Define forex.

1. Name THREE forms of forex that can be used when traveling to other countries, and one disadvantage of each form of currency.

2. Identify and explain TWO factors that can influence exchange rates.

3. Explain the effects of traveling to another country with a strong currency.

4. What is the currency of Botswana?

Forex (foreign exchange) refers to the market where currencies are traded for one another at exchange rates. Three forms of forex commonly used when traveling are cash, credit/debit cards, and traveler's checks. One disadvantage of cash is the risk of loss or theft, credit/debit cards may have high foreign transaction fees, and traveler's checks are becoming less widely accepted.

Two factors influencing exchange rates are interest rates and inflation rates in different countries. Higher interest rates attract foreign investment, increasing demand for and strengthening a country's currency. Inflation erodes a currency's value.

Traveling to a country with a strong currency means your home currency will have a weaker exchange rate, leading to higher costs for foreign goods and services.

The currency of Botswana is the Pula.

Learn more about Foreign exchange market here:

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