10 Questions
What does international business involve?
Trade of goods, services, technology, capital, and/or knowledge across national borders
What is another term for international business?
Globalization
What do multinational companies need to do to conduct business overseas?
Bridge separate national markets into one global marketplace
What are the transactions of economic resources in international business?
Include capital, skills, and people for international production of physical goods and services
What are the macro-scale factors that underline the trend of greater globalization?
Eliminating barriers to make cross-border trade easier and technological change
What is the main focus of international business?
Trade of goods and services across national borders
What is the term used for the process of bridging separate national markets into one global marketplace?
Globalization
Which factor contributes to the trend of greater globalization by making cross-border trade easier?
Eliminating barriers to free trade
What are the transactions of economic resources involved in international business primarily for?
International production of physical goods and services
What technological developments contribute to the trend of greater globalization?
Communication, information processing, and transport
Study Notes
International Business
- Involves commercial transactions that take place across national borders, between two or more countries
- Also known as global business or transnational business
Conducting Business Overseas
- Multinational companies need to adapt to different cultural, political, and economic environments to conduct business overseas
Transactions of Economic Resources
- Involve the exchange of goods, services, and ideas across national borders
- Primarily for the purpose of earning profit
Macroeconomic Factors Driving Globalization
- Improving transportation and communication systems
- Reduction in trade barriers and tariffs
- Advancements in information technology
Main Focus of International Business
- Identifying and capitalizing on business opportunities that exist beyond a company's domestic market
Globalization
- Also known as internationalization or globalization of markets
- Refers to the process of bridging separate national markets into one global marketplace
Factors Contributing to Globalization
- Reduction in transportation costs and improvement in logistics, making cross-border trade easier
- Advancements in information technology, such as the internet and mobile devices, which facilitate communication and trade across borders
Test your knowledge of international business with this quiz! Explore topics such as cross-border transactions, global trade, international production, and the movement of economic resources between countries. See how much you know about the complexities of conducting business on a global scale.
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