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We Live in a Global Economy

1. CHAPTER. We Live in a Global Economy. 1-1 The Foundation of International Business 1-2 International Business Basics. LESSON 1-1 The Foundation of International Business. GOALS. Distinguish between domestic business and international business.

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We Live in a Global Economy

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  1. 1 CHAPTER We Live in a Global Economy 1-1 The Foundation of International Business 1-2 International Business Basics

  2. LESSON 1-1The Foundation of International Business GOALS • Distinguish between domestic business and international business. • Discuss the reasons why international business is important. • Understand that international trade is not just a recent event. 1

  3. What Is International Business? • All business activities needed to create, ship, and sell goods and services across national borders • Also called • Global business • International trade • Foreign trade 1

  4. Why Is International Business Important? • Materials, parts, and demand • Global opportunities • Improved political relations 1

  5. When Did International Business Start? • China, India, and Japan 15,000 years ago • Africa and South America thousands of years ago • Eleventh century • Fifteenth and sixteenth centuries • Colonization 1

  6. 1 Selected Countries and Their Colonial Heritage Continued on next slide

  7. 1 Selected Countries and Their Colonial Heritage Continued from previous slide

  8. LESSON 1-2International Business Basics GOALS • Describe basic inter-national business activities. • Explain the components of the international business environment. • Name important skills for inter- national business and describe the importance of international business for workers, consumers, and citizens. 1

  9. The Fundamentals of International Trade • Imports - products bought from businesses in other countries • Exports - products sold in other countries • TradeBarriers- restrictions that reduce free trade among countries 1

  10. The International Business Environment • Geographic conditions • Cultural and social factors • Political and legal factors • Economic conditions 1

  11. The International Business Environment • GEOGRAPHIC CONDITIONS • Climate • Terrain and seaways • Natural resources • Agriculture products • CULTURAL & SOCIAL FACTORS • Language • Education • Religion • Values and customs • Social relationships 1 • POLITICAL & LEGAL FACTORS • Type of government • Political stability • Government policies toward business • ECONOMIC CONDITIONS • Type of economic system • Education level • Type of industries • Technology

  12. The Global Business World • International business skills • History- Your awareness of your past can help you better understand today’s international business relations. • Geography- Knowledge of geography will help you understand how the climate and terrain of a country can affect transportation, housing, and other business activities. • Foreign language- Your ability to communicate effectively with people from other societies is imperative for successful foreign trade. 1

  13. The Global Business World • International business skills • Cultural awareness- You must be sensitive to customs and traditions of all societies. • Study skills- Asking questions, taking notes, and doing research are the tools necessary to keep up to date on changes in international business. • The global citizen 1

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