PRELIM Flashcards
It is the interdependent relationships among people from different regions and countries.
Globalization
In business, it’s the force that eliminates the separation of countries and allow each on free movement of goods, services, capital, technology, and people, integrating each country into the global economy.
Globalization
These are business transactions happening within the geographical boundaries of a nation.
Domestic Business
It comprised of all commercial transactions, including sales, investments, and transportation, that take place between two or more countries.
International Business
It is a company that has a worldwide approach to markets and production or one with operations in more than a country.
Multinational Enterprises (MNE)
It refers to a product or service produced in one country but sold to a buyer abroad.
Export
It is a good or service produced abroad and purchased in your home country.
Import
It is a trade carried out between two countries based on the agreement deal of not using currency for payment.
In this trade, a country sells its surplus goods to a needy country and in return buys an equally valuable required goods from the same country.
Bilateral Trade
It is a trade carried out between many countries. In this trade, a country sells its surplus goods to a needy country by getting revenue and buys the required good from another country by using the same revenue.
Multilateral Trade
It refers to a network of ancient trade routes that connected the East and West, facilitating the exchange of goods, ideas, cultures, and technologies between regions in Asia, the Middle East, Africa, and Europe.
Silk Road
It played a crucial role in shaping the world’s history by fostering connections between civilizations and enabling the exchange of goods and ideas on a global scale.
Silk Road
It was an economic and political theory that dominated European economic thought from the 18th centuries that is often associated with the early modern period and the colonial expansion of European powers.
Mercantilism
It is characterized by a set of principles and policies aimed at promoting a country’s economic strength thru its trade and accumulation of wealth.
Mercantilism
It is a seminal work in economics that laid the foundation for modern economic thought and the principles of classical liberalism.
Adam Smith’s Wealth of Nations
The book was published in ____ and was considered one of the most influential texts in the filed of economics and has had a profound impact on the development of capitalist and liberal economic theories.
1776
it is global conflict involving many of the world’s major powers. It had significant political, social, and economic implications, reshaping the global landscape in various ways.
World War I
It was the most devastating economic crisis in modern history, causing widespread unemployment, poverty, and a significant decline in economic activity across many countries.
The Great Depression
It refers to the period after the conclusion of World War II which ended in 1945. This period laid the groundwork for the modern world, shaping international relations, economic systems, and cultural dynamics.
Post-World War II
It held that a country’s wealth was measures by its holdings of treasure, which usually meant its gold. A country should increase export more than import.
Mercantilism Theory
It has emerged to describe the approach of countries that try to run favorable balances of trade in an attempt to achieve some social or political objective.
Neomercantilism
