Week 1 - Week 1: Globalization and Economic Systems...

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Week 1: Globalization and Economic Systems Introduction What is globalization? Although there are many definitions of globalization, the most common one is that of economic globalization. Economic globalization is defined as the international integration of goods, technology, labor, and capital. Firms implement global strategies to link and coordinate their international activities worldwide. This process is known as globalization; and now a new word, global , has been introduced to designate the results of this process. Week 1 examines the rise of globalization and the ways in which domestic firms create new windows of opportunity in foreign markets. The week also focuses on how the political, economic, and legal systems of a country affect businesses and their ability to compete effectively in a global market. Today, managers need to have a good understanding of these systems in countries where they intend to conduct business. Consider how international business affects you personally. For example, what kind of car do you drive? Were your car's parts made in your country? How might the answers to these questions affect the price of the car? Learning Outcomes By the end of this week, you will be able to: Describe, define, and discuss the key components of the external global environment and how the domestic business
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Week 1 - Week 1: Globalization and Economic Systems...

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