Description

International business refers to the activities involved in conducting business across national borders, including the exchange of goods, services, technology, capital, and knowledge between countries. The introduction typically explains how globalization has transformed the way companies operate, creating opportunities for organizations to enter new markets while also exposing them to new risks and challenges.

It introduces the importance of understanding differences between countries, including:

• Economic systems and levels of development
• Political and legal environments
• Cultural values and business practices
• Currency and financial systems
• Trade policies and international regulations

The introduction emphasizes that companies engage in international business to access new customers, reduce costs, obtain resources, increase competitiveness, and achieve growth. It also explains that managers operating globally must make decisions about exporting, importing, foreign investment, partnerships, and international strategies while considering ethical, social, and environmental responsibilities.