BBB4M UNIT-1 NOTES

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School
York University **We aren't endorsed by this school
Course
ADMS 3370
Subject
Economics
Date
Oct 17, 2023
Pages
4
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BBB4M NOTES 1. International Standards developed by ISO -documents that given requirements, specifications or guideline 2. What year did ISO begin? -1946 3. Benefits of International Standards -show companies the best way to produce goods and services 4. ISO Countries Members -165 5. Trends in International Trade -Rapid increase/expansion of technology -Liberalization of government policies -Development of institutions to support international trade -Increased global competition 6. Benefits of International Trade -meeting consumer needs -job creation -attracting investments -developing new technology 7. Types of International Business -Import ing is bringing products into a country from a different country. -Export ing is selling products from one country to another country. -Global Sourcing is finding products, labour, or manufacturing locations in other countries. -Strategic Alliances is when two companies in different countries join together to sell, manufacture or market a product or service. -Wholly Owned Subsidiaries is when a larger company owns a smaller company. -Foreign Direct Investment is an investment made by a company in one country into business interests located in another country.
GLOBALIZATION Concepts - It is the global economy that we consider to be globalized. We mean that the entire world is progressively acting like a single market, with interconnected production, similar items consumed, and similar impulses responded to. Definition - The reach of products, technology, information, and professions across ethnic boundaries is called globalization. In terms of its impact, it refers to the connection of nations throughout the world, which is facilitated by global trade. How can that relate to real-life scenarios? - Consider McDonald's' ability to adapt. They have the advantage of being able to adapt to global demand. They have a presence in over a hundred countries. They concentrate on appealing to many cultures across various locations. Their success is based on their understanding of what will and will not work in whatever country. It has a lengthy history of adjusting to global market demands. Their ability to adapt to other cultures may be shown in their decision to solely provide vegetarian burgers at shops. ISO Concepts - The ISO plays a critical role in supporting global trade by establishing mutual standards within nations. Such guidelines assure that products and services are fair, dependable, and of high quality. Definition - ISO is an independent non-governmental organization that was established in 1947. With a head office in Geneva, Switzerland, it has 163 national standard organizations worldwide.
Purposes - ISO standards are designed to make products and services better and make companies, governments and other organizations more efficient. Some standards are designed for specific industries, like the food industry, or designed to help improve the environment. How does diversity in Canada impact international business? Canada is one of the world's most diversified countries. This has several implications for the economy and foreign trade. Most international students come to Canada to study because Canadian education is among the best in the world. Because international students must pay fees to rent an apartment, eat, buy clothes, use public transportation, and so on, their economic impact on Canada must be significant. How do international events impact Canadian international business? The globe has become increasingly interconnected. An occurrence in China, Brazil, or Egypt can have an impact on Canadian business. For Example, Many Saudi students visited Canadian schools when the Saudi Arabian government established educational scholarships to learn English and attend universities overseas. How does Canada's economy impact international business? It should go without saying that a country's economy impacts business in that country and how enterprises in that country conduct business globally. For example, Companies will contemplate shifting manufacturing to nations with lower salaries if the minimum wage in Canada rises.
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