Professional Documents
Culture Documents
International Business
International Business
Vocabulary
significant - значний; важливий; істотний
- important or noticeable
international business - міжнародний бізнес
- the activity of trading goods and services
between countries
globalization - глобалізація
- the process by which a company, etc.,
expands to operate internationally
global - глобальний, світовий; у світовому
масштабі
- covering, influencing, or relating to the
whole world
Text1
International Business
("International Business." Encyclopedia of Management.
2009. Encyclopedia.com. 25 Feb. 2013
<http://www.encyclopedia.com>.)
One of the most dramatic and significant world trends in the past
two decades has been the rapid, sustained growth of international
business. It is the age of globalization. More and more firms are
engaged in international business. Globalization is a process by which
the world economy is becoming a single interdependent system.
Markets have become truly global for most goods, many services, and
especially for financial instruments of all types. World product trade has
expanded by more than 6 percent a year since 1950, which is more
than 50 percent faster than growth of output the most dramatic
increase in globalization, has occurred in financial markets. In the global
forex markets, billions of dollars are transacted each day, of which
more than 90 percent represent financial transactions unrelated to
trade or investment. International business is defined as business
transactions that take place across national borders. This broad
definition includes the very small firm that exports (or imports) a
small quantity to only one country, as well as the very large global firm
with integrated operations and strategic alliances around the world.
International business grew over the last half of the twentieth
century and the early twenty-first century partly because of
liberalization of both trade and investment, and partly because doing
business internationally had become easier. In terms of liberalization,
the General Agreement on Tariffs and Trade (GATT) negotiation rounds
resulted in trade liberalization, and this was continued with the
formation of the World Trade Organization (WTO) in 1995, which is
responsible for the regulation of trade on the global level. Other
regional trade agreements include the North Atlantic Free Trade
Agreement (NAFTA) between The United States, Canada and Mexico
and the MERCOSUR between South American Countries. At the same
time, most governments liberalized worldwide capital movements,
particularly with the advent of electronic funds transfers. In addition,
the introduction of a new European monetary unit, the euro, into
circulation in January 2002 has impacted international business
economically. The euro is the currency of the European Union, and it
has replaced the national currency of many European countries. As of
early 2005, the United States dollar continues to struggle against the
euro and the impacts are being felt across industries worldwide.
M N R Q J F L S L M N T K G U
E M K Y A E F Y X W P R C C U
Y T R A D E Y I P T J A K R C
P M N T P V C G N O T N N M E
U Y M K Q I Y V A X U S O T D
I N T E R N A T I O N A L S C
Q X L S M T A S G X T C X D X
C A R R A N G E M E N T F H K
S I G N I F I C A N T I K D L
J Q P W U S J X I M P O R T G
A O A U W B C U R R E N C Y C
C M Q E X P O R T D V Y V I C
H S I F G L O B A L L Q A H C
Y M P K V V L N V M A R K E T
A T A P N S I B U S I N E S S
5 Lesley doesn’t like having to wait for other people to work for her.
A generate B solve C resolve D tackle
6 Paul enjoys working at Small World because he finds the stimulating.
A installation B environment C application D opportunity
8 Your body usually gives other people information about how you
really feel.
A appearance B impression C language D relationship
9 Bob and Tony are business and have arranged to meet at the sales
conference.
A delegates B customers C associates D officers
10 I’ve given the latest sales to Mr Allen but he hasn’t had a chance to
look at them yet.
A systems B figures C worksheets D facts
The WTO responsible for the regulation of trade on the global level.
Other regional trade agreements the NAFTA, the GATT and the
MERCOSUR.