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Key Takeaways The five main reasons international trade takes place are differences in technology, differences in resource endowments, differences in demand, the presence of economies of scale, and the presence of government policies .

These are:

Scope of International Business (1) Exports and Imports . They include merchandise (tangible or having physical existence) of goods. Export merchandise means sending goods to other nations. Import merchandise means receiving goods from other nations. They include the trade of services.

There are three types of international trade: Export Trade, Import Trade and Entrepot Trade .

The Top 7 Skills Needed for Success in International Business

Studying international business allows you to see how globalisation has brought about an increasing ‘connectedness’ of businesses, markets, people and information across countries . What’s more, the skills that you develop on a course of this nature are highly sought after by employers.

The study of international trade aims to prepare students for a prominent and innovative place in society in the world of economics and domestic and international trade . Keeping pace with the breadth, popularity and spread of international trade concepts, applications, approaches and markets.