Global Business

Front 1

CULTURE

Back 1

Accepted behaviors, customs, and values of society.

Front 2

DOMESTIC

Back 2

Within your own country.

Front 3

EXPORTS

Back 3

Goods going out.

Front 4

GLOBAL DEPENDENCY

Back 4

Items that consumers need are created in other countries.

Front 5

IMPORTS

Back 5

Goods coming in.

Front 6

INTERNATIONAL BUSINESS

Back 6

All around the world.

Front 7

TRADE BARRIERS

Back 7

Restrictions that reduce free trade among countries.

Front 8

ABSOLUTE ADVANTAGE

Back 8

Situation that exists when a country can produce a good at a lower cost.

Front 9

BALANCE OF TRADE

Back 9

Difference between a country's exports and imports.

Front 10

COMPARATIVE ADVANTAGE

Back 10

Situation that exist when a country specializes in the production of a good at relatively more efficient.

Front 11

CONSUMER PRICE INDEX

Back 11

Monthly US gov report on inflation.

Front 12

ECONOMICS

Back 12

Study of how people choose to use limited resources to satisfy their needs.

Front 13

ECONOMIC SYSTEM

Back 13

Method a country uses to answer the basic economic questions.

Front 14

FACTORS OF PRODUCTION

Back 14

3 types of resources used to produce goods and services.

Front 15

FOREIGN DEBT

Back 15

Amount of money a country owes to another.

Front 16

GROSS DOMESTIC PRODUCT

Back 16

Measure of the output of a country within its boarders.

Front 17

GROSS NATIONAL PRODUCT

Back 17

Measure of the total value of all goods produced by the country.

Front 18

INFRASTRUCTURE

Back 18

A nations transportation, communication, and utility systems.

Front 19

PRIVATIZATION

Back 19

Process of changing an industry from publicly to privately owned.

Front 20

SCARCITY

Back 20

Limited resources or low on a certain thing.

Front 21

SUPPLY

Back 21

Relation between the amount of a good or service that businesses are willing and able to make available and the price.

Front 22

BODY LANGUAGE

Back 22

Non verbal communication.

Front 23

CLASS SYSTEM

Back 23

Dividing members of a cultural group into various levels.

Front 24

COLLECTIVISM

Back 24

Belief that the group is more important than the individual.

Front 25

CULTURAL BAGGAGE

Back 25

Idea that you carry your beliefs, values, and assumptions with all the time.

Front 26

CULTURE SHOCK

Back 26

Normal reaction to all of the different of another culture.

Front 27

ETHOCENTRISM

Back 27

Belief that ones culture is better than the other.

Front 28

EXTENDED FAMILY

Back 28

Group that consists of the parents, children, and other relatives living together.

Front 29

INDIVIDUALISM

Back 29

The belief to depend on yourself according to your ability.

Front 30

NONVERBAL COMMUNICATION

Back 30

Communication that isn't verbal.

Front 31

NUCLEAR FAMILY

Back 31

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

Front 32

SUBCULTURE

Back 32

A subset or part of a larger culture.

Front 33

BOYCOTT

Back 33

Absolute restriction on the import of a certain products from certain countries.

Front 34

COMMON MARKET

Back 34

Agreement among countries that eliminates trade barriers encourages investment and allows workers to move freely across boarders.

Front 35

DEMOCRACY

Back 35

Political system in which all people have the opportunity to take part in making the rules that govern themselves.

Front 36

ECONOMIC NATIONALISM

Back 36

Policy of restricting foreign ownership of local companies and hindering foreign imports.

Front 37

EXPROPRIATION

Back 37

When a government takes control and ownership of foreign based assets and companies.

Front 38

FREE TRADE AGREEMENT

Back 38

An arrangement between countries that eliminates duties and trade barriers on products traded among themselves.

Front 39

FREE TRADE ZONE

Back 39

Zone where imported products are duty free.

Front 40

HOME COUNTRY

Back 40

The country in which a multinational enterprise is head quartered.

Front 41

HOST COUNTRY

Back 41

Where the country in which a multinational enterprise is a guest.

Front 42

MFN STATUS

Back 42

Designation that allows a country to export into the granting country under the most favorable trade conditions that the importing country offers to any of its trading partners.

Front 43

POLITICAL SYSTEM

Back 43

Means by which people in a society make the rules in their own lives.

Front 44

PROTECTIONISM

Back 44

Government policy of protecting local or domestic industries from foreign competition.

Front 45

QUOTE

Back 45

Limit on items that can imported.

Front 46

TAX HOLIDAY

Back 46

Situation where a corporation does not pay corporate income tax to a foreign government if it invest in their country.

Front 47

TRADE EMBARGO

Back 47

A sanction imposed by a country against another country that stops all import-export trade with that country.