1. CHAPTER 10 INTERNATIONAL BUSINESS

2. 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

3. 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)

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. WEBSITES www.ita.doc.gov/TD/Industry/OTEA/stat e www.census.gov/ftp/pub/foreign- trade/www www.census.gov/foreign- trade/balance/index.html#I http://globaledge.msu.edu/ibrd/ www.sbaonline.sba.gov/OIT/info/Guide- To-Exporting