International business consists of transactions that are devised and carried out across national borders to satisfy the objectives of individuals, companies, and organizations. These transactions take on varied forms, which are often interrelated. Primary types of international business are export-import trade and direct foreign investment. The latter is carried out in varied forms, including wholly owned subsidiaries and joint ventures. Additional types of international business are licensing, franchising, and management contract.
As the definition indicates, and as for any kind of domestic business, 'satisfaction' remains a key tenet of international business. The fact that the transactions are across international borders highlights the difference between domestic and international business. The international executive is subject to a new set of macro-environmental factors, to
different constraints, and to quite frequent conflicts resulting from different laws, cultures, and societies. The basic principles of business still apply, but their application, complexity, and intensity vary substantially.
21. International business consists of domestic and international transactions.
22. Export-import trade is the basic form. of international business.
23. As the definition indicates, 'satisfaction' remains a key tenet of international business.
'A key tenet' here means an important principle.
24. There is no difference between national and international business.
25. International business is influenced by different laws, cultures, and societies.
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