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International Business > Midterm Vocabulary > Flashcards

Midterm Vocabulary Flashcards

1
Q

Company that engages in international business shortly after starting

A

Born Global Firm

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2
Q

Use of computer networks to purchase sell, or exchange products to serve customers, and to collaborate with partners

A

E-Business

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3
Q

Commercial transaction that crosses the borders of 2+ nations

A

International Business

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4
Q

Goods/Services purchased abroad and brought INTO a country

A

Imports

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5
Q

Goods/Services sold abroad and sent OUT of a country

A

Exports

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6
Q

Value of all goods and services produced by a domestic economy during a one-year period.

A

Gross
Domestic
Product

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7
Q

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

A

Gross
National
Product

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8
Q

Treaty designed to promote free trade by reducing both tariff and nontariff barriers to international trade

A

General
Agreement on
Tariffs and
Trade

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9
Q

Trend toward greater economic cultural political and technological interdependence among national institutions and economies

A

Globalization

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10
Q

Nations GDP or GNP / by its population

A

GDP or GNP / Capita

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11
Q

Agency created to regulate fixed exchange rates and to enforce the rules of the international monetary system

A

International
Monetary
Fund

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12
Q

Business that has direct investments abroad in multiple countries

A

Multinational
Corporation

MNC

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13
Q

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

A

Sustainability

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14
Q

Agency created to provide financing for national economic development efforts

A

World Bank

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15
Q

International organization that enforces the rules of international trade

A

World Trade Organization

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16
Q

values, beliefs, rules held by a group of people

A

culture

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17
Q

group of ppl who share a unique way of life within a larger dominant culture

A

subculture

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18
Q

belief that ones culture is better than others’

A

ethnocentricity

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19
Q

detailed knowledge about a culture

A

cultural literacy

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20
Q

ideas, beliefs, and customs that people attach to

A

values

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21
Q

positive/negative feelings towards objects or concepts

A

attitude

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22
Q

what a culture considers good taste

A

aesthetics

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23
Q

appropriate ways of behaving, speaking and dressing in a culture

A

manners

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24
Q

habits or ways of behaving in specific circumstances that are passed down through generations in a culture

A

customs

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25
Q

behavior, often dating back generations that is practiced by a homogeneous group of people

A

folk custom

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26
Q

behaviors shared by a heterogeneous group

A

popular custom

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27
Q

collection of 2+ ppl who identify and interact with each other

A

social group

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28
Q

process of ranking ppl into social layers or classes

A

social stratification

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29
Q

ease of people moving up or down in a cultures social ladder

A

social mobility

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30
Q

people are born into their social ranking without the possibility of social mobility

A

caste system

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31
Q

ability and actions determine social status and mobility

A

class system

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32
Q

departure of highly educated ppl from one profession, region, or country to another

A

brain drain

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33
Q

link language understood by 2 parties who speak different native languages

A

lingua franca

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34
Q

all the technology used in a culture to make goods and provide services

A

material culture

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35
Q

anything that represents a cultures way of life including gestures objects traditions or concepts

A

cultural trait

36
Q

process where cultural traits spread from one culture to another

A

cultural diffusion

37
Q

replacement of one culture’s traditions folk heroes and artifacts with substitutes from another

A

cultural imperialism

38
Q

structures, processes, and activities by which a nation governs itself

A

political system

39
Q

political system in which individuals govern without the support of the people

A

totalitarian system

40
Q

democracy where citizens elect individuals from their groups to represent their political views

A

representative democracy

41
Q

Segment of the economic environment comprising independently owned firms that seek to earn profits

A

private sector

42
Q

belief that ownership of the means of production belong in the hands of individuals and private businesses

A

capitalism

43
Q

policy of selling government owned economic resources to private operators

A

privatization

44
Q

economic system where most of the nations land factories and other economic resources are privately owned

A

market economy

45
Q

laws designed to prevent companies from fixing prices sharing markets and gaining unfair monopoly advantages

