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The increasing integration and interdependence of national economies around the world
What is Economic globalization?
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..
What is Balance of Payments?
Agreement to product and market another company’s product in exchange for a royalty or fee
What is Licensing?
Selling and shipping goods or services to another country
What is Exporting?
Assigning a wide range of generalized attributes, which are often superficial or even false, to an individual based on his or her membership in a particular culture or social group
What is Stereotyping?
International trade unencumbered by restrictive measures
What is Free Trade?
An unfavorable trade balance created when a country imports more than it exports
What is Trade Deficit ?
A favorable trade balance created when a country exports more than it imports
What is Trade Surplus ?
Taxes levied on imports
What are Tariffs?
Organizations of nations that remove barriers to trade among their members and that establish uniform barriers to trade with nonmember nations
What are Trading Blocs ?
A hybrid approach that attempts to reap the benefits of international scale while being responsive to local market dynamics
What is Transnational Strategy ?
A rate at which the money of one country is traded for the money of another
What is Exchange Rate?
Charging less than the actual cost or less than the home- country price for goods sold in other countries
What is Dumping?
Savings from buying parts and materials, manufacturing, or marketing in large quantities
What is Economies of Scale?
A total ban on trade with particular nation (a sanction) or of a particular product
What is Embargo?
A highly centralized approach to international expansion, with headquarter in the home country making all major decisions
What is Global Strategy?
Investment of money by foreign companies in domestic business enterprises
What is Foreign Direct Investment (FDI) ?
Limits places on the quantity of imports a nation will allow for a specific product
What is Import Quotas?
Purchasing goods or services from another country and bringing them into one’s own country
What is Importing ?
Total value of the products a nation exports minus the total value of the products it imports, over some period of time
What is Balance of Trade?
Government policies aimed at shielding a country’s industries from foreign competition.
What is Protectionism?
A form of financial assistance in which producers receive enough money from the government to allow them to lower their prices in order to compete more effectively in the global market
What is Export Subsidies?
A shared system of symbols, beliefs, attitudes, values, expectations, and norms for behavior
What is Culture?
Companies with operations in more than one country
What are Multinational Corporations (MNCs)?
A decentralized approach to international expansion in which a company creates highly independent operating units in each new country.
What is Multidomestic Strategy?
Make your wager
Judging all other groups according to the standards, behaviors, and customs of one’s own group
What is Ethnocentrism?