GEB 2011 Chapter Notes - Chapter 4: North American Free Trade Agreement, Asia-Pacific, International Trade
Document Summary
Chapter 4: understanding the global context of business. Thought that when the embargo is dropped, there will be new business opportunities. Globalization: the process by which businesses or other organizations develop international influence or start operating on an international scale. Imports: products made or grown abroad and sold domestically in the us. Exports: products made or grown here (machinery, electronic equipment, and grains) Small firms with no international operations (coffee shops) may still buy from international supplies, and even individual contractors or self-employed people can be affected by fluctuations in exchange rates. International travel, communication, and commerce is faster and cheaper. Some critics charge that globalization allows businesses to exploit workers in less-developed countries and bypass domestic environmental and tax regulations. Critics also charge that globalization leads to the loss of cultural heritages and often benefits the rich more than the poor. The world economy revolves around three marketplaces: north america, europe, and pacific.
