International Business and Cross-Border Transactions Quiz

Study Notes

International Trade and Globalization

Imports refer to goods and services purchased abroad and brought into a country.

Globalization Drivers

The main driver of the decrease in the cost of global communication and travel is advancements in technology.

Technology and Globalization

Technology plays a crucial role in facilitating societal and commercial changes by increasing global connectivity and accessibility.

Talent Acquisition

The purpose of head hunting firms is to identify and recruit top talent globally for companies.
Some companies tap into global talent by using head hunting firms or by establishing international recruitment offices.

Characteristics of Globalization

Protectionism, or the practice of protecting domestic industries through tariffs and trade restrictions, is NOT a characteristic of globalization.

Global Production

The term used to describe the dispersal of production activities worldwide to minimize costs or maximize quality is outsourcing.

Global Markets

The main effect of globalization on markets is to create increased competition and interconnectedness.

Global Products

Global products are products that are designed and marketed for a global audience, often with a consistent brand image and uniform packaging.

Cost Reduction through Globalization

Companies can reduce costs through globalization of markets by outsourcing production, reducing labor costs, and taking advantage of economies of scale.

Description

Test your knowledge of international business and cross-border transactions with this quiz! Learn about imports, exports, and the impact of technology on global communication. Explore the traits and practices of different cultures in the business world. Are you ready to expand your understanding of the international marketplace? Take the quiz now!