Class 11 Business Studies - WEST-BENGAL
International Business
The chapter 'International Business' in Class 11 Business Studies under the West Bengal Board (WBBSE) introduces students to trade and commerce beyond national boundaries. It covers the fundamental nature, scope, and significance of international business, highlighting how it differs from domestic trade. Students will learn about the modes of entry into international business, such as exporting, importing, franchising, joint ventures, and wholly owned subsidiaries. The chapter also explores major international trade institutions like the WTO, IMF, and World Bank, along with key export-import documents and procedures, making it vital for board exam scoring.
Start Learning FreeKey Concepts
International Business
Commercial transactions, including trade of goods, services, and capital, taking place between two or more countries.
Contract Manufacturing
A mode of entry where a firm produces goods in foreign countries through local manufacturers based on specific contracts.
Joint Venture
A business arrangement in which two or more firms agree to pool their resources for accomplishing a specific international task.
Letter of Credit (LoC)
A guaranteed payment document issued by the importer's bank to the exporter's bank to ensure secure international trade.
Bill of Lading
A document issued by a shipping company acknowledging the receipt of goods for transport and serving as a title of goods.
Important Formulas
Board Exam Info
In the West Bengal (WBBSE) Class 11 Business Studies exam, this chapter typically carries around 6 to 10 marks. Common question types include short-answer questions (SAQ) on trade documents, descriptive questions (LAQ) on modes of entry, and differences between domestic and international business.
Frequently Asked Questions
What is the difference between domestic and international business?
Domestic business takes place within a country's borders using a single currency, while international business crosses national frontiers, involving multiple currencies, legal systems, and cultural differences.
Why do companies engage in international business?
Companies expand globally to seek higher profits, utilize excess production capacity, access cheaper resources, overcome domestic market saturation, and spread business risks.
What is the role of a Bill of Lading in export procedures?
A Bill of Lading acts as an official receipt of goods issued by the carrier company, a contract of carriage, and a document of title which helps the importer claim goods at the destination port.
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