The Ohio State University

All value-adding activities - Answer including sourcing, manufacturing, and marketing - can be performed in international locations International Business - Answer Performance of trade and investment activities by firms across national borders Globalization of Markets - Answer ongoing economic integration and growing interdependency of countries worldwide international trade - Answer Exchange of products and services across national borders, typically through exp...

What is international business? How does it differ from domestic business? - Answer International business consists of business transactions between parties from more than one country 1.) transaction cross national Boundaries 2.) different Currencies 3.)different Cultures to adapt to 4.)Legal Systems one party need to adjust practices to meet local law 5.)Availability of Resources (one country could be rich in natural resources but poor in skilled labor ) 6.)Skills & Knowledge a...

Key Concepts of IB - Answer 1. Globalization of markets 2. International trade 3. International investment 4. Foreign market entry strategies 5. International business risks 6. Participants Participants in IB - Answer Firms Intermediaries facilitators governments IB v Domestic - Answer IB: conducted across national boarders distinctive business methods different: language culture politics legality economics infrastructure Internationalization - Answe...

Tariffs - Answer Taxes levied on imports that effectively raise the cost of imported products relative to domestic products Subsidies - Answer government payments to domestic producers Import Quotas - Answer restrict the quantity of some good that may be imported into a country Voluntary Export Restraints - Answer quotas on trade imposed by the exporting country, typically at the request of the importing country's government Local Content Requirements - Ans...

Globalization - Answer Movement from thinking about markets in terms of geographic areas to thinking about them as something that transcends borders; the shift towards a more integrated and interdependent world economy World-wide sourcing - Answer All types of businesses are getting inputs from several global locations Globalization of markets - Answer Merging of historically distinct and separate national markets into one huge global market; Globalization of productio...

International Business - Answer Businesses that have activities between two or more countries. World Trade Organization WTO - Answer The international organization that creates and enforces the rules governing trade among countries. Trading Block - Answer A group of two or more countries that agree to remove all restrictions between them on the sales of goods and services, while imposing barriers on trade from other countries not in the agreement. European Union - Answ...

Chapter 1: Intro to International Business Transactions - Answer the goal of teaching international business law - Answer to sensitize future entrepreneurs and lawyers to the risks of international business and the ways to manage such risks SMEs (small and medium-sized enterprises) - Answer refers to all businesses with fewer than 500 employees factors contributing to the growth of international trade - Answer - World Trade Org (WTO) - General Agreement on Tari...

Born Global Firm - Answer A young entrepreneurial company that initiates international business activity very early in its evolution, moving rapidly into foreign markets Commercial risk - Answer Firm's potential loss or failure from poorly conceived or executed business strategies, tactics, or procedures. country risk - Answer Potentially adverse effects on company operations and profitability caused by developments in the political, legal, and economic environment in ...

What are the strengths and weaknesses of international monetary system? 1) The Gold Standard - Answer fixed rate regime cons: convertibility issues, little flexibility to deal with the crisis. Pros: balance of trade equilibrium and monetary discipline What are the strengths and weaknesses of international monetary system? 2) The Bretton Woods Period - Answer fixed exchange rate, some flexibility Pros: monetary discipline with some flex due to the role of the IMF Cons: US dol...

What is Globalization? - Answer Globalization refers to the trend towards a more integrated global economic system Describe the Globalization of Markets? - Answer The merging of historically distinct and separate national markets into one huge global marketplace Describe the Globalization of Production? - Answer The sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (lab...