Globalization   Definition Globalization is defined as the increasing process of interdependence and interconnected between different political, social and economic components of the world. It is the way in which the world is seen as the global village. Globalization is the free movement of goods, services and people across the world in a seamless and integrated...

Balance of Trade   Meaning Trade, in general connotation, means the purchase and sales of commodities. In International Trade, purchase and sale are replaced by imports and exports. Balance of Trade is simply the difference between the value of exports and value of imports. Thus, the Balance of Trade denotes the differences of imports and exports of a merchandise...

Balance of Payment   Meaning Balance of payments refers to the recording of all economic transactions of a given country with rest of the world.Each country has got to enter into economic transactions with other countries of the world.As a result of such transactions,it receives payments to other countries.Balance of Payments is a statement of accounts of these...

International Business Management   Meaning There are two ways of looking at the term ‘international business’. One is the ‘action’ and the other is the‘actor’. As an ‘action’, ‘international business’ refers to the types, process, scale, governance and other aspects of carrying out international business. As referring to actor, the term ‘international...

Analysis of Global Environment/Components/Types/Constituents of International Business Analysis of Global Environment Businesses are influenced by the environment that they’re in and all the situational factors that determine circumstances from day to day. It is because of this, that businesses need to keep a check and constantly analyse the environment within which...

Cross Cultural Communication   Meaning Translating meanings into words and behaviours that is, into symbols—and back again into meanings is based on a person’s cultural background and is not the same for each person. The greater the difference in background between senders and receivers, the greater the difference in meanings attached to particular words...

GATS   The General Agreement on Trade in Services (GATS) is a treaty of the World Trade Organisation (WTO) that entered into force in January 1995 as a result of the Uruguay Round negotiations. The treaty was created to extend the multilateral trading system to service sector, in the same way The General Agreements on Tariffs and Trade (GATT) provides such...