1- The importance of international trade, economic integration, and global markets to UK business organizations?

There are many things that are important about international trade, economic integration and global markets. Without international trade, businesses wouldn't be as profitable and economies would suffer.

Below are some reasons as to why such things as international trade are so important to UK businesses.

• Broadens Horizons and Markets

If a company based in the UK was to only sell and trade their products domestically, never marketing or pushing their product to consumers in other countries, the country would completely limit its potential. They may always gain a steady trade from UK consumers, but they wouldn't be able to grow as much as if the company traded with eight other countries, for example.

This is why international trade is so important for companies and the economy - it increases traffic, customer figures and sales.

• Production Costs

By trading in other countries, the company also opens itself up to lower production costs. For example, a TV manufacturer in Australia may discover that its product could be created for substantially less in a factory in Greece.

This not only saves the company money, but it helps the consumer as the TV can be sold for less. Furthermore, Greece's economy is helped thanks to the TV company paying the factory to create its product.

• Materials

If it wasn't for other countries, we wouldn't be able to get our hands on many of the materials we need to make products we use every day - especially in the food industry. Colder countries, such as the UK, rely on hotter countries for fruits such as bananas and mangoes, and those hotter countries rely on places such as the UK for such items as potatoes.

Without international trade or economic integration of food trade, all countries would have a very scarce choice.