Introduction to Business Concepts & International

BusinessMrs. Ransey

October 30, 2012Business Essentials

Standards and Essential Questions

Standard • BCS-BE-6: The student

demonstrates an understanding of basic business concepts and how they are applied to business activities.

• BCS-BE-7: The student utilizes technology in a variety of ways while solving business problems.

• BCS-BE-8: The student analyzes how international business impacts business.

Essential Questions• What role(s) do

businesses play in our society?

• What are the different types of business activities?

• What is the role government plays in the formation of business?

• What is a global marketplace?

• What are the chief imports & exports of the United States?

Imagine a World with no Business?

• Everyone had to rely on their own wits to live.

• Write a basic Outline of your day in this world that you have inmagined.

• Did you assume there was a government?

• Where did you live?• How did you eat?• What did you do with

your day?

Role of Business in Society• Business is any

commercial activity that seeks profit by providing goods and services to others in exchange for money.

Role of Business in Society• Businesses provided

consumers and other businesses with necessities.

• Businesses provided goods and services that make life easier and better

The Global Economy

We live in a global economy fueled by international trade.

The development of the global economy is called globalization.

global economythe interconnected economies of the nations of the world

international tradethe exchange of goods and services between nations

The Global Economy

Sony is an example of a multinational corporation. multinational

corporationa company that does business in many countries and has facilities and offices around the world

International Trade

Trade allows countries to meet their individual wants and needs as well as to help their own economies.

tradea specific area of business or industry, a skilled occupation, or the people who work in a specific area of business or industry

Multinationals

The top multinational companies include Sony, Coca-Cola, Toyota, and Nike.

Types of Trade

• Domestic trade is the production, purchase, and sale of goods and services within a country.

• World trade is the exchange of goods and services across international boundaries.

Imports and Exports

One country’s imports are another countries exports. imports

goods and services that one country buys from another countryexportsgoods and services that one country sells to another country

Balance of Trade

The United States has a favorable balance of trade with Australia.

balance of tradethe difference in value between a country’s imports and exports over a period of time

Define the Following List of Vocabulary Words and use each word in a sentence. You may use the textbook, online

dictionary or http://businessdictionary.com • Business • Production • Manufacturing • Service • Finance • Commercial • Retail • Competition • Entrepreneur• Export • Import

• Multinational firm • Tariff • Embargo • Sanction • Exchange rate • Culture • Trade barrier • NAFTA • World Trade Organization • International Monetary Fund • World Bank