost for firms of communicating across borders.
c. Makes the sending of money from one country to another more difficult.
d. Making it easier for governments to filter the information their people access
from outside sources.

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 41 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

6. Globalization can create problems for business because:

a. It can result in more competition.
b. It reduces vulnerability to political risk and operating uncertainty
abroad.
c. both a and b
d. None of the above
7. Globalization occurs when there is increased economic integration among countries?
a. True
c. False
8. Globalization increase the demand for unskilled labor in the Philippines which in turn
reduce labor’s bargaining power.
b. True
d. False
9. Which of the following is a valid statement about globalization?
a. Opening up exchange often leads to greater productivity for Pareto efficiency
b. Countries that have been more globalized typically have political institutions.
c. When trade between poor and rich countries increases, low wage
workers in rich countries can be made worse off
d. All of the above
10. Globalization includes:
a. A stretching of social, political, and economic activities across political
frontiers.
b. An accelerating pace of global interactions and processes associated with a
deepening enmeshment of the local and the global.
c. growing magnitude of interconnectedness in almost every sphere of social
existence.
d. All of the above

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 42 of 43
 College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131

QUESTION AND ANSWER

Question/s: Answer/s:
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.

KEYWORD INDEX

C P
Cultural globalization p39 Political globalization p39
D S
Development p38 Sociological globalization p39
E T
Economic globalization p39 Technological progress p38
Ecological globalization p39 Technological globalization p39
F
Financial globalization p39
G
Globalization p38
Global economy p38
Globalization in geography p39
Geographic globalization p39
I
International co-operation p38
International trade p38
Interdependence p38

Course: CBM 321 – International Business and Trade

Prepared by: Jesson Rey F. Sabado
Reviewed by: CMC Page 43 of 43