What Are the Key Concepts in International Business?
1.1 Describe the key concepts in international business.
International trade describes the exchange of products (merchandise) and services (intangibles) across national borders. Exchange can occur through exporting, the sale of products or services to customers located abroad from a base in the home country or a third country. Exchange also can take the form of importing or global sourcing—the procurement of products or services from suppliers located abroad for consumption in the home country or a third country. While exporting represents the outbound flow of products and services, importing is an inbound activity. Both finished products and intermediate goods (for example, raw materials ...
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