Summary

International business — International business refers to business activities carried on across national frontiers. Although the terms "international business" and "international trade" are often used to mean the same thing, the first is the broader term: besides the export and import of goods and services, it also covers operations such as the production and marketing of goods and services in foreign countries.

International vs. domestic business — Conducting and managing international business is more complex than doing domestic business. The parties involved belong to different nationalities, the factors of production are far less mobile across countries, customers differ widely from one market to another, business practices and political systems vary, business regulations and policies differ, and different currencies are used. It is precisely these features that make interna …