Global Engineering Modules that Teach Currency Exchange and International Trade

Hans M Tritico; Chad S. Korach

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Conference: 2024 ASEE Annual Conference & Exposition
Location: Portland, Oregon
Publication Date: June 23, 2024
Start Date: June 23, 2024
End Date: July 12, 2024
Conference Session: International Division (INTL) Technical Session: Cultural Perspectives
Tagged Division: International Division (INTL)
Tagged Topic: Diversity
Permanent URL: https://peer.asee.org/47509

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Paper Authors

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Hans M Tritico University of Mount Union

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Hans is the Global Engineering Coordinator at the University of Mount Union where he also teaches environmental/water resources engineering classes. He is passionate about broadening students' perspectives through project-based hands on learning techniques.

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Chad S. Korach University of Mount Union

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Chad Korach is the Director of the School of Engineering and an Associate Professor of Mechanical Engineering at the University of Mount Union in Alliance, Ohio.

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Abstract

This paper presents two modules that have been developed for a junior level global engineering course. These two modules are related to currency exchange rates and international trade. The learning objectives for each of these topics fall within the understanding and applying levels of Blooms Taxonomy. For instance, students should be able to explain factors that influence currency exchange rates and should also be able to convert currencies from various countries to determine the least cost supplier. The first module, on currency exchange rates, uses a scenario-based teaching method in which students work in small teams to determine the least cost supplier of bicycle parts under either a strong or a weak U.S. dollar. Data on bicycle part costs and shipping rates in various countries are provided to students. In addition to identifying least cost suppliers, students calculate the total cost of their bicycle and determine the countries they can sell their bicycle in based on the average in-country sales prices. Students who participated in this module indicate a deeper understanding of both how to convert currency and how currency policy impacts global supply chains. The second module, on international trade uses a whole-class game environment to elucidate the impact of tariffs on international trade. Student teams represent one of five fictional countries who are competing to produce the most sets of six-piece chicken nuggets. The choice of chicken nuggets is arbitrary but gives the class a chance to both expand their definition of engineered products and talk about food preferences in the class’s upcoming international trip. Each country is given a starting number of chickens, wheat, boxes, and factories. Some countries are also allowed to “grow” chickens or wheat or make boxes. Each country also has restrictions, like not being able to grow chickens, that limit the country's ability to rapidly produce complete chicken nugget sets, thus encouraging them to trade with countries who can produce the commodity at a faster rate. Countries get points for each complete set of six-piece chicken nuggets they can produce within 15-minutes. The points serve as a metric for the overall productivity of the country and world during the game. The game is played twice within a 65-minute class session. The first game does not have any tariffs imposed and thus represents a liberalized trade environment. Students also spend five-minutes reflecting on what they learned about international trade. The game is then run a second time under a scenario in which one country has invaded another country and in response multiple countries have imposed import tariffs on each other. While the specific results change each time new student teams play the game, the general results that a) there are winners and losers from tariffs and b) that overall productivity decreases because of tariffs due to decreased international trade does emerge from the game.

Citation
Format

Tritico, H. M., & Korach, C. S. (2024, June), Global Engineering Modules that Teach Currency Exchange and International Trade Paper presented at 2024 ASEE Annual Conference & Exposition, Portland, Oregon. https://peer.asee.org/47509

TY  - CPAPER
AB  - This paper presents two modules that have been developed for a junior level global engineering course. These two modules are related to currency exchange rates and international trade. The learning objectives for each of these topics fall within the understanding and applying levels of Blooms Taxonomy. For instance, students should be able to explain factors that influence currency exchange rates and should also be able to convert currencies from various countries to determine the least cost supplier. The first module, on currency exchange rates, uses a scenario-based teaching method in which students work in small teams to determine the least cost supplier of bicycle parts under either a strong or a weak U.S. dollar. Data on bicycle part costs and shipping rates in various countries are provided to students. In addition to identifying least cost suppliers, students calculate the total cost of their bicycle and determine the countries they can sell their bicycle in based on the average in-country sales prices. Students who participated in this module indicate a deeper understanding of both how to convert currency and how currency policy impacts global supply chains. The second module, on international trade uses a whole-class game environment to elucidate the impact of tariffs on international trade. Student teams represent one of five fictional countries who are competing to produce the most sets of six-piece chicken nuggets. The choice of chicken nuggets is arbitrary but gives the class a chance to both expand their definition of engineered products and talk about food preferences in the class’s upcoming international trip. Each country is given a starting number of chickens, wheat, boxes, and factories. Some countries are also allowed to “grow” chickens or wheat or make boxes. Each country also has restrictions, like not being able to grow chickens, that limit the country&#39;s ability to rapidly produce complete chicken nugget sets, thus encouraging them to trade with countries who can produce the commodity at a faster rate. Countries get points for each complete set of six-piece chicken nuggets they can produce within 15-minutes. The points serve as a metric for the overall productivity of the country and world during the game. The game is played twice within a 65-minute class session. The first game does not have any tariffs imposed and thus represents a liberalized trade environment. Students also spend five-minutes reflecting on what they learned about international trade. The game is then run a second time under a scenario in which one country has invaded another country and in response multiple countries have imposed import tariffs on each other. While the specific results change each time new student teams play the game, the general results that a) there are winners and losers from tariffs and b) that overall productivity decreases because of tariffs due to decreased international trade does emerge from the game. 
AU  - Hans M Tritico
AU  - Chad S. Korach
CY  - Portland, Oregon
DA  - 2024/06/23
PB  - ASEE Conferences
TI  - Global Engineering Modules that Teach Currency Exchange and International Trade
UR  - https://peer.asee.org/47509
ER  -