International business consists of trades and transactions at a global level. These include the trade of goods, services, technology, capital and knowledge.
It involves cross-border transactions of goods and services between two or more countries. Transactions of economic resources include capital, skills, and people for the purpose of the international production of physical goods and services such as finance, banking, insurance, and construction.
Types of Operations
Exports and imports of merchandise:
Merchandise exports: goods exported, not including services.
Merchandise imports: The physical good or product that is imported into the respective country. Countries import products or goods that their country lacks in. An example of this is Colombia imports cars since there is no Colombian car company.
Service exports: is the fastest growing export sector actually. The majority of the companies create a product that requires installation, repairs, and troubleshooting, Service exports is simply a resident of one country providing a service to another country.
"Tourism and transportation, service performance, asset use".
Exports and Imports of products, goods or services are usually a country’s most important international economic transactions.
There is an increasing amount of demand for business people with an education in international business.
Jobs directly related to this degree include:
Import/export Compliance Specialist