International Trade Overview

International trade involves economic transactions made between ______.

countries

Capital goods commonly traded in international trade include machinery and ______.

raw materials

International business involves purchasing and selling goods and services outside its national ______.

borders

Efforts to promote freer trade between nations are a key aspect of modern history of international ______.

relations Signup and view all the answers

International business helps a nation acquire foreign exchange to import goods from the ______ market.

global Signup and view all the answers

Globalization refers to an open flow of information, technology, and goods among countries and ______.

consumers Signup and view all the answers

World Trade Organization is one of the major contributory factors to the expanded connections and business relationship among ______.

countries Signup and view all the answers

Globalization is an established part of the modern world, making it a 'global ______'.

village Signup and view all the answers

International business helps firms in enhancing their ______ prospects.

development Signup and view all the answers

Globalization helps in easy access to a variety of different ______.

cuisines Signup and view all the answers

What are some of the items commonly traded in international trade?

Television sets, clothing, and machinery Signup and view all the answers

What is the primary purpose of international trade transactions?

To provide a nation with commodities it lacks in exchange for those it produces abundantly Signup and view all the answers

What does the term 'International Business' refer to?

The purchasing and selling of goods, commodities, and services outside a country's borders Signup and view all the answers

How do international financial payments facilitate international trade transactions?

Private banking systems and central banks of trading nations play important roles Signup and view all the answers

What is the primary purpose of international business as mentioned in the text?

To enhance the growth and profitability of firms through global trade Signup and view all the answers

How does globalization impact the global economy according to the text?

By fostering an open flow of information, technology, and goods globally Signup and view all the answers

What does the World Trade Organization contribute to as per the text?

Expanding connections and business relationships among countries Signup and view all the answers

How does international business benefit nations according to the text?

By enhancing development prospects and creating employment opportunities Signup and view all the answers

What is one of the ways in which international business helps firms as stated in the text?

By enhancing profits through selling products in high-cost markets Signup and view all the answers

How does globalization affect individuals' access to goods and services from other countries?

By making it easier for people to utilize commodities and services produced abroad Signup and view all the answers