MB0053 –International Business Management

 

 

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ASSIGNMENT

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

1 “The world economy is globalizing at an accelerating pace”. Discuss this statement and list the benefits of globalization.

 

Answer : Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Put in simple terms, globalization refers to processes that increase world-wide exchanges of national and cultural resources. Advances in transportation and telecommunications infrastructure, including the rise of the telegraph and its posterity the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities. Though several scholars place the origins of globalization in modern times, others trace its history long before the

 

 

 

2 Compare the Adam Smith and David Ricardo’s theories of international trade with examples.

Answer : In 1817, David Ricardo, an English political economist, contributed theory of comparative advantage in his book ‘Principles of Political Economy and Taxation’. This theory of comparative advantage, also called comparative cost theory, is regarded as the classical theory of international trade.

According to the classical theory of international trade, every country will produce their commodities for the production of which it is most suited in terms of its natural endowments climate quality of soil, means of transport, capital, etc. It

 

 

3 Regional integration is helping the countries in growing their trade. Discuss this statement. Describe in brief the various types of regional integrations.

 

Answer : Regional integration is vital to creating the infrastructure that many poor countries are unable to build on their own: trade corridors, transport networks, energy development, water resources management, and telecommunications connectivity. Effective collaboration among countries can meet the critical gaps in basic access and service delivery that promote growth and development.

Types

 

 

 

4 Write short note on:

 

a) GATS (General Agreement on trade in services)

 

Answer : The General Agreement on Trade in Services (GATS) is a treaty of the World Trade Organization (WTO) that entered into force in January 1995 as a result of the Uruguay Round negotiations. The treaty was created to extend the multilateral trading system to service sector, in the same way the General Agreement on Tariffs and Trade (GATT) provides such a system for merchandise trade.

All members of the WTO are signatories to the GATS. The basic WTO principle of most favoured nation (MFN) applies to GATS as well. However, upon accession, Members may introduce temporary exemptions to this rule.

 

 

b) ILO (International Labour organization)

 

Answer : Underlying the ILO’s work is the importance of cooperation between governments and employers’ and workers’ organizations in fostering social and economic progress.

 

The ILO aims to ensure that it serves the needs of working women and men by bringing together governments, employers and workers to set labour standards, develop policies and devise programmes. The very structure of the ILO, where workers and employers together have an equal voice with governments in its deliberations, shows

 

 

 

 

5 What is the difference between domestic and international accounting and how will you measure this difference?

Answer : What is Domestic Accounting?

 

Domestic Accounting: an information specialty providing information about a firm to users of that information as a basis for economic decisions.

 

What is International Accounting?

 

International Accounting (defined): same as above

 

 

6 Discuss the various payment terms in international trade. Which is the safest method and why?

Answer : Introduction

 

There is no predefined definition of personal import. In general a personal import is a direct purchase of foreign goods from overseas mail order companies, retailers, manufacturers or by an individual for the purpose of personal use.

 

The most common terms of purchase are as follows:

 

Consignment Purchase

Consignment purchase terms can be the most beneficial method of payment for the importer. In this method of purchase, importer makes the payment only once

 

 

 

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