About This Chapter
Praxis Business Education: Foundations of International Business - Chapter Summary
Prepare for your Praxis Business Education exam with some help from our lessons. Review the basic groundwork for international business through our engaging video lessons. Complete the quizzes to check for understanding and to see the types of questions that you might find on the test. The following topics are included in this chapter:
- Global markets and global trade
- Exporting and importing in global markets
- Methods for reaching global markets
- Effects on trade in global markets
- Hofstede's Theory of Cultural Dimensions
- Regional integration's influences and purposes
At the end of each lesson, take the quick quiz to demonstrate mastery of the concepts. Watch the videos as many times as you wish, to make sure you're ready for the Praxis.
Praxis Business Education: Foundations of International Business Objectives
This topic area is a part of the larger law and international business portion of the Praxis business exam, addressed through about 18 questions, or approximately 15% of the test. International business concepts assessed in this section include the following:
- Foundations, role and impact of international business
- Environment of international business: cultural, social, legal, political and economic
- Impact of a country's infrastructure
- Balance of trade, imports/exports, trade agreements and trade barriers
You may also want to review chapters concerning contract, consumer and computer law, to prepare fully for this section of the Praxis Business Education test.
1. The Importance of the Global Market and Global Trade: Role & Advantages
We all need resources, products and service to live and thrive. Sometimes these things are not readily available locally. In this lesson, you'll learn about the importance of international trade and globalization in fulfilling our needs and wants.
2. Importing and Exporting in a Global Market: Definition, Process & Importance
The lifeblood of the global market is trade. In this lesson, you'll learn about the importance of importing and exporting and related concepts including trade deficits, balance of payments, and formal and informal barriers to trade.
3. Strategies for Reaching Global Markets: Examples & Types
In 2013, the global market had over seven billion potential consumers with needs and wants to be fulfilled. In this lesson, you'll learn about strategies businesses can use to tap this immense market.
4. Forces that Affect Trade in Global Markets
The global marketplace is diverse. While diversity provides opportunity, it also provides challenges. In this lesson, you'll learn about the forces that affect trade in the global market. You'll also have a chance to take a short quiz after the lesson.
5. Hofstede's Cultural Dimensions Theory
Dimensions of culture are an important aspect of international business. Knowing how cultures view different aspects of business can help a manager navigate through the international business market.
6. Regional Integration: Definition, Influence & Purpose
Regional integration is when a group of countries get together and develop a formal agreement regarding how they will conduct trade with each other. There are many different levels of involvement, and in this lesson, we will review the types and how a manager should understand and match them to his or her company's international needs.
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Other chapters within the Praxis Business Education - Content Knowledge (5101): Practice & Study Guide course
- Praxis Business: Accounting
- Praxis Business: Personal Finance
- Praxis Business: Business Finance
- Praxis Business: Foundations of Communication
- Praxis Business: Written & Oral Communication
- Praxis Business: Employment Communication & Career Research
- Praxis Business: Economic Allocation of Resources
- Praxis Business: Economic Systems & Market Structures
- Praxis Business: Role of the Government in Economics
- Praxis Business: Economic Indicators of Growth
- Praxis Business: Entrepreneurship
- Praxis Business: Information Technology Operations and Concepts
- Praxis Business: Technology Tools
- Praxis Business: Computer Applications
- Praxis Business: Programming & Design
- Praxis Business: International Business Environment
- Praxis Business: Contract Law
- Praxis Business: Consumer & Computer Law
- Praxis Business: US Court System
- Praxis Business: Marketing
- Praxis Business: Management
- Praxis: Professional Business Education
- Praxis Business Education: Content Knowledge Flashcards