CHAPTER 1 GLOBALIZATION LEARNING OBJECTIVES: 1. Identify the types of companies active in international business. 2. Explain globalization and how it affects markets and production. 3. Detail the forces that are driving globalization. 4. Outline the debate over globalization’s impact on jobs and wages. 5. Summarize the debate over income inequality. 6. Outline the debate over culture, sovereignty, and the environment. 7. Describe the global business environment and its 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 What Is Globalization? Globalization of Markets Reduces Marketing Costs Creates New Market Opportunities Levels Uneven Income Streams Local Buyers’ Needs Global Sustainability Three Markets, Three Strategies Globalization of Production Access Lower-Cost Workers Access Technical Expertise Access Production Inputs Forces Driving Globalization Falling Barriers to Trade and Investment World Trade Organization Other International Organizations Regional Trade Agreements Trade and National Output