Focuses on understanding critical aspects of the global business environment that influence firm decisions and behavior. Globalization is present in market competition, capital markets, and managerial talent as evidenced by free trade areas and economic unions forming, the volatility in global financial markets, and the continued rise of transnational firms. With globalization, the challenge for firms is to acknowledge, understand and act when appropriate - to act by sourcing, lobbying, and relocating value chain activities internationally.