Comparison International Business, International...

3. What are the similarities and differences between international business, International Transactions and International trade? (2 pages) 3.1 The similarity between international business, international transaction and international trade are described below. International trade is voluntary exchange of goods, services, assets, or money between residents of two countries. According to Alan M. Rugman and Richard M (2000:154) International trade is the branch of economics concerned with the exchange of goods and services with foreign countries or among countries across national boundaries. Some of the basic similarity between international trade and international business are listed below: * Trade arises because of regional†¦show more content†¦* There are two types of trade. They are: i) Bilateral trade ii) Multilateral trade * Some types of international business activities are: Importing and exporting, Foreign Direct Investments, Licensing, Franchising, Management contract. Generally, international trade is a much narrow set of activities and consists of exports and imports (e.g. goods and services) only. * International business in not only consist of international trade and foreign manufacturers but it consist of the growing service industry in such area as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communication. Reference Donald A. Ball and Wendell H. McCulloch. (1990) International Business introduction and essential: 4thed, Von Hoffmann press, USA Alan M. Rugman and Richard M. Hodgetts. (2000) International Business A Strategic Management Approch: 2nd ed. Rotolito Lombada, Italy International trade * Trade: voluntary exchange of goods, services, assets, or money between one person or organization and another * International trade: trade between residents of two countries International trade is the branch of economics concerned with the exchange of goods and services with foreign countries. 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