Global Business

Front 1

Domestic business

Back 1

Making,buying, and selling goods and services within a country.

Front 2

International business

Back 2

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

Front 3

Global dependency

Back 3

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

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Imports

Back 4

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

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Exports

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.

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Scarcity

Back 8

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

Front 9

Economics

Back 9

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

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Opportunity cost

Back 10

The most attractive alternative given up when a choice is made.

Front 11

Supply

Back 11

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

Front 12

Demand

Back 12

The relationship between the amount of a good or service that consumers are willing and able to purchase and the price.

Front 13

Market price

Back 13

The point at which supply and demand cross.

Front 14

Inflation

Back 14

An increase in the average prices of goods and services in a country.

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Factors of production

Back 15

Three types of resources used to produce goods and services.

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Economic system

Back 16

Method a country uses to answer the basic economic questions.

Front 17

Privatization

Back 17

This process of changing an industry from publicly to privately owned.

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Infrastucture

Back 18

Refers to a nation's transportation, communication, and utility systems.

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Absolute Advantage

Back 19

A situation that exists when a country can produce a good or service at a lower cost than other countries.

Front 20

Balance of Trade

Back 20

The difference between a country's exports and imports.

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Comparative Advantage

Back 21

A situation that exists when a country specializes in the production of a good or service at which it is relatively more efficient.

Front 22

Consumer Price Index

Back 22

The monthly United States federal government report on inflation.

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Foreign Debt

Back 23

The amount a country owes to other countries.

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Gross Domestic Product (GDP)

Back 24

A measure of the output of a country within its borders, including items produced with foreign resources.

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Gross National Product (GNP)

Back 25

A measure of the total value of all goods and services produced by the resources of a country.

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Body Language

Back 26

A type of nonverbal communication where meaning is conveyed by facial expressions, upper and lower body movements, and gestures.

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Class System

Back 27

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

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Collectivism

Back 28

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

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Cultural Baggage

Back 29

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

Front 30

Culture Shock

Back 30

A normal reaction to all of the differences of another culture.

Front 31

Ethnocentrism

Back 31

The belief that one's culture is better than other cultures.

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Extended Family

Back 32

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

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Individualism

Back 33

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

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Nonverbal Communication

Back 34

Communication that does not involve the use of words.

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Nuclear Family

Back 35

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

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Subculture

Back 36

A subset or part of a larger culture.

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Boycott

Back 37

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

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Common Market

Back 38

An agreement among countries that eliminates trade barriers, encourages investment, and allows workers to move freely across borders.

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Democracy

Back 39

A political system in which all people have the opportunity to take part in marking the rules that govern them.

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Economic nationalism

Back 40

A policy of restricting foreign ownership of local companies and hindering foreign imports.

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Expropriation

Back 41

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

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Free Trade Agreement

Back 42

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

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Free Trade Zone

Back 43

A designated area where products can be imported duty-free.

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Home Country

Back 44

The country in which a multinational enterprise is headquartered.

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Host Country

Back 45

The country in which a multinational enterprise is a guest.

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MFN Status

Back 46

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

Front 47

Political System

Back 47

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

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Protectionism

Back 48

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

Front 49

Quota

Back 49

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

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Tax Holiday

Back 50

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

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Trade Embargo

Back 51

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