key Terms 5.1
what is globalization
is the connection made among nations when economy freely move goods labor and money
List three ways a business can enter a global market
Licensing, franchising, and joint ventures are three ways a business can enter a global market
what is a Multinational corporation
Multinational corporation is A business that operates in more than one country.
what is doemstic business
is all the activity involved in making,buying, and selling product within a nation's border
List some of the benefits that a diverse workforce can provide to a business
A diverse workforce can help an organization be more creative, be receptive to customer needs, find new ways of thinking and looking at business, and create unique products and services
what is English As a Second languge (ESL)
English second language (ESL) is The use of English by people people with a different native language.
when does Absolute advantage exist
it exist when a country can produce goods more efficiently and at a lower cost than another country
How does licensing benefit both the licensor and licensee?
The licensor earns revenue, often for little or no extra work. The licensee gets product to the market quickly.
what is diversity
Diversity is having people with different backgrounds,and cultures come together in a group
what is Foreign exchange rate
Foreign exchange rate is the cost to convert one currency into another
Identify five common considerations involved in taking business to another country
Five common considerations are labor laws in force, legal documents required, logistics of offshore business operations, incorporating a diverse workforce, and effective intercultural communications.
what the diffrence between a franchisee and franchisor
a franchisor is the parent company that owns the chain and the brand while a Franchisee is the person or company that buys the rights to use the brand
what is Floating currency
floating currency is the exchange rate is set by the market forces
Why is moving products internationally much more complex than domestic transport?
When distances increase, it is more likely that many different forms of transportation will be needed.
what is a joint venture
a Join venture is a partnership of two or more companies that work together for a specific business purpose