Form 11

 

International Business Relations      

What am I going to do after school or university? Maybe I should consider a job in the financial world. There is a surprisingly wide range to choose from. For example, I could work for a big international company, run my own International Business Research Agency or write about economics as a financial journalist.

What features are characteristic of world economy? You are about to begin an exciting, important and necessary task — the exploration of international business. It is exciting because it combines the science and the art of business with many other disciplines, such as economics, geography, history, language, jurisprudence, statistics, and demography. International Business is important and necessary because economic isolationism has become impossible.

Failure to become a part of the global market assures a nation of declining economic influence and a deteriorating standard of living for its citizens. Successful participation in International Business, however, holds the promise of improved quality of life and a better society, a more peaceful world.

As a nation we must take on the challenge of competing aggressively in the international arena or risk becoming a second-rate power in today's borderless economy.

The system of accounting for transactions between countries provides useful information to policy makers, international authorities, and business people by presenting data in consistent form. An informed user of international accounting data can analyse the financial position of one country relative to others.

The foreign market opportunity analysis is very important. When a firm starts its international activities, basic guidelines must be found quickly and at low cost.

Because major stock markets don't just affect the financial life of their own countries, they also play a vital role in the total world economy. These days, banks and stock-exchanges can move millions at a touch of a button. So, money is universal.

Questions:

1. What are you going to do after school or university?
2. What jobs in the financial world can you choose?
3. Why is the exploration of international business important?
4. Why is the foreign market opportunity analysis very important?
5. What do major stock markets affect?

Vocabulary:

feature  — особливість, риса
exploration — дослідження
to combine — обʼєднуватись
to assure -  гарантувати
deteriorating standard of living — погіршення рівня життя
transaction — транзакція, угода
stock-exchange [iks'tfaindg] — фондова біржа