HIES Klingman Globalization Terms

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Globalization

when countries interact with each other to make the world a smaller place. Makes the world a smaller place by connecting economies, businesses, and cultures through the application of innovative technology and trade.

Outsourcing

when a company or business contracts a separate company based in another country, to carry out a certain function or service. Companies participate to save money.

Insourcing

when a company creates jobs inside of the corporation that specialize in a certain field. The jobs created do not necessarily relate to the trade that the cooporation is involved in.

Open Sourcing

when the source code of computer soft ware is made available to the public for free so that any individual can download the software and improve the software.

Off Shoring

when a company, either the entire corporation, or just a certain branch of that company is moved to another country. The company retains control over the branch that is moving.

Free Trade

when there is no governmental involvement in international trade. This means that no tariffs are imposed on imported or exported goods.

Supply Chain

the system of companies that help to store, transport, distribute raw materials and the finished product so that the product can reach the consumers faster and more efficiently.

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