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Unit 16 P1

In: Business and Management

Submitted By Chuckie
Words 943
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P1 Explain the international business environment in which a selected organization operates
Define international trade
International trade refers to the purchasing of goods and services across the international terrains. Furthermore in many countries, this trade subsidizes substantially to the Gross Domestic Product while for the companies involved it contributes a lot to their total revenue and profits. The economic, political, and social importance of this trade is increasing every day.
What do you consider to be the importance of international trade to business/individuals/economies?
Numerous factors contribute positively to international businesses/trade these consist of industrialization and globalization. International trade is an important part to globalization, and without it, countries will produce limited goods and services that may limit their economies to expand for the greater good, this is because their market will be limited within the borders it will be hard to export goods which may be vital to their countries for example medicine ,coffee and so on.
International trade is related to domestic trade only that it has more associated costs and legislation. The costs include tariffs and transportation costs while the legislation barriers they face is being discriminated in order to protect domestic industries. It is costly to hire and use factors of production across borders; thus international trade rarely trades factors of production but trades in goods and services instead.

P2 describe the mechanisms that regulate international trade.
Free trade
This is a procedure by which a government does not categorize against imports or indulge with exports by applying tariffs imports or bankrolls exports or quota. According to the law of comparative advantage. The policy permits trading partner’s mutual gains from trade of goods…...

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