CHAPTER 10 INTERNATIONAL BUSINESS
TRADING AMONG NATIONS • INTERNATIONAL BUSINESS-INCLUDES ALL BUSINESS ACTIVITIES NECESSARY FOR CREATING, SHIPPING, AND SELLING GOODS AND SERVICES ACROSS BORDERS • COMPARATIVE ADVANTAGES--SOME COUNTRIES CAN PRODUCE BETTER THAN OTHER COUNTRIES
IMPORTS • THE THINGS WE BUY FROM OTHER COUNTRIES • HOW WOULD WE BE ABLE TO EAT BANANAS? • REDUCE COSTS OF SOME GOODS OR SIMPLY MAKE THEM AVAILABLE • PERCEIVED QUALITY OF IMPORTED GOODS (MERCEDES BENZ)
EXPORTS • GOODS AND SERVICES WE SELL TO OTHER COUNTRIES • OUR EXPORTS BENEFIT OTHER COUNTRIES • 1 OUT OF 6 JOBS IN U. S. DEPENDS ON INTERNATIONAL BUSINESS
INTERNATIONAL CURRENCY • FOREIGN EXCHANGE MARKET-CONSISTS OF BANKS BUYNG AND SELLING DIFFERENT CURRENCIES • EXHANGE RATE--VALUE OF CURRENCY IN ONE COUNTRY COMPARED TO A VALUE OF ANOTHER; AFFECTED BY SUPPLY AND DEMAND
BARRIERS TO INTERNATIONAL TRADE • QUOTAS--SETS A LIMIT ON THE QUANTITY OF A PRODUCT THAT MAY BE IMPORTED OR EXPORTED (OPEC) • TARIFFS--TAX THAT A GOVERNMENT PLACES ON CERTAIN IMPORTS, MAKES PRODUCT MORE EXPENSIVE • EMBARGOES--STOP EXPORT OR IMPORT OF PRODUCT(S) COMPLETELY
MEASURING TRADE BETWEEN NATIONS • BALANCE OF TRADE--DIFFERENCE BETWEEN TOTAL EXPORTS AND TOTAL IMPORTS – TRADE SURPLUS--FAVORABLE, EXPORTS MORE THAN IMPORTS – TRADE DEFICIT--UNFAVORABLE, IMPORTS GREATER THAN EXPORTS • BALANCE OF PAYMENTS--DIFF. BETWEEN MONEY COMING IN AND MONEY COMING OUT
GLOBAL BUSINESS ORGANIZATIONS • MULTINATIONAL COMPANY--ORG. THAT DOES BUSINESS WORLDWIDE • GLOBAL STRATEGY--USES STANDARDIZED PRODUCT AND MARKETING STRATEGY WORLDWIDE • MULTINATIONAL STRATEGY--EACH NATIONAL MARKET IS TREATED DIFFERENTLY
ADVANTAGES AND DISADVANTAGES OF INTERNATIONAL BUSINESS • ADVANTAGES – ABUNDANCE OF GOODS – LOWER PRICES – INCREASE CHOICE – EXPAND CAREER OPPORTUNITIES – PROMOTES MUTUAL UNDERSTANDING • DISADVANTAGES -COMPETITION COULD LOWER DEMAND FOR OUR GOODS -SOME WORKERS COULD LOSE JOBS -FOREIGN COMPETITION BETTER THAN US COMPANIES
WEBSITES • www. ita. doc. gov/TD/Industry/OTEA/stat e • www. census. gov/ftp/pub/foreigntrade/www • www. census. gov/foreigntrade/balance/index. html#I • http: //globaledge. msu. edu/ibrd/ • www. sbaonline. sba. gov/OIT/info/Guide. To-Exporting
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