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CLEP Principles of Management - International Management and Contemporary

Terms in this set (27)

Cultural awareness
ability to understand the intricacies of a specific culture
global mindset
see business in a global perspectiv
wholly owned subsidiary
Production operations established in a foreign country independent of any local direct involvement.
strategic alliance
a short-term joint venture where neither company invests any money
Joint Venture
Two companies come together to work as one to produce a product or service
licensing
giving another company the right to make their product
international trade deals
importing and exporting of goods and services between countries around the world
Exchange rate
The value of one currency for the purpose of conversion to another.
Tariffs
Tariffs are the taxes paid on a product when it enters a market
Regional integration
process in which countries enter into a regional agreement in order to enhance regional cooperation through regional structure and rules (NAFTA)
economic integration
process where the economic barriers between two or more countries are eliminated
customs union
requires its members to implement a common external tariff (or taxes) on imports from outside the union
economic union
entails a common currency and/or the unification of monetary, fiscal and social policies
Free trade agreement members charge ____ tariffs
Free trade agreement members charge lower tariffs
Hofstede's Cultural Dimensions Theory
a theory that looks at unique aspects of cultures and rates them on a scale for comparison. Includes: , power distance, uncertainty avoidance, individualism, masculinity/Femininity
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