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INTERNATIONAL BUSINESS AND TRADE (IBT) > INTRO > Flashcards

INTRO Flashcards

1
Q

refers to any firm engaged in both International trade and investment

A

INTERNATIONAL BUSINESS

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2
Q

occurs when firms export and import goods and services to and from countries other than their countries

A

INTERNATIONAL TRADE

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3
Q

happens when domestic companies purchase goods abroad and bring them to a domestic country for sale

A

IMPORT

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4
Q

happens when the domestic companies sell their products or services abroad

A

EXPORT

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5
Q

when export activities are higher than import activities

A

TRADE SURPLUS

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6
Q

when import activities are higher than export activities

A

TRADE DEFICIT

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7
Q

allows unrestricted export and import of goods from one country to other countries

A

FREE TRADE

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8
Q

fairly exchanging of goods and services between countries with the aim of offering better trading conditions

A

FAIR TRADE

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9
Q

practice of hiring or contracting services of another company (domestically or internationally) to perform part of the business operations

A

OUTSOURCING

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10
Q

practice of hiring or contracting services of another company abroad to perform part of the firm’s business operations

A

OFFSHORING

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11
Q

practice of hiring or contracting services of another company within the firm’s home country

A

ONSHORING

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12
Q

practice of offshoring to nearby countries

A

Nearshoring

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13
Q

practice of offshoring to far away countries

A

FARSHORING

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14
Q

is the body of knowledge that answers questions about the development and implementation of good business strategies

A

STRATEGIC MANAGEMENT

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15
Q

the central, integrated and externally oriented concept of how an organization will achieve its performance objectives

A

STRATEGY

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16
Q

tool that helps a firm assess its internal characteristics and external environment

A

SWOT ANALYSIS

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17
Q

recognition of opportunities (needs, wants, problems, challenges) and creating and developing products to take advantage of those opportunities

A

ENTREPRENEURSHIP

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18
Q

person engaged in entrepreneurial activities

A

ENTREPRENEUR

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19
Q

a form of entrepreneurship that takes place inside a business that is already in existence

A

INTRAPRENEURSHIP

20
Q

an employee of a firm who utilizes entrepreneurial skills to create and develop innovative products for the firm; they don’t bear the risks associated with the newly developed products

A

INTRAPRENEUR

21
Q

are individuals or organizations whose interests may be affected as the result of what another individual or organization does

A

STAKEHOLDERS

22
Q

technique used to identify and assess the importance of key people, groups of people, or institutions that may significantly influence the success of an activity, project or business

A

STAKEHOLDER ANALYSIS

23
Q

Who are the Stakeholders for an International Business?

A

Government of the country
Industry Associations
Suppliers
Labor
Customers
Consumers

24
Q

organization engaged in commerce with the aim of achieving a profit

A

BUSINESS

25
Q

What are the THREE-PART MISSION STATEMENTS OF THE BUSINESSES?

A
  1. Social and environmental mission
  2. Product Mission
  3. Economic Mission
26
Q

TRIPLE BOTTOM LINE

A

Profit, People, Planet

27
Q

buys products and services that are sourced form other countries

A

IMPORTER

28
Q

a person who sells products and services in foreign countries that are sourced from its home country

A

EXPORTER

29
Q

investing assets directly into a foreign country’s buildings, equipment or organizations

A

FOREIGN DIRECT INVESTMENT (FDI)

30
Q

means better access to raw materials, less costly labor, key suppliers, key customers, energy and natural resources

A

LOCATION ADVANTAGE

31
Q

OTHER FORMS OF INT’L BUSINESS

A

Government
Non-Government Organizations

32
Q

term used to describe the way countries are becoming more interconnected both economically and culturally

A

GLOBALIZATION

33
Q

main economic expression of globalization

A

INTERNATIONAL TRADE

34
Q

movement of goods from one geographic region to another

A

FOREIGN TRADE

35
Q

Why is there globalization?

A

*Declining Trade and Investment Barriers
*Development of New Technologies

36
Q

Role of Technological Change

A

*The Internet and the World Wide Web
*Transportation Technology

37
Q

merging historically distinct and separate national markets into one huge global marketplace making it easier to sell internationally

A

Globalization of Markets

38
Q

refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production

A

Globalization of Production

39
Q

is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by its member states.

A

THE WORLD TRADE ORGANIZATION (WTO)

40
Q

maintains order in the international monetary system; the World Bank was set up to promote economic development. It has focused on making low-interest loans to cash-strapped governments in poor nations that wish to undertake significant infrastructure investments (such as building dams or roads). This is often seen as the lender of last resort to nation-states whose economies are in turmoil and whose currencies are losing value against those of other nations

A

THE INTERNATIONAL MONETARY FUND (IMF)

41
Q

is committed to preserving peace through international cooperation and collective security

A

THE UNITED NATIONS

42
Q

How many nations are part of the UN as of today?

A

193

43
Q

What are the four purposes of UN according to UN Charter?

A

*to maintain international peace and security
*to develop friendly relations among nations
*to cooperate in solving international problems and in promoting respect for human rights
*to be a center for harmonizing the actions of nations

44
Q

the ability to use something without completely using it up or destroying it or the ability to last or continue for a long time

A

SUSTAINABILITY

45
Q

s a long-term solution to how we plan our indefinite progress in the future without causing damage to the environment so as to guarantee a safe habitat for the next generations

A

SUSTAINABLE DEVELOPMENT

46
Q

advance way of shipping goods in long distances

A

Containerization

INTERNATIONAL BUSINESS AND TRADE (IBT) (6 decks)

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