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term 1 > Econ > Flashcards

Econ Flashcards

1
Q

IMF

A

International Monetary Fund
primary purpose is to ensure the stability of the international monetary system – the system of exchange rates and international payments that enables countries and their citizens to transact with each other

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2
Q

WTO

A

World Trade Organization

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3
Q

key element of globalization

A

interdependence and interconnectedness among companies and countries around the globe

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4
Q

Thailand

A

2nd largest economy in southeast asia (indonesia is #1 )

exports = 2/3 GDP

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5
Q

GDP

A

Gross domestic product - The total value of goods and services provided in a country in a one-year period

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6
Q

Globalization

A

is when international integration arises from the interchange of world views, products, ideas, and other aspects of culture

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7
Q

Trade

A

The action of buying and selling goods and services

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8
Q

Capital

A

Financial assets such as funds but also equipment, facilities, and other means of production

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9
Q

outsource

A

To obtain goods or services from an outside or foreign supplier

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10
Q

Culture

A

as the normal or expected behavior in a particular situation

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11
Q

NGO (nongovernmental organization)

A

Not for profit organizations that are independent of the government and are active in humanitarian causes

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12
Q

Economic globalization

A

the widespread, international movement of goods, capital, services, technology, and information

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13
Q

patents

A

Protects inventions and improvements to existing inventions for a limited period of time in exchange for detailed public disclosure of those inventions

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14
Q

copyright

A

A government authority or license giving the owner of an invention the right to exclude others from making or selling the invention for a set period of time

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15
Q

trademark

A

Protection for any word, name, symbol, device, or any combination used in commerce to identify and distinguish the goods of one manufacturer or seller from goods manufactured or sold by others

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16
Q

asset

A

A useful or valuable thing; something you own such as building, inventory, or cash

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17
Q

liability

A

Being responsible for a debt or financial obligation, something you owe

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18
Q

financial instrument

A

A monetary contract between parties

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19
Q

multinational corporation

A

A large corporation incorporated in one country which produces or sells goods or services in various countries

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20
Q

5 stages of becoming a global company

A 
1- market entry
2- product specialization
3- value chain disaggregration
4- value chain reengineering
5- creation of new markets
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21
Q

supply chain

A

The sequence of processes involved in the production and distribution of a commodity

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22
Q

Economies of scale

A

A proportionate savings in costs gained by an increased level of production

23
Q

scope

A

To develop efficiencies in terms of variety not volume

24
Q

challenges of global expansion

A
  • Ethical business practices
  • Organizational structure
  • Public relations
  • Leadership
  • Legal and regulatory structure

