GMS 200 Lecture Notes - Lecture 3: Transparency International, Joint Venture, Weddings In India

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Globalization: is the process of growing interdependence among the components of the global economy. Health, transportation, climate change, terrorism are all being globalized. Global sourcing: a common first step into international business is global sourcing, which is the process of purchasing materials or services from around the world for local use. Ex: it is an international division of labour in which activities are performed in countries where they can be done well at the lowest cost. Export: is a form of international business that involves selling locally made products in foreign markets. Importing: is a form of international business that involves buying foreign- made products and selling them in domestic market. Exporting is a significant pathway to business growth for both individual firms and economies. Licensing: agreement occurs when a firm pays a fee or the rights to make or sell another company"s products in a specified region.