Int Business Exam 1

refers to the shift of toward a more integrated and interdependent world economy.
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Terms in this set (29)
refers to the shift of toward a more integrated and interdependent world economy.
globalization
refers to the merging of historically distinct and separate national markets into one huge global marketplace.
globalization of markets
Markets are globalizing because of falling barriers to cross border _________ and investment that have made it easier to sell internationally.
trade
It has been argued for some time that the taste and preferences of ______________ have converged on a global norm, therefore helping to create a global market. Ex. Mcdonalds, Apple. Citigroup cards.
consumers
A company does not have to be the size of these multinational giants to facilitate and benefit from the globalization of ___________.
markets
The most global of markets are not typically markets for consumer products- where national differences in tastes and preferences can still act as a brake on globalization- but markets for ______________ goods and materials that serve universal needs all over.
industrial
The most global of markets include _______________, _______, and ______________ for industrial products such as microprocessors, DRAM, commerical jet aircraft, for computer software, for financial assets from bonds, euros.
aluminum, oil, wheat
factors of production include what 4 things?
labor, energy, land and capital
refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production
globalization of production
Early outsourcing efforts were primarily confined to _________________ activities, such as those undertaken by boeing and apple.
manufacturing
Companies are now taking advantage of modern communications technology, particularly the _______________, to outsource service activities to low cost producers in other nations.internetThe economist ______________ ________________ has argued that as a consequence of the trend exemplified by companies such as Boeing, Apple, and Microsoft in my cases it is irrelevant to talk about American markets, Japanese markets, etc.robert reichThis organization is responsible for policing the world trading system and making sure nation states adhere to the rules laid down in trade treaties signed by member states.The world trade organization (WTO)the wto was previouslyGATTThe WTO is also responsible for facilitating the establishment of additional ______________ __________________ among member states.multinational agreementsThe ____________ has promoted the lowering of barriers to cross-border trade and investment.WTOWithout as institution such as the __________ the globalization of markets and production is unlikely to have proceeded as far as it has.WTOThe ________ was established to maintain order in the international monetary systemIMFThe __________ _____________ was set up to promote economic development.world bankThe ________ is more controversial of the two.IMFThe _________ is often seen as the lender of last resort to nation states whose economies are in turmoil and whose currencies are losing values against those of other nations. helped with 2008-2009 crisisIMFIn return for loans, the _________ requires nation states to adopt specific economic policies aimed at returning their troubled economies to stability and growthIMFSome critics argue that the IMF is usurping the _____________ of states because they are telling them what economic policies they can adopt.sovereigntyThe purpose of this organization is preserving peace through international cooperation and collective security.united nationsAccording to the Charter the 4 purposes of the United Nations are:1. To maintain international peace and security 2. to develop friendly relations among nations 3. to cooperate in solving international problems and in promoting respect for human rights 4. being the center for harmonizing the actions of nationsThe UN works closely with the _______ ____________. Although the UN is known primarily for