International business also increases competition in domestic markets and introduces new opportunities to foreign markets. Global competition encourages companies to become more innovative and efficient in their use of resources. For consumers, international business introduces them to a variety of goods and services. Studying international business will provide you with insights into the global economic and business climates. Additionally, many institutions strongly advise (or require) students who major or minor in international business to study a foreign language and/or to complete an overseas study or internship experience.