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200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 4.14.24.34.4 4.5
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The trend of the world economy toward becoming a more independent system
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Globalization
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The buying and selling of products and services through computer networks
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E-commerce
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Refers to the “shrinking” of time and space as air travel and the electronic media have made it easier for the people of the globe to communicate with one another
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. Global Village
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Refers to the increasing tendency of the economies of the world to interact with one another as one market instead of many national markets
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Global Economy
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Left a successful career on Wall Street to launch Amazon.com
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Jeff Bezos
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A business firm with operations in several countries
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Multinational Corporation
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A narrow view in which people see things solely through their own perspective
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Parochialism
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Believe that their native country, culture, language, and behavior are superior to all others.
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Ethnocentric Managers
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Take the view that native managers in the foreign offices best understand native practices, and so the home office should leave them alone.
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Polycentric Managers
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Accept that there are differences and similarities between home and foreign practices and that they should use whatever techniques are most effective.
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Geocentric Managers
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Using suppliers outside the company to provide goods and services.
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Outsourcing
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To buy goods outside the country and sell them domestically.
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Importing
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A form of licensing in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first company’s brand name and a package of materials and services.
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Franchising
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To share risks and rewards of starting a new enterprise together ina foreign country.
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Joint Venture
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A foreign subsidiary that is totally owned and controlled by an organization.
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Wholly-Owned Subsidiary
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The movement of goods and services among nations without political or economical obstruction.
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Free Trade
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A complete ban on the import or export of certain products.
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Embargo
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The rate at which one country’s currency can be exchanged for another country’s currency.
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Exchange Rate
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A trade barrier in the form of a limit on the numbers of a product that can be imported.
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Import Quota
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The use of government regulations to limit the import of goods and services.
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Trade Protectionism
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The shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people.
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Culture
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Culture in which shared meanings are primarily derived from written and spoken words.
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Low Context
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Culture in which people rely heavily on situational cues for meaning when communicating with others.
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High Context
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A preference for doing more than one thing at a time.
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Polychronic
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A preference for doing one thing at a time.
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Monochronic
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