Global Business

Front 1

Domestic Business

Back 1

Making, buying and selling goods and services withing a country

Front 2

International Business

Back 2

All business activities needed to create, ship, and sell goods and services across national borders

Front 3

Global dependency

Back 3

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

Front 4

imports

Back 4

products bought from business in other countries

Front 5

Export

Back 5

products sold in other countries

Front 6

Trade barriers

Back 6

Restrictions that reduce free trade among countries.

Front 7

Culture

Back 7

The accepted behaviors, customs, and values of a society

Front 8

Scarcity

Back 8

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

Front 9

Economics

Back 9

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

Front 10

Supply

Back 10

relationship between the amount of a good or service that business are willing and able to make available and the price

Front 11

Factors of production

Back 11

the three types of resources used to produce goods and services

Front 12

economic system

Back 12

the method a country uses to answer the basic economic questions

Front 13

privatization

Back 13

the process of transferring an enterprise or industry from the public sector to the private sector

Front 14

infrastructure

Back 14

the basic physical and organizational structures and facilities

Front 15

absolute advantage

Back 15

The ability of a country to produce a good or service at a lower cost

Front 16

comparative advantage

Back 16

The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals

Front 17

gross domestic product

Back 17

the total value of goods produced and services provided in a country during one year.

Front 18

gross national product

Back 18

the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.

Front 19

balance of trade

Back 19

the difference in value between a country's imports and exports.

Front 20

foreign debt

Back 20

An outstanding loan that one country owes to another country or institutions within that country

Front 21

consumer price index

Back 21

the monthly United States federal government report on inflation

Front 22

Body language

Back 22

the process of communicating nonverbally through conscious or unconscious gestures and movements.

Front 23

Class system

Back 23

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

Front 24

Collectivism

Back 24

the practice or principle of giving a group priority over each individual in it.

Front 25

Cultural baggage

Back 25

tendency for one's culture to pervade thinking, speech, and behavior without one being aware of this pervasion.

Front 26

Culture Shock

Back 26

the feeling of disorientation experienced by someone who is suddenly subjected to an unfamiliar culture, way of life, or set of attitudes.

Front 27

Ethnocentrism

Back 27

evaluation of other cultures according to preconceptions originating in the standards and customs of one's own culture.

Front 28

Extended family

Back 28

a family that extends beyond the nuclear family, including grandparents, aunts, uncles, and other relatives living together

Front 29

Individualism

Back 29

the habit or principle of being independent and self-reliant.

Front 30

Nonverbal communication

Back 30

communication without words

Front 31

Nuclear Family

Back 31

a couple and their dependent children, regarded as a basic social unit.

Front 32

Subculture

Back 32

a subset or part of a larger culture

Front 33

Boycott

Back 33

to stop buying or using the goods or services of a certain company or country

Front 34

Common Market

Back 34

a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.

Front 35

Democracy

Back 35

a system of government by the whole population or all the eligible members of a state, typically through elected representatives.

Front 36

Economic Nationalism

Back 36

is a body of policies that emphasize domestic control of the economy, labor, and capital formation

Front 37

Expropriation

Back 37

The act of taking of privately owned property by a government to be used for the benefit of the public

Front 38

Free Trade Agreement

Back 38

Trade between nations without regulatory barriers such as tariffs or quotas

Front 39

Free Trade Zone

Back 39

a designated area where products can be imported duty-free

Front 40

Home country

Back 40

the country where a multinational enterprise is headquartered

Front 41

Host Country

Back 41

the country in which a multinational enterprise is 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

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

Front 44

Protectionism

Back 44

a government policy that protects local or domestic industries from foreign competition

Front 45

Quota

Back 45

a limit in the total number, quantity, or monetary amount of a product that can be imported from a given country

Front 46

Tax Holiday

Back 46

a situation where a corporation does not pay corporate income taxes to a foreign government if it invest in their country

Front 47

Trade embargo

Back 47

a sanction imposed by a country to another country that stops all import-export with that country