additionally in less developed countries

Infrastructure
Technology

25
six sigma
A method that provides tools for organizations to increase performance and decrease process variation
26
10 significant events that helped reshape the modern world and make it flat
1-The Berlin Wall fell in 1989 and led to a transition from old-style communism to capitalism. 2-When Netscape went public in 1995, web browsing and email helped propel the internet by making it commercially viable and user-friendly. 3-With more powerful, easier-to-use software and improved connectivity, more people can share work from any location. 4-Providing basic software online for free gives everyone a source code, thus accelerating collaboration and software development. 5-The internet lets firms use employees worldwide and send specific work to the most qualified and cheapest labor, wherever it is. 6-Moving offshore isn’t just about outsourcing jobs; it also includes creating a new business model to make more goods for non-U.S. sale, thus increasing U.S. exports. 7-Walmart is an example that demonstrates that improved acquisition and distribution can lower costs and encourage suppliers to boost quality. 9-Insourcing, a type of service collaboration, happens when firms devise new service combinations to improve service. Take United Parcel Service (UPS). The "brown" company delivers packages globally, but it also organizes delivery routes for Papa John's pizza. 9-Google revolutionized information searching. Its users conduct some one billion searches annually. This search methodology and the wide access to knowledge on the internet transform information into a commodity people can use to create entirely new businesses. 10-Technological advances range from wireless communication to processing, resulting in extremely powerful computing capability and transmission
27
CAGE framework
used to evaluate international business opportunities/ growth Culture Administration Geography Economics
28
human capital
The education and skills of workers
29
stages of globalization
1. 0 2. 0 3. 0
30
Gini coefficient
Measures the inequality among values of a frequency distribution such as levels of income
31
Happy Planet Index
Happy Planet Index | Measures how well nations are doing at achieving long, happy, sustainable lives
32
Monarchy
A single person rules until he or she dies or abdicates the throne. Power can vary by type: absolute, constitutional, or a mix of both. Constitutional: Canada, Great Britain, Japan Absolute: Saudi Arabia, Qatar
33
Oligarchy
``` A small, elite group holds power Status not achieved through noble ancestry Russia Venezuela China ```
34
Dictatorship
A single person (or a very small group of people) holds power. Wields complete and absolute authority over a government and population. North Korea Cuba
35
Democracy
Citizens organize political parties and elect leaders Leaders power organized through constitution and term limits United States Canada Japan
36
Types of Political systems
Democracy Dictatorship Oligarchy Monarchy
37
GNP
gross national product The total value of goods and services provided by a country, both inside and outside of its borders, in a one-year period
38
civil law
detailed, prescriptive laws in which the role of the judge is to investigate whether a law has been broken.
39
Common law
based on precedence. Any activity that is not clearly illegal may be acceptable. The role of the judge is to hear arguments from both parties and make a judgment. This judgment stands as precedent for future cases.
40
Religious law
based on religious beliefs. One example is a requirement in Sharia that people following Sharia may not borrow money. To compensate for the inability to take on debt, an asset-based system has been established.
41
AAA rating
The highest possible rating that may be assigned by a credit rating agency for a bond
42
debt instruments
A tool used by a company or any other entity to raise money or capital
43
The Functions of the WTO
Oversee Agreements: Oversee the implementation and administration of the trade agreements between nations that are under the WTO's scope of authority. The WTO trade agreements cover goods, services, and intellectual property. Transparency of Trade Policy: All WTO members must publish, undergo a review of, and notify any changes in their trade regulations. Assist Developing Nations: Many developing countries and emerging markets lack the experience and technical expertise needed to deal with extensive and very comprehensive trade agreements. The WTO provides them with critical training and support, thereby ensuring that the WTO is inclusive and equitable toward both the wealthiest and most impoverished nations in the world.1 Provide Outreach: Maintain a dialogue with nongovernmental agencies, the media, and the general public to aid in transparency about WTO procedures, enhance cooperation, and increase awareness about WTO activities. Settle Disputes: Provide a forum for negotiations and the settling of disputes among nations. (WTO, n.d.). Ensure Non-discrimination: Most-favored-nation (MFN) status requires that a WTO member must apply the same terms and conditions to trade with all other WTO members. In other words, if a country grants another country (even a non-WTO member) a special favor, then every other WTO member must get the same treatment.1
44
TRIPS
(Trade-Related Aspects of Intellectual Property Rights)A WTO agreement that governs all IP laws and protects intellectual property rights for global businesses.
45
mercantilism
One of the earliest economic theories, which stated that a country's wealth was determined by the amount of gold and silver they had in their possession
46
export
A commodity, good, or service sold abroad
47
import
Bringing goods or services into the country from abroad for the purpose of selling
48
trade surplus
When the value of a country's exports is greater than the value of goods being imported
49
protectionism
When the value of a country's exports is greater than the value of goods being imported
50
government subsidies
Money paid by the government to help an organization or industry reduce its costs
51
absolute advantage
producing a good over another country if it uses fewer resources to create that good
52
Comparative advantage
having the ability to produce a good or service at the lowest opportunity cost.
53
opportunity cost
The loss of potential gain from other alternatives when one alternative is chosen
54
Free trade
is a policy by which governments do not discriminate against exports and imports. There are few or no restrictions on trade, and markets are open to both foreign and domestic supply and demand.2

term 1 (2 decks)

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