Competing in Global Markets. Why Is International Business Important?. Provides source of raw materials, and parts and demands for foreign products Allows for new market and investment opportunities Improves political relations. The Fundamentals of International Trade.
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Major U.S. Exports and Imports
Tariff – Taxes, surcharges, or duties on foreign products
Nontariff Barriers – also called administrative trade barriers
Quotas – limited the amount of a product that can be imported over a specified time period
Embargo—imposes a total ban on importing a specified product or all trading with a particular country
Exchange controls through central banks or government agencies regulate the buying and selling of currency to shape foreign exchange in accordance with national policy.
Multinational Corporation (MNC) an organization with significant foreign operations and marketing activities outside its home country.