Introduction
The evolution of trade activities since the ancient times has highly impacted how businesses are operated in the current world. Besides allocating the goods and services that are in demand, most businesses are started with the goal of making revenue for various purposes. Moreover, most of them are expanding with time depending on their set goals and expectations. The desire to serve and allocate the products dealt with within a specified business has seen most businesses cross borders to seek more clients and a wider market range. It is for these reasons among others that most businesses in the current world have gone global, hence the existence of international business and economy. Trade over borders has influenced the way people interact, the formation of ethnic groups, and adoption of various cultural practices. On the other hand, it is evident that some norms have made it possible for people from all walks of lives to embrace some cultures to facilitate success in their businesses. While there are factors that determine the growth and efficiency within the business environment, it is with utmost clarity that the existence of international policy has influenced various areas like foreign policies, technology, social aspects, politics and the economy among others.
International business has made it possible for various countries that lack particular goods and services to acquire them from those that have. For instance, some foods and fruits can only thrive under certain climatic environments making it difficult for geographic regions that lack the specific weather to grow such vegetation and hence rely on the nations that can to supply them with the meals required. The same applies to minerals, fisheries, technology, electronics, and devices among others. International business has facilitated profound and advantageous elements that favor involved parties including manufacturers, distributors, and consumers of the products in question.
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Some of the significant importance of international business includes the ability of various countries to earn foreign exchanges which are used for different purposes like expenditure on imports. Besides profiting businesses, the flow in foreign exchange impacts the growth of the economy in various countries (Shenkur, 2004). Through international businesses, resources are able to be utilized optimally, hence as mentioned earlier, facilitate the flow of products and services all-round the globe. Beyond financial gains, international business and economy have contributed to the expansion and diversity of cultures and trade activities. It has also impacted efficiency in organizations because of the stiff existing competition from other similar businesses. Moreover, large numbers of business entities that focus on the provision of similar products and services have foreseen the production of high quantity and affordable goods which favor consumers more and ensure that they are acquire nothing but the best.
Through international business, various countries have come together to implement policies that encourage trade between them ensuring that their citizens and the economy improve. Furthermore, innovations and creativity have been impacted making sure that industries worldwide stay away from comfort zones but thrive through the cutting edge and effective trading (Peng, Wang & Jiang, 2008) .
Conclusion
The international economy has been observed to grow within the past few years due to the application of improved strategies. The strict legislature has also ensured that global businesses do not breach the policies of particular countries primarily to ensure that they stay on the right course while conducting trade. Culture diversity and interaction between various ethnic communities has made it possible for businesses to thrive globally facilitating a development of unity among foreign countries which on the other hand boosts other factors that affect countries. Economic growth is a significant element in countries which promotes stability and sustainability which on the other aids in elimination of poverty among the citizens.
References
Peng, M., Wang, D., & Jiang, Y. (2008). An institution-based view of international business strategy: a focus on emerging economies. Journal Of International Business Studies , 39 (5), 920-936. doi: 10.1057/palgrave.jibs.8400377
Shenkar, O. (2004). One more time: international business in a global economy. Journal Of International Business Studies , 35 (2), 161-171. doi: 10.1057/palgrave.jibs.8400074
