International business represents all commercial activities, such as transfer of goods, services, people, and capital across national borders. International business can occur in a large number of different formats. Some of the most common formats are:
Types of contracts / agreements in international business
There are two basic types of contracts/agreements in international business. The first type is a bilateral contract or agreement. That means that two countries sign a contract with each other about trading various kinds of goods, services, know-how, etc. The second type is a multilateral contract or agreement with the same goal as the previous type, but here we have more than two countries which sign the contract or agreement.
Economic integration involves the process of integration of the area which includes the territories of several countries, with the main purpose to remove barriers for the transfer of goods, people, and capital. There are four steps of economic integration and they are sorted by gradation:
The positive effects of International Business
There are many positive effects of International business, some of which are more visible than other. One of them is opportunity to improve business by exporting products around the world and making a larger profit, importing raw materials at a lower cost, and making your product or service more valuable with a lower price for final customers.
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