Name:
Ronquillo, John Andrew C,
Course and Section:
BSMT
Date: May 16, 2023
Subject: COSH42
PERFORMANCE ASSESSMENT
Directions: Answer the critical thinking essay below in 10 sentences or more. Use extra
sheets if necessary: (2 items x 10 points)
1. Based on our discussion and your previous readings of the module, how did
international business come into existence? How does the meaning of international
business vary in its three (3) formats?
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People have been trading goods for nearly as long as they have existed.
However, a remarkable phenomenon occurred in the first century BC. For the
first time in history, Chinese luxury goods began to appear on the other side of
the Eurasian continent in Rome. They arrived after being transported
thousands of miles along the Silk Road. Trade had ceased to be a local or
regional affair and had begun to become global. International trade has existed
since antiquity. The Pre-World War era was defined by the Mercantilist
approach. Nations aimed to achieve export surpluses by colonizing countries.
The primary reason for the first phase of International Business and
Globalization was the integration and growth of economies and societies.
Between 1990 and 2000, the term "International Business" evolved from the
term "International Marketing." The major types of international business are
as follows. Export trade is the sale of goods and services to other countries.
Import trade is the purchase of goods and services from other countries.
Importing goods and services to re-export to other countries is known as
entrepot trade.
2. What is your understanding of globalization? How is globalization compared to
international business? Why do economic developments in the United States have
global repercussions?
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The term "globalization" refers to the increasing interdependence of the world's
economies, cultures, and populations as a result of cross-border trade in goods
and services, technology, and flows of investment, people, and information. In
the business world, globalization is associated with trends such as outsourcing,
free trade, and international supply chains. Globalization is significant because
it expands the global market and allows more and different goods to be
produced and sold at lower prices. Globalization refers to the processes that a
company uses to expand its operations to the rest of the world. The practice of
designing products, services, and internal operations to facilitate expansion
into international markets is known as internationalization. Higher economic
growth results in higher tax revenues, allowing the government to spend more
on public services such as health care and education, among other things. This
can lead to higher living standards, such as increased life expectancy, higher
rates of literacy, and a better understanding of civic and political issues.
Because America accounts for more than 30% of the global economy, its
consumers are crucial. America has the largest market in the world. Even
Chinese companies intend to expand their economies by selling to Americans.