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31 Cards in this Set
- Front
- Back
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balance of payments |
the sum of all payments one nation receives from other nations minus the sum of all payments it makes to other nations, over some specified period of time |
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Balance of trade |
Total value of the products a nation exports minus the total value of the products it imports, over some period of time. |
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Culture |
A shared system of symbols, beliefs, attitudes, values, expectatios, and norms for behavior |
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Dumping |
Charging less than the actual cost or less than the home-country price for goods sold in other countries. |
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Economic globalization |
The increasing integration and interdependence of national economies around the world |
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Economies of scale |
Savings from buying parts and materials, manufacturing, or marketing in large quantities |
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Embargo |
A total ban on trade with a particular nation (a sanction) or of a particular product. |
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Embargo |
A total ban on trade with a particular nation (a sanction) or of a particular product. |
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Ethnocentrism |
Judging all other groups according to the standards, behaviors, and customs of one's own group. |
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Exchange rate |
The rate at which the money of one country is traded for the money of another. |
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Exporting |
Selling and shipping goods or services to another country |
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Exporting subsidies |
A form of financial assistance in which procedures receive enough money from the government to allow them to lower their prices in order to compete more effectively in the global market. |
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Foreign Direct Investment (FDI) |
Investment of money by foreign companies in domestic business enterprises. |
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Free Trade |
International trade unencumbered by restrictive measures. |
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Global strategy |
A highly centralized approach to international expansion, with headquarters in the home country making all major decisions. |
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Global strategy |
A highly centralized approach to international expansion, with headquarters in the home country making all major decisions. |
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Importing |
Purchasing goods or services from another country and bringing them into one's own country |
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Global strategy |
A highly centralized approach to international expansion, with headquarters in the home country making all major decisions. |
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Importing |
Purchasing goods or services from another country and bringing them into one's own country |
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Import quotas |
Limits placed on the quantity of imports a nation will allow for specific products. |
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Licensing |
Agreement to produce and market another company's product in exchange for a royalty or fee. |
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Licensing |
Agreement to produce and market another company's product in exchange for a royalty or fee. |
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Multidomestic strategy |
A decentralized approach to international expansion in which a company creates highly independent operating units in each new country. |
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Multinational corporations(MNCs) |
Companies with operations in more than one country |
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Protectionism |
Government policies aimed at shielding a country's industries from foreign competition |
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Tariffs |
Taxes levied on imports |
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Trade deficit |
An unfavorable trade balance created when a country imports more than it exports |
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Trade deficit |
An unfavorable trade balance created when a country imports more than it exports |
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Trade surplus |
A favorable trade balance created when a country exports more than it imports |
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Trading blocs |
Organizations of nations that remove barriers to trade among their members and that establish uniform barriers to trade with no member nations. |
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Transnational strategy |
A hybrid approach that attempts to reap the benefits of international scale while being responsive to local market dynamics. |
