Meaning of International Business - International Business | Class11 Business Studies Ch11

Summary

In this video, CSP discusses the differences between domestic and international business. The video explains key concepts such as national versus international business, and the distinctions between internal trade within a country's boundaries and trade beyond them. The speaker emphasizes that international business encompasses more than just trade, including the movement of capital, technology, and intellectual property. The video aims to clarify common misconceptions and provides an in-depth understanding of the broad scope of international business.

Takeaways

• 👋 Hello everyone, welcome back to Lima! CSP introduces the topic of international business in this video.
• 🌍 Domestic or national business occurs within the geographical boundaries of a nation.
• 🛠 Internal or home trade refers to business within the country, while international business involves cross-border transactions.
• 🚚 International business encompasses both manufacturing and trade activities beyond the borders of one's own country.
• 💼 International business is a broader term than international trade, including capital, technology, and intellectual property movement.
• 📑 Capital, technology, and trademarks are part of international business activities, not just goods and services trade.
• 📝 Key terms include domestic business (within the country) and international business (between countries).
• 🇮🇳 An example provided: If India trades with China, it's international business; if business happens solely within India, it's internal business.
• ⚖️ International business isn't limited to trade; it includes various economic factors like intellectual property and technology.
• 🔗 For more details or notes on the chapter, viewers are directed to Magnet Brains' website.

Q & A

What is the definition of domestic or national business?

Domestic or national business refers to business transactions that take place within the geographical boundaries of a nation. It is also known as internal business or home trade.

How does national business differ from international business?

National business operates within the geographical boundaries of a single country, while international business involves manufacturing and trade that go beyond a country's borders.

What are some other terms used to describe national business?

National business is also known as domestic business, internal business, or home trade.

What constitutes international business?

International business involves the manufacturing and trade of goods and services beyond the boundaries of one's own country. It includes not only trade but also the movement of capital, personnel, technology, and intellectual property across borders.

Is international trade the same as international business?

No, international trade is a part of international business, but international business is a broader term that encompasses many other activities such as the movement of capital, technology, and intellectual property.

What happens when a country like India trades with another country like China?

When India trades with China, it is considered international business because the trade is occurring beyond India's national boundaries.

What does internal business involve?

Internal business involves all business activities that take place within a single country's geographical area, without crossing national borders.

Why is international business considered a broad term?

International business is considered broad because it includes not just trade but also the international movement of goods, services, capital, technology, and intellectual property.

What are some examples of what is involved in international business aside from trade?

International business includes the movement of capital, personnel, technology, and intellectual property, in addition to trade.

What is the main takeaway about international business from the video?

The main takeaway is that international business is a comprehensive term that goes beyond just international trade, involving various other cross-border activities.