CH4 MdTerm Flashcards
is a person’s usual or principal work as a means of earning a living.
Occupation
involves specialized educational
training and a formal qualification and license.
Profession
is a basic economic concept involving the
buying, selling, or exchange of goods and services.
- There are four types of business according to nature
or scope—service, trading, manufacturing, and
hybrid. - There are also four types of business according to
ownership—sole proprietorship, partnership,
corporation, and cooperative.
Trade
involves more than one country or relates to or affects two or more nations.
International
is generally defined as an endeavor to make a profit.
Business
means any activity or endeavor among nations around the globe involving the buying, selling, and exchanging of goods, services, capital, labor, resources, technology, and the like.
International business and trade
means profit (economy),
people (society), and the planet (environment).
Triple bottom line (TBL)
means thatbusinesses have an obligation to society and the environment beyond what is prescribed by law and above and beyond making a profit.
Corporate social responsibility
means that a firm is investing assets directly into a foreign country’s buildings, equipment, or organizations.
Foreign direct investment
simply means selling products to foreign markets.
Exporting
means buying foreign products.
Importing
equals exports plus imports.
Total trade
are contractual arrangements between countries concerning their trade relationships.
Trade agreements or treaties
is a contractual arrangement where the
licensor sells the right to use intellectual property or manufacture a product to the licensee for royalty.
Licensing
means a certain percent of the sales of the product or intellectual property.
Royalty
is a contractual arrangement in which
the franchisor permits the franchisee to use the business model or brand name for a fee to conduct business as an independent branch of the franchisor.
Franchising
is a joint undertaking by two or
more parties, which otherwise retain their distinct identities. It is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project.
Joint venture (JV)
Establishing a ——- means maintaining an office
in a foreign country.
branch
is a company whose common stock is 100% owned by the parentcompany.
wholly owned subsidiary
refers to buying global financial instruments or foreign direct investment by putting up a business in a certain country.
International investing
means residents of one country go to another country to work.
Labor migration
refers to the process of conveying results stemming from scientific and technological research to the marketplace and to a wider society, along with associated skills and procedures.
Technology transfer
is the increasing connectedness, integration, and interdependence of world cultures, economies, politics, and environment.
Accords to WHO; understood to
include two interrelated elements:
- the opening of international borders and
- the changes in institutions and policies that
facilitate the flows of goods, services, finance,
people, and ideas.
Globalization
STAGES OF GLOBALIZATION
- NAVIGATION
- RISE OF BUSINESS ORGANZATIONS
- RISE OF TECHNOLOGY:
The first stage of global development, what Friedman calls “Globalization 1.0,” started with Columbus’ discovery of the New World in 1492.
NAVIGATION
“Globalization 2.0,” from about 1800 to 2000, was largely shaped by the emerging power of huge, multinational corporations.
RISE OF BUSINESS ORGANZATIONS
“Globalization 3.0,” which Friedman says is today’s globalization, began around 2000 with advances in global electronic
interconnectivity through the internet.
RISE OF TECHNOLOGY
The current process of globalization is basically
characterized by…
(1) increasing worldwide active communication
systems and
(2) increasing fluent economic conditions,
…especially those circumstances and factors
regarding the mobility of financial resources and
trade.
is the creation of products or services for the global market by adapting them to local cultures and environment.
Glocalization
is the creation of hybrids, where mixed cultures take advantage of the opportunities provided by international business and trade.
opportunistic reaction
is to foster a resistance identity defending local history, traditions, and authentic cultures.
rebellious reaction
