It is also important for staying abreast of the latest business techniques and tools, such as JIT systems. Studying international business helps students to compete with students from other countries. Small businesses are growing their businesses by selling in foreign markets, using foreign-made materials, and competing with foreign firms. Student may work for a company that is owned by a foreign subsidiary. Large organizations are likely to have international operations or at least be affected by the global economy.These three international business activities will be presented on the following slides.Still, the basic skills and knowledge needed to be successful are generally similar whether one is doing business domestically or internationally. For example, one country may be rich in natural resources, but poor in skilled labor. The cultures may differ and the resources may vary.
The legal systems may vary or even be incompatible. In addition, the countries may use different currencies, forcing at least one party to convert its currency for another.
