CHAPTER 1 GLOBALIZATION LEARNING OBJECTIVES: 1. Identify the types of companies that participate in international business. 2. Describe the process of globalization and how it affects markets and production. 3. Describe the two forces causing globalization to increase. 4. Summarize the evidence for each main argument in the globalization debate. 5. Describe the global business environment and identify its four main elements. CHAPTER OUTLINE: Introduction International Business Involves Us All Technology Makes It Possible Global Talent Makes It Happen Key Players in International Business Multinational Corporations Entrepreneurs and Small Businesses Globalization Globalization of Markets Reduces Marketing Costs Creates New Market Opportunities Levels Uneven Income Streams Local Buyers’ Needs Global Sustainability Globalization of Production Access Lower-Cost Workers Access Technical Expertise Access Production Inputs Forces Driving Globalization Falling Barriers to Trade and Investment The World Trade Organization Regional Trade Agreements Trade and National Output Technological Innovation E-mail and Videoconferencing The Internet Company Intranets and Extranets Advancements in Transportation Technologies