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MGMT Exam #4 > Chapter 16 Vocabulary > Flashcards

Chapter 16 Vocabulary Flashcards

1
Q

Resources, markets, and completion are worldwide in scope

A

Global economy

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2
Q

The process of growing interdependence among elements of the global economy

A

Globalization

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3
Q

The creation of domestic jobs by foreign employers

A

Insourcing

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4
Q

Shifts local jobs to foreign locations to take advantage of lower-wage labor in other countries

A

Outsourcing

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5
Q

Conducts commercial transactions across national boundaries

A

International business

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6
Q

Firms purchase materials, manufacturing, or services around the world for local use

A

Global sourcing

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7
Q

A network of a firm’s outsourcing suppliers and contractors

A

Global supply chain

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8
Q

Moves foreign production and jobs back to domestic locations

A

Reshoring

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9
Q

Local products are sold abroad

A

Exporting

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10
Q

The process of acquiring products abroad and selling them in domestic markets

A

Importing

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11
Q

One firm pays a fee for rights to make or sell another company’s products

A

Licensing

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12
Q

A firm pays a fee for rights to use another company’s name and operating methods

A

Franchising

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13
Q

Operates in a foreign country through co-ownership with local partners

A

Joint venture

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14
Q

Each partner hopes to achieve through cooperation things they couldn’t do alone

A

Global strategic alliance

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15
Q

A local operation completely owned by a foreign firm

A

Foreign subsidiary

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16
Q

Establishes a foreign subsidiary by building an entirely new operation in a foreign country

A

Greenfield venture

17
Q

A global institution established to promote free trade and open markets around the world

A

World trade organization (WTO)

18
Q

Gives a trading partner the most favorable treatment for imports and exports

A

Most favored nation status

19
Q

Taxes governments levy on imports and exports

A

Tariffs

20
Q

Nontax policies that governments enact to discourage imports, such as quotas and import restrictions

A

Nontariff barriers

21
Q

A call for tariffs and favorable treatments to protect domestic firms from foreign competition

A

Protectionism

22
Q

Links Canada, the United States and Mexico in an economic alliance

A

NAFTA (North American Free Trade Agreement)

23
Q

A political and economic alliance of 28 European countries

A

EU (European Union)

24
Q

Links 21 nations to promote free trade and investment in the pacific region

A

APEC (Asia-Pacific Economic Cooperation)

25
Q

Links 14 southern African countries in trade and economic development efforts

A

SADC (Southern Africa Development Community)

26
Q

Has extensive international business dealings in many foreign countries

A 
Global corporation 
Multinational Corporation (MNC)
27
Q

An MNC that operates worldwide on a borderless basis

A

Transnational corporation

28
Q

Where large global firms gain disproportionately from the global economy versus smaller firms

A

Globalization gap

29
Q

Involves illegal practices to further one’s business interests

A

Corruption

30
Q

Makes it illegal for U.S. firms and their representatives to engage in corrupt practices overseas

A

Foreign corrupt practices act

31
Q

Employ workers at low wages, for long hours, and in poor working conditions

A

Sweatshops

32
Q

The full-time employment of children for work otherwise done by adults

A

Child labor

33
Q

Possible profit loss because of fluctuating exchange rates

A

Currency risk

34
Q

Possible loss because of instability and political changes in foreign countries

A

Political risk

35
Q

Forecasts how political events may have an impact on foreign investments

A

Political-risk Analysis

36
Q

Culturally aware and informed on international affairs

A

Global manager

MGMT Exam #4 (10 decks)

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