The socio-economic reform process of eliminating trade, investment, cultural, information technology, and political barriers across countries, which in turn can lead to increased economic growth and geo-political integration and interdependence among nations of the world
What is Globalization?
100
The earliest and simplest form of international business is ________, which can be defined as the sale (exports) and purchase (imports) of goods (textiles, wine, spices, etc.) and services (transportation, education, consulting, etc.) across national borders.
What is Trade?
100
_____________ ________________ includes a multitude of economic and/or political steps that may be taken by member states of a union to increase their global competitiveness—not only preferential trade access.
What is Regional Integration?
100
Balance of Payments is defined as:
What is:
A statement of account that shows all transactions between the residents of one country and the rest of the world for a given period of time?
100
Culture is defined as:
(Must use textbook definition)
What is learned behavior; a way of life for one group of people living in a single, related, and independent community?
200
Countries that are implementing more open trade and free-market policies
What are Emerging Market Economies?
200
Outsourcing is:
(Must use full definition as in textbook)
What is the corporate practice of acquiring or producing quality goods or services abroad at a lower cost thereby eliminating domestic production?
200
Define Spatial Transformations.
What is the process of allowing efficient geographic distribution of business activities within and among countries?
200
The Trade Balance is defined as:
What is the net of merchandise exports and merchandise imports?
200
_____________ is the ability of a firm to adjust to a culture different from its own.
What is Acculturation?
300
A fundamental global shift in which industrialized
COUNTRY-DEPENDENT developing economies begin to grow based on their own underlying economic strengths rather than the ups and downs of the world’s richest countries
What is decoupling?
300
_________ __________ ___________Inflows of capital from abroad for investing in domestic plant and equipment for the production of goods and/or services as well as for buying domestic companies
What is Foreign Direct Investment?
300
_________ _________ _____ that are close to world markets—such as the North American Free Trade Agreement (NAFTA), the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA), the Caribbean Community (CARICOM), as well as the bilateral U.S. free trade with Chile and Colombia—have all benefited from privileged access to the U.S. market.
What are Regional Trading Blocs?
300
When a country imports more than it exports, it has a ___________ _____ _______.
What is merchandise trade deficit?
300
1. __________ is an economic ideology where businesses are privately owned, strong individual incentives exist, and the government plays very little role in the economy.
2. _________ is an economic ideology in which the government plays a strong role in the economy and may own stakes in certain businesses.
What is:
1. Capitalism?
2. Socialism?
400
A world economy in which the engines of growth could comprise several major industrialized and emerging market economies such as the United States, the European Union, China, India, Brazil, Russia, and South Africa rather than the United States alone
What is a Multi-Polar World?
400
International trade benefits consumers in three major ways by providing:
Name (3) Major Ways.
What are:
1. A greater amount of choice in the availability of goods and services;
2. Lower prices for goods and services consumed; and
3. Higher living standards?
400
The ________ _____, headquartered in Brussels, Belgium, is the most highly evolved example of regional integration in the world.
What is European Union?
400
As of 2011, what are the Top Ten Countries Trading with the UNITED STATES?
What are Canada, China, Mexico, Japan, Germany, UK, South Korea, Brazil, France, and Taiwan?
400
Communism is an economic ideology whereby the government or state owns and ________ all major factors of production and is philosophically an ____________ _________ society
What are:
1. Controls;
2 & 3. Economically Classless?
500
___________ _______________ are government organizations that create strong incentives for private investment and operate under a system of checks and balances that function best in a democratic system of government. Here, ____________ and transparency emerge as key 1516factors for institutional reform that promotes political stability, sustainable economic growth, and globalization.
What are:
1 & 2. Adaptive Institutions;
3. Accountability; and
4. Transparency?
500
1. A non-tariff barrier in which an efficient exporting nation agrees to limit exports of a product to another country for a temporary period.
2. Regulations requiring that a certain percentage of the value of import be sourced domestically.
ASEAN, headquartered in Jakarta, Indonesia, was established in August 1967 by five founding members: Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
What does ASEAN stand for?
What is Association of South East Asian Nations?
500
Name the title of each:
1. The price at which one currency can be converted to another currency;
2. System that sets the values of major currencies based on their demand and supply in world currency markets; and
3. System that determines the value of some currencies partly by demand and supply in the foreign exchange market, and partly by active government intervention in the foreign exchange market.
What are:
1. Exchange Rate;
2. Independent Floating Exchange Rate System; and
3. Managed Floating Exchange Rate System.
500
Define Exporting and Importing.
(Must use the textbook definition)
What is a relatively low-risk business operation that involves penetrating foreign markets (by exporting) or importing merchandise (of all kinds) at competitive prices for domestic consumption