Wgu C211 Global Economics Study Guide
Chapter 1 ("Globalizing Business") Competency 3012.1.1: Business Decision Making in the Global Environment The graduate analyzes economic forces and operations of global markets in order to improve decision making. Global business refers to business that is conducted around the world. It is important to study global business in order to understand what determines the success and failure of businesses around the globe. Two core perspectives on global business are the institution-based perspective and the resource-based view. Globalization is the close commercial integration of countries and people of the world through accelerating the pace of specialization and trade among world economies. This leads to increasing integration of product and productive resource markets. Depending on what sources you read, globalization could be • a new force sweeping through the world in recent times • a long-run historical evolution since the dawn of human history • a pendulum that swings from one extreme to another from time to time Chapter Summary 1.1 Explain the concepts of international business and global business, with a focus on emerging economies. IB is typically defined as 1. a business (firm) that engages in international (cross-border) economic activities, and 2. the action of doing business abroad. Global business is defined in this book as business around the globe. An interesting recent development out of emerging economies is reverse innovation.
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