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OM 6 > Globalization > Flashcards

Globalization Flashcards

1
Q

Refers to the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.

A

Globalization

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2
Q

what are the characteristics of globalization?

A

denationalization & internationalization

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3
Q

the socio-economic reform process of eliminating trade, cultural, information technology and political barriers across countries.

A

Globalization

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4
Q

Reshapes our lives and forces industries to grow and be more competitive

A

Globalization

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5
Q

process of turning over publicly owned and operated businesses/services to private companies.

A

denationalization

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6
Q

national boundaries are becoming less relevant

A

denationalization

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7
Q

process of designing products to meet the needs of users in many countries

A

internationalization

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8
Q

what are the areas of business in which globalization has a profound effect?

A

globalization of markets

globalization of production

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9
Q

refers to the convergence in buyer preferences in markets around the world

A

globalization of markets

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10
Q

refers to the dispersal of production activities to locations that help a company achieve its cost-minimization or quality-maximization for a good or service

A

globalization of production

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11
Q

what are the forces that drive globalization?

A

falling barriers to trade and investment
&
technological innovation

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11
Q

what are the forces that drive globalization?

A

falling barriers to trade and investment
&
technological innovation

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12
Q

what are the falling barriers to trade and investment?

A
  • general agreement on tariffs and trade (GATT)
  • world trade organization
  • regional trade agreements
  • trade and national output
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13
Q

a treaty that promotes free trade and reduces tariffs and non-tariff barriers to international trade.

A

General Agreement on Tariffs and Trade (GATT)

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14
Q

giving protection to copyrights, trademarks and service marks, and patents.

A

Intellectual property rights

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15
Q

also known as custom duties; tax imposed on goods entering at its borders

A

Tariffs

16
Q

are limits on the quantity of an imported product e.g., quota

A

non-tariff barriers

17
Q

an international organization that enforces the rules of international trade

A

World Trade Organization (WTO)

18
Q

agreement among the U.S, Canada, and Mexico designed to remove tariff barriers between the three countries

A

North American Free Trade Agreement

19
Q

a political and economic union of 28 member states that are located primarily in Europe. promotes peace, establishes a unified economic and monetary system.

A

European Union (EU)

20
Q

established in Bangkok on August 8 1967 by 5 countries. promotes economic growth, social progress, and cultural development in the southeast asian region

A

ASEAN Community

21
Q

value of all goods and services produced by a domestic economy over a one-year period.

A

Gross domestic product

22
Q

value of all goods and services produced by a country’s domestic and international activities over a one-year period.

A

gross national product

23
Q

nation’s GDP or GNP divided by its population

A

GDP or GNP per capita

24
Q

what are the technological innovation?

A
  • e-mail and video conferencing
  • internet and world wide web
  • company intranets and extranets
    advancement in transportation technologies
25
Q

provides financing for national economic efforts

A

World bank

26
Q

works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

A

International monetary fund (IMF)

27
Q

arguments against globalization?

A
  • eliminates jobs in developed nations
  • lowers wages in developed nations
  • exploit workers in developing nations
28
Q

arguments favoring globalization?

A
  • increases wealth and efficiency in all nations
    generates labor market flexibility in developed nations
  • advances economies of developing nations
29
Q

what are the key challenges facing international business?

A
  • technological sophistication
  • international volatility
  • international workforce challenges
  • workforce quality and competitiveness
  • increasing work diversity
30
Q

the process of sending jobs overseas and is not limited to big multinationals.

A

offshoring

31
Q

when firms that offshored skilled manufacturing jobs or knowledge workers have pulled back to their home countries.

A

Reshoring

OM 6 (3 decks)

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