International Business Flashcards
What is globalization?
The shift toward a more integrated and interdependent world economy.
What is the globalization of markets?
The merging of historically distinct and separate national markets into one huge global marketplace.
Globalization of production is?
The sourcing of goods and services from locations around the globe to take advantage of national differences in cost and quality of factors of production.
What are factors of production?
Resources such as labor, land, energy, and capital.
What does the GATT stand for?
The General Agreement on Tariffs and Trade was created to perform the functions of managing, regulation, and policing the global marketplace, as well as, promoting the establishment of multinational treaties to govern the global business system. Its successor is the WTO.
