Globalization of Markets

Question 1

Two mega trends that have altered the international business landscape:

Answer 1

Globalization of markets or economies and technological advances

Question 2

Referring to the global interconnectedness and interdependence among buyers, producers, suppliers, and governments across nations

Answer 2

Market globalization

Question 3

• “To walk in the footsteps of others”
• Anglo-Saxon term

Answer 3

Trada

Question 4

Who

Created the first international banking system with the use of rudimentary traveler’s checks

Answer 4

Knights Templar

Question 5

A free-trade area established by two or more countries designed to reduce barriers to cross-border trade

Answer 5

Trade bloc

Question 6

• A single market with a common currency
• Eg. European Union

Answer 6

Economic and Monetary Union

Question 7

The relocation of manufacturing and other value-chain activities to cost-effective destinations abroad

Answer 7

Offshoring

Question 8

MNEs have been the center of criticisms, being labeled as ___

Answer 8

“Runaway” or “footloose” corporations

Question 9

Quick to relocate production to countries that offer better comparative advantages

Answer 9

“Runaway” or “footloose” corporations

Question 10

company’s voluntary commitment to operate ethically and contribute to economic development while improving the quality of life of its employees

Answer 10

Corporate Social Responsibility