Global Business

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Culture

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Is accepted behaviors, customs, and values of a society.

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Domestic

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Within your own country.

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Exports

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Are products sold in other countries.

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Global dependency

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Exists when items that consumers need and want are created in other countries.

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Imports

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For the buyer, products bought from business in other countries.

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International Business

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Includes all business activities needed to create, ship, and sell goods and services across national borders.

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Trade Barriers

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Are restrictions that reduce free trade among countries.

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Absolute Advantage

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When a country can produce a good or services at a lower cost than other countries.

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Balance Trade

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The difference between a country's exports and imports.

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Comparative advantage

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An example, of the second economic principle.

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Consumer Price Index

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A federal gov. report by the labor statistic

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Ecnomics

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The study of how people choose to use limited resources to satisfy their unlimited needs and wants.

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Economic System

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A country uses to answer the basic economic question.

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Factors Of Production

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Are the three types of resources used to produce goods and services

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Foreign Debt

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The amount a country owes to other countries.

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Gross Domestic Product (GDP)

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Measures the out put of goods that a country produces within its borders

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Gross National Product (GNP)

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Measures the total value of all goods and services produced by the resource country.

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Infrastructure

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Refers to a nation transportion, communication, and utility system.

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Privatization

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The process of changing an industry from publicly to privately owned

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Scarcity

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Refers to the limited resources available to satisfy the unlimited needs and wants of people.

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Supply

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Is the relationship between the amount of good or services that business are willing and able to make available and the price.

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Body language

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Refers to the meaning conveyed by facial expression, upper and body moments and gestures.

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Class system

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Is a means of dividing the members of a cultural group into various levels.

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Collectivism

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The belief that the group is more important than the individual.

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Cultural baggage

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Is the idea that you carry your beliefs, values, and assumptions with you at all times.

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Cultural shock

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A normal reaction to all the differences of another culture

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Ethnocentrism

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The belief that ones culture is better than other cultures

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Extended Family

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a group that consists of the of the parent, children, and other relatives living together

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Individualism

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Is the belief in the individual and her or his ability to function relatively independently.

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Nonverbal Family

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A group that consists of a parent or parents and unmarried children living together

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Subculture

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Is a subset of a large culture

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Boycott

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Gov. Issues an absolute restriction on imports of certain products from certain countries.

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Common Market

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Members eliminate duties and other trade barriers allow companies to invest freely in each member country, and allow workers to move freely cross borders

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Democracy

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All citizens have the opportunity to take part in making the rules that govern them.

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Economic Nationalism

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The trend of some countries to restrict foreign ownership.

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Expropriation

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Occurs when a gov. takes control and ownership of a foreign owned assets and companies.

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Free Trade Agreement

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Member countries agree to eliminate duties and trade barriers on products traded among members

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Free trade zone

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A designed area where products can be imported duty free.

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Home country

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The country where a multinational enterprise is a headquarters.

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Host Country

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The country in which a multinational enterprise is a guest.

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MFN Status

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Allows a country to export into the granting country under the most favor-able trade conditions that the importing country offers to any of its trading partners.

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Protectionism

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A government policy of protecting local or domestic industries from foreign competition.

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Political System

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The means by which people in society make the rules that control and influence their lives.

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Quota

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Is a limit on the quantity or monetary amount of a product that can be imported from a given country.

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Tax Holiday

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Situations where a corporation does not pay corporate income taxes to a foreign gov. if invests in their country.

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Trade Embargo

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A country can impose a trade embargo against another country and stop all imports export trade with that country.