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Chapter 3

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Calvin Neal
Calvin Neal

This chapter discusses key concepts in international business including imports, exports, balance of trade, exchange rates, trade barriers, and strategies for operating globally. It defines common international trade terms and explores different types of trade agreements and business structures used across national borders like multinational companies, global strategies, and joint ventures.

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Chapter 3
International Business- business activities needed for creating, shipping, and selling goods and services across national borders Imports: Items bought from other countries Exports: Goods and service sold to others countries
Balance of trade: difference between a country a country total exports and total imports Balance of payments-difference between the amount of money that country and the amount that goes out of it Exchange rate: The value of a currency in one country compared with the value in country
Trade Barriers: Restrictions to free trade Quota: Limit on the quantity of a product that may be imported or exported within a given period Tariff-tax that a government places on certain imported products Embargo: Stop the export or import of a product completely
Free Trade agreement: member countries agree to remove duties and trade barriers on products traded among them Common Markets: members do away with duties and others trade barriers
Multinational company (MNC): an organization that does business in several countries Global strategy: uses the same product and marketing strategy worldwide
Multination strategy: treats each country market differently Joint Venture: Is an agreement between two or more companies to share a business project
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Chapter 3

  • 2. International Business- business activities needed for creating, shipping, and selling goods and services across national borders Imports: Items bought from other countries Exports: Goods and service sold to others countries
  • 3. Balance of trade: difference between a country a country total exports and total imports Balance of payments-difference between the amount of money that country and the amount that goes out of it Exchange rate: The value of a currency in one country compared with the value in country
  • 4. Trade Barriers: Restrictions to free trade Quota: Limit on the quantity of a product that may be imported or exported within a given period Tariff-tax that a government places on certain imported products Embargo: Stop the export or import of a product completely
  • 5. Free Trade agreement: member countries agree to remove duties and trade barriers on products traded among them Common Markets: members do away with duties and others trade barriers
  • 6. Multinational company (MNC): an organization that does business in several countries Global strategy: uses the same product and marketing strategy worldwide
  • 7. Multination strategy: treats each country market differently Joint Venture: Is an agreement between two or more companies to share a business project