Advantages And Disadvantages Of International Business

#1 – â€Å"Ultimately, the study of international business is no different from the study of domestic business. Thus, there is no point in having a separate course on international business.† Though the statement is positioned in the extreme, evaluate the merits of this argument. Evaluate the merits of this statement. Taken literally, this statement borders on absurdity. There are many differences between doing business domestically, rather than internationally. The challenges associated with doing business internationally are more complex by degrees that simply doing business within a single country. To make the case for the proposition, one would need to interpret it along the lines of, â€Å"the fundamentals of business are essentially the†¦show more content†¦2014). If an organization which has been successful in the United States does not invest significant time and energy in understanding the political, cultural, and business environment of a given market they intend to enter before making the investment required, they are placing their business at significant risk of failure. Another straight-forward way to counter the proposition is to simply mention the creation of, and the necessity for, bi-lateral or multi-lateral trade agreements (WTO and GATT, to name two) that establish the structure and terms for doing business in various foreign countries. While regulations for doing business exist domestically, these pale in comparison with the challenges associates with navigating these arrangements. #2 – What would it be like to work with a business partner located in a command economy? (Assume that your firm is and has always operated in a market-based economy). Is there any competitive advantage to be had here as well? It would be a significant transition for an organization to move from a market economy to a command economy. From the demand side, it would theoretically be much easier to work with a government entity managing a command economy, as they would exercise total control over demand, rather than having to be dependent upon forecasting demand (and changes in demand) as in the case with a market economy. As command economies in most business categories act as a functional monopoly, it could be easier toShow MoreRelatedBUSINESS ECONOMICS-COURSEWORK 1) Discuss advantages and disadvantages of Free International1600 Words   |  7 PagesBUSINESS ECONOMICS-COURSEWORK 1) Discuss advantages and disadvantages of Free International Trade? 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