Differentiate international business from domestic business and explain why companies should engage in international business.

Analyze the external factors of international business (e.g., political, legal, economics, culture) and how these may impact business.

Discuss the effects of international trade, trade policy, and the factors affecting countries’ trade patterns.

Differentiate between absolute advantage and comparative advantage trade theories.

Discuss the barriers to trade and the effect of these barriers.

Discuss and define regional trading groups.

Examine the concepts of gross national product, gross domestic product, and balance of payments.

Analyze and compute how foreign exchange rate is determined and the business implications regarding foreign exchange.

Examine the major marketing considerations applicable to international business, including product standardization versus differentiation, pricing decisions, promotional practices, and marketing mix.

Examine and differentiate the accounting concepts of General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Examine international human resource management and staffing approaches associated with MNEs