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Meaning of International Business

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Kshitij jadhav
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18 views3 pages

Meaning of International Business

Uploaded by

Kshitij jadhav
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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WHAT IS INTERNATIONAL BUSINESS

International business encompasses all commercial activities that are


conducted across international borders. This includes a wide range of
transactions such as trade, investment, finance and marketing. Essentially, it
refers to any business operations that involve entities from more than one
country.

Forbes Advisor defines international business as any commercial activity


conducted globally, including trade, investment, finance and marketing.
Companies like Walmart, Amazon, Apple and McDonald’s are examples of
business that operate internationally, dealing with diverse markets, cultures, and
regulatory environments.

This definition highlights the scope of international business, which is not


limited to just trading goods but also includes services, financial transactions,
and marketing efforts that span across different countries and cultures.

Market Business News describes international business as the exchange


of goods, services, knowledge, or capital across international borders. It
emphasizes that international business requires additional skills compared to
domestic business, as it often involves understanding different cultures,
economies, business practices and laws.

This definition points out international business is not just about selling
or buying but also about the transfer of knowledge and capital. It also
underscores the complexity of international business due to the need to navigate
various cultural and legal landscapes.

From the above discussion, we may define international business as


follows;
“It is the process of focusing on the global resources and organizing
business in the environment with opportunities and threats in order to produce,
buy, sell and exchange of goods and services worldwide.”

According to this definition, international business refers to those activities


which try to locate the required resources from anywhere in the world and
organize them to produce or trade internationally. It also underlines the fact that
these business activities are full of opportunities and at the same time, they
involve risk or uncertainties as well.

Dominance of international business in our lives:

International business has a profound impact on our daily lives. It has made
a variety of goods and services from around the world accessible to us, often
improving our standard of living. For instance, we can purchase technology
products like smartphones and laptops that are designed in one country,
manufactured in another, and sold globally. Moreover, international business
has led to increased competition, which tends to improve product quality and
lower prices for consumers.

Additionally, international business has created job opportunities worldwide


and has been instrumental in the transfer of technology and innovation. It has
also facilitated cultural exchange and global collabo9ration, influencing
everything from the food we eat to the movies we watch.

In summary, international business is not just a facet of global economy, it’s


an integral part of our everyday lives, shaping the way we work, consume, and
interact with the world around us.

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