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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
behavior, often dating back generations that is practiced by a homogeneous group of people
folk custom
26
behaviors shared by a heterogeneous group
popular custom
27
collection of 2+ ppl who identify and interact with each other
social group
28
process of ranking ppl into social layers or classes
social stratification
29
ease of people moving up or down in a cultures social ladder
social mobility
30
people are born into their social ranking without the possibility of social mobility
caste system
31
ability and actions determine social status and mobility
class system
32
departure of highly educated ppl from one profession, region, or country to another
brain drain
33
link language understood by 2 parties who speak different native languages
lingua franca
34
all the technology used in a culture to make goods and provide services
material culture
35
anything that represents a cultures way of life including gestures objects traditions or concepts
cultural trait
36
process where cultural traits spread from one culture to another
cultural diffusion
37
replacement of one culture’s traditions folk heroes and artifacts with substitutes from another
cultural imperialism
38
structures, processes, and activities by which a nation governs itself
political system
39
political system in which individuals govern without the support of the people
totalitarian system
40
democracy where citizens elect individuals from their groups to represent their political views
representative democracy
41
Segment of the economic environment comprising independently owned firms that seek to earn profits
private sector
42
belief that ownership of the means of production belong in the hands of individuals and private businesses
capitalism
43
policy of selling government owned economic resources to private operators
privatization
44
economic system where most of the nations land factories and other economic resources are privately owned
market economy
45
laws designed to prevent companies from fixing prices sharing markets and gaining unfair monopoly advantages
anti-trust laws
46
Government endorses private ownership of property in market based economy by grants few political freedoms
right wing totalitarianism
47
values, beliefs, rules held by a group of people
culture
48
group of ppl who share a unique way of life within a larger dominant culture
subculture
49
belief that ones culture is better than others’
ethnocentricity
50
detailed knowledge about a culture
cultural literacy
51
ideas, beliefs, and customs that people attach to
values
52
positive/negative feelings towards objects or concepts
attitude
53
what a culture considers good taste
aesthetics
54
appropriate ways of behaving, speaking and dressing in a culture
manners
55
habits or ways of behaving in specific circumstances that are passed down through generations in a culture
customs
56
behavior, often dating back generations that is practiced by a homogeneous group of people
folk custom
57
behaviors shared by a heterogeneous group
popular custom
58
collection of 2+ ppl who identify and interact with each other
social group
59
process of ranking ppl into social layers or classes
social stratification
60
ease of people moving up or down in a cultures social ladder
social mobility
61
people are born into their social ranking without the possibility of social mobility
caste system
62
ability and actions determine social status and mobility
class system
63
departure of highly educated ppl from one profession, region, or country to another
brain drain
64
link language understood by 2 parties who speak different native languages
lingua franca
65
all the technology used in a culture to make goods and provide services
material culture
66
anything that represents a cultures way of life including gestures objects traditions or concepts
cultural trait
67
process where cultural traits spread from one culture to another
cultural diffusion
68
replacement of one culture’s traditions folk heroes and artifacts with substitutes from another
cultural imperialism
69
structures, processes, and activities by which a nation governs itself
political system
70
political system in which individuals govern without the support of the people
totalitarian system
71
democracy where citizens elect individuals from their groups to represent their political views
representative democracy
72
trait theory that nations should accumulate financial wealth by encouraging exports and discouraging imports
Mercantilism
73
when the value of a nations export is greater than the value of its imports
trade surplus
74
when the value of a countries imports is greater than the value of its exports
trade deficit
75
Ability of a nation to produce a good more efficiently than any other nation
absolute advantage
76
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
Comparative advantage
77
trait theory stating that countries produce and export goods that require resources that are abundant and import goods that require resources in short supply
Factor proportions theory
78
Theory stating that a company will begin by exporting its product and later undertake foreign direct investment as the product moves through its lifecycle
International product lifecycle
79
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
New trade theory
80
Economic and strategic advantage gained by being the first company to enter an industry
first mover advantage
81
Trait theory stating that a nations competitiveness in an industry depends on the capacity of the industry to innovate and upgrade
National competitive advantage theory
82
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
market imperfections theory
83
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
eclectic theory
84
theory stating that a firm tries to establish a dominant market presence in an industry by undertaking foreign direct investment
market power theory
85
Extension of company activities in two stages of production that provide a firms inputs backwards integration or that absorb its output forward integration
vertical integration
86
Industries that use outdated and absolutely technologies or that employ low wage workers with a few skills
Sunset industries

International Business (3 decks)

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