A

anti-trust laws

46
Q

Government endorses private ownership of property in market based economy by grants few political freedoms

A

right wing totalitarianism

47
Q

values, beliefs, rules held by a group of people

A

culture

48
Q

group of ppl who share a unique way of life within a larger dominant culture

A

subculture

49
Q

belief that ones culture is better than others’

A

ethnocentricity

50
Q

detailed knowledge about a culture

A

cultural literacy

51
Q

ideas, beliefs, and customs that people attach to

A

values

52
Q

positive/negative feelings towards objects or concepts

A

attitude

53
Q

what a culture considers good taste

A

aesthetics

54
Q

appropriate ways of behaving, speaking and dressing in a culture

A

manners

55
Q

habits or ways of behaving in specific circumstances that are passed down through generations in a culture

A

customs

56
Q

behavior, often dating back generations that is practiced by a homogeneous group of people

A

folk custom

57
Q

behaviors shared by a heterogeneous group

A

popular custom

58
Q

collection of 2+ ppl who identify and interact with each other

A

social group

59
Q

process of ranking ppl into social layers or classes

A

social stratification

60
Q

ease of people moving up or down in a cultures social ladder

A

social mobility

61
Q

people are born into their social ranking without the possibility of social mobility

A

caste system

62
Q

ability and actions determine social status and mobility

A

class system

63
Q

departure of highly educated ppl from one profession, region, or country to another

A

brain drain

64
Q

link language understood by 2 parties who speak different native languages

A

lingua franca

65
Q

all the technology used in a culture to make goods and provide services

A

material culture

66
Q

anything that represents a cultures way of life including gestures objects traditions or concepts

A

cultural trait

67
Q

process where cultural traits spread from one culture to another

A

cultural diffusion

68
Q

replacement of one culture’s traditions folk heroes and artifacts with substitutes from another

A

cultural imperialism

69
Q

structures, processes, and activities by which a nation governs itself

A

political system

70
Q

political system in which individuals govern without the support of the people

A

totalitarian system

71
Q

democracy where citizens elect individuals from their groups to represent their political views

A

representative democracy

72
Q

trait theory that nations should accumulate financial wealth by encouraging exports and discouraging imports

A

Mercantilism

73
Q

when the value of a nations export is greater than the value of its imports

A

trade surplus

74
Q

when the value of a countries imports is greater than the value of its exports

A

trade deficit

75
Q

Ability of a nation to produce a good more efficiently than any other nation

A

absolute advantage

76
Q

inability of a country to produce a good more efficiently than other nations But an ability to produce that good more efficiently than it does any other good

A

Comparative advantage

77
Q

trait theory stating that countries produce and export goods that require resources that are abundant and import goods that require resources in short supply

A

Factor proportions theory

78
Q

Theory stating that a company will begin by exporting its product and later undertake foreign direct investment as the product moves through its lifecycle

A

International product lifecycle

79
Q

trade theory stating that there are gains to be made from specialization and increasing economies of scale the companies first to market can create barriers to entry and government may play a role in assisting its home companies

A

New trade theory

80
Q

Economic and strategic advantage gained by being the first company to enter an industry

A

first mover advantage

81
Q

Trait theory stating that a nations competitiveness in an industry depends on the capacity of the industry to innovate and upgrade

A

National competitive advantage theory

82
Q

theory stating that when an imperfection in the market makes a transaction less efficient then it could be a company will undertake foreign direct investment to internalize the transaction and remove the imperfection

A

market imperfections theory

83
Q

theory stating that firms undertake foreign direct investment when the features of a location combined with ownership and internalization advantages to make a location appealing for investment

A

eclectic theory

84
Q

theory stating that a firm tries to establish a dominant market presence in an industry by undertaking foreign direct investment

A

market power theory

85
Q

Extension of company activities in two stages of production that provide a firms inputs backwards integration or that absorb its output forward integration

A

vertical integration

86
Q

Industries that use outdated and absolutely technologies or that employ low wage workers with a few skills

A

Sunset industries

International Business (3 decks)

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