Podcast
Questions and Answers
What distinguishes international business from domestic business?
What distinguishes international business from domestic business?
- Engagement with local suppliers
- Exchange of goods among multiple countries (correct)
- Only selling domestic products
- Focus on one country market
Which of the following is NOT a way a business could be considered an international business?
Which of the following is NOT a way a business could be considered an international business?
- Importing goods from international suppliers
- Exporting to businesses in another country
- Investing in foreign companies
- Owning a storefront in multiple states (correct)
Which characteristic is typically associated with international businesses?
Which characteristic is typically associated with international businesses?
- Dominated by developing countries
- Restricted to a single industry
- Limited market reach
- Scale of operation beyond national borders (correct)
What is a domestic transaction?
What is a domestic transaction?
Why is international trade considered sensitive in nature?
Why is international trade considered sensitive in nature?
What term describes the economic situation where countries rely on one another?
What term describes the economic situation where countries rely on one another?
What is a potential benefit of international business to participating countries?
What is a potential benefit of international business to participating countries?
Which of the following best describes international restrictions?
Which of the following best describes international restrictions?
What is meant by trading partners in international business?
What is meant by trading partners in international business?
What does self-sufficiency imply for a community or country?
What does self-sufficiency imply for a community or country?
Which example illustrates a self-sufficient society?
Which example illustrates a self-sufficient society?
What are intentional communities designed to achieve?
What are intentional communities designed to achieve?
Which of the following describes the principles of Los Horcones?
Which of the following describes the principles of Los Horcones?
What is a potential reason for debating the desirability of self-sufficiency?
What is a potential reason for debating the desirability of self-sufficiency?
What basic needs are typically satisfied in self-sufficient societies?
What basic needs are typically satisfied in self-sufficient societies?
Which community would NOT be considered a form of intentional community?
Which community would NOT be considered a form of intentional community?
What did the Huron people primarily trade with Northern hunters?
What did the Huron people primarily trade with Northern hunters?
What was a significant factor that encouraged trade during the Roman Empire?
What was a significant factor that encouraged trade during the Roman Empire?
What led to the rise of self-sufficiency in communities around 500 AD?
What led to the rise of self-sufficiency in communities around 500 AD?
Which goods were primarily traded by merchants from China during early trade?
Which goods were primarily traded by merchants from China during early trade?
What did the local rulers provide in exchange for taxes during the middle ages?
What did the local rulers provide in exchange for taxes during the middle ages?
Which region was known for exporting jewels, marble, and timber to the Roman Empire?
Which region was known for exporting jewels, marble, and timber to the Roman Empire?
What type of economic activity increased in feudal towns during the middle ages?
What type of economic activity increased in feudal towns during the middle ages?
What prompted different cultures to engage in trade with one another in early history?
What prompted different cultures to engage in trade with one another in early history?
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Study Notes
International Business
- The exchange of goods, services, and ideas between individuals and businesses that spans across at least two countries
- A multinational corporation or international business company that engages in business with at least one or multiple countries
Domestic Transactions vs. International Transactions
- Domestic transactions occur between two companies within the same country.
- International transactions occur between companies in different countries.
Characteristics of International Business
- Scale of operations can be quite large
- International restrictions and regulations must be adhered to
- Benefits participating countries by providing access to new markets and resources
- Countries' economies become integrated
- Developed countries tend to dominate international business
- Subject to sensitivity towards political and economic factors
Trade
- Refers to the exchange of goods and services between countries
- Countries involved in trade are considered trading partners
Self-Sufficiency
- A community or country that provides all the necessities for its people without relying on external sources
- Basic needs like food, clothing, shelter, and water can be provided without dependence on others
Examples of Self-Sufficient Societies
- Canada’s Aboriginal people hunted and gathered their own food, made clothes from animal skins, and passed down skills for creating weapons, shelters, tools, and canoes.
- Intentional communities like communes, ecovillages, and housing cooperatives aim for self-sufficiency.
- Pangaia, Hawaii is an example of a self-sufficient community.
- Los Horcones, founded in 1973, values cooperation, equality, non-violence, sharing, and ecological respect
Early Trade
- The Huron people in Canada had surplus corn, beans, squash, and tobacco.
- Northern peoples had ample hides and furs.
- Trade emerged to exchange these goods, making the groups interdependent.
- Over 3000 years ago, civilizations such as China (silk and tea), India (spices), and Arabia (glass, dyes, textiles) engaged in trade through camel caravans.
- The Roman Empire encouraged trade by making travel safer and easier.
- Merchants from various regions like Greece, Asia, China, Arabia, Egypt, Spain, and Britain engaged in trade with the Roman Empire.
First Trade Regulations
- With the decline of the Roman Empire around 500 AD, travel became dangerous and many communities returned to self-sufficiency.
- During the Middle Ages (476 - 1000 AD), communities formed around castles, cathedrals, and monasteries.
- Local rulers collected taxes from residents in exchange for protection.
- Feudal towns emerged and became part of larger provinces and nations.
- Economic activity and trade between these towns increased.
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