What is a joint venture?

1. In a joint venture the domestic firm buys part of a foreign company. 2. It may instead join with a foreign company to create a new entity. 3. A joint venture is a quick and relatively inexpensive way to enter the global market. 4. Selling goods abroad is exporting and hiring a foreign maker is contract manufacturing. 5. Licensing a trademark for a royalty is licensing rather than a joint venture. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.6 Participating in the Global Marketplace_