CHAPTER 1OVERVIEW OF INTERNATIONAL BUSINESSBusiness of the Olympics:•Intense reflection of international business•Government of games by IOC•Competition for hosting•Revenue sources for the OlympicsoBroadcast rightsoCorporate sponsorshipsWhat is International Business?•Business transactions between parties from more than one country•Parties may include•Private individualsoIndividual companiesoGroups of companiesoGovernmental agencies•International vs Domestic Business?oCurrency conversionoLegal systemsoCultureoAvailability of resources•Why Study International Business?oLarge organizations oForeign-owned subsidiariesoSmall businessesoCompetitorsoBusiness techniques and toolsoCultural literacy•International Business Activities:oExporting and ImportingoInternational InvestmentsoLicensing: firm in one country licenses the use of its intellectual property to a firm in a second country in return for a royalty paymento