International Business Pg. 34: 2, 4, 7

In: Business and Management

Submitted By 22yankee
Words 425
Pages 2
HW: Pg. 34: 2,4,7

Response to #2:

The study of international business is important for all walks of life to study and understand. The overall growth of IB has increased substantially over the last 50 years. As a result, international trade has become evermore important to the stability of our national economy, and to the global economy as a whole. Individuals who are going to work for small firms should be aware of where their products are coming from, how much it costs to produce and ship them, etc. Globalization refers to abolishment of ‘economic boundaries.’ Technological advances such as the World Wide Web, cellular phones, and social media have proliferated this phenomenon. This means that we are all players in one, and only one economy…the global economy.

Response to #4:

Ultimately, there’s no logic found in this statement. Domestic business refers to all trade activity within the borders of our nation, and international business refers to all trade activity that crosses sovereign borders. Understanding where raw materials and finished goods alike are imported from/exported to are vital to understanding the global economy as a whole.

Response(s) to #7:

a. The manufacturing of flat-panel TVs is migrating to different locations around the world because it is more cost-effective to produce them in low-cost locations.
b. The clear winner of the globalization of the flat-panel industry is the US based consumers, as finding the most cost-efficient way to produce them has driven competitors prices down substantially. On the opposite side of the spectrum, the losers of globalization include firms that continue to produce traditional cathode-ray TVs in high-cost locations.
c. If the government mandated that only domestically produced flat-panels could be sold in the US, you would see a spike in prices caused from several factors. Of the many…...

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