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Discuss the two primary ways in which international business occurs and critically examine the advantages and disadvantages of specialisation and international trade. What arguments would you put forward in favour of the concept of free trade - Coursework Example

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Discuss the two primary ways in which international business occurs and critically examine the advantages and disadvantages of specialisation and international trade. What arguments would you put forward in favour of the concept of free trade

The terms international business and international trade are often used interchangeably; where international business is mostly used to denote international trade. The concept of international business is comparatively larger and broader in scope as compared to international trade. For instance, the concept of international trade is restricted to imports and exports between various countries while international business on the other hand includes – international trade, as well as production and manufacturing of goods or any such similarly activity by an enterprise, involving exchange of capital, people, industrial processes and / or skills; taking place across international boundaries (Ball, McCullouch, 1993).
“International business is a business whose activities are carried out across national borders. This definition includes not only international trade and foreign manufacturing but also the growing service industry in areas such as transportation, tourism, advertising, construction, retailing, wholesaling, and mass communications" (Pp.9).
International trade1 refers to trade between countries involving import and export of goods. International trade can be bilateral or multilateral. The cross-national trade patterns of various nations can better be explained with the help of international trade theories. According to the classical trade theory the extent and scope of a nations trade i.e. exports as well as imports depends upon its trading patterns with other nations, i.e. any country would be able to maximize its profits by maximizing the production of those goods which would help them increase their economic advantage (Ricardo, 1817; Smith, 1776). The factor proportion theory on the other hand states that countries usually aim at producing and exporting those goods which require production factors in which it specializes or possesses ...Show more

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Discuss the two primary ways in which international business occurs and critically examine the advantages and disadvantages of specialisation and international trade. What arguments would you put forward in favour of the concept of free trade?
Historically economic exchanges…
Author : casperona
Discuss the two primary ways in which international business occurs and critically examine the advantages and disadvantages of specialisation and international trade. What arguments would you put forward in favour of the concept of free trade essay example
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