International Business Essentials

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Questions and Answers

Which term refers to an organization that produces or sells goods or services to satisfy the needs, wants, and demands of consumers?

Business

What is the term for a basic requirement for human beings to survive?

Need

What does the term 'demand' refer to in the context of business?

A customer's willingness and ability to buy a need or want

What is the term for when a business sends goods or services to another country?

Export Signup and view all the answers

What does the term 'domestic business' refer to?

Operating only within the country and using supplies from the country Signup and view all the answers

Define the term 'international business' and explain its significance in the global economy.

International business refers to the economic system of transactions between businesses in different countries. It plays a significant role in the global economy by facilitating trade, promoting economic growth, and fostering international cooperation. Signup and view all the answers

What is the difference between an export and an import?

An export refers to when a business sends goods or services to another country, while an import refers to bringing goods and services into a country for sale, coming from another country. Signup and view all the answers

Explain the concept of a 'transaction' in the context of business.

A transaction in business refers to the buying or selling of something in a business deal. It involves the exchange of goods, services, or money between two or more parties. Signup and view all the answers

What does it mean to 'invest' in the context of international business?

To invest in the context of international business means for a company or individual from one nation to invest in assets or ownership stakes of a nation. This could involve owning a retail or distribution outlet or a manufacturing plant in another country. Signup and view all the answers

Why is it important for businesses to understand and meet the needs, wants, and demands of consumers?

It is important for businesses to understand and meet the needs, wants, and demands of consumers in order to satisfy their target market, gain a competitive advantage, and achieve financial success. By catering to consumer preferences, businesses can increase customer satisfaction and loyalty, leading to higher sales and profitability. Signup and view all the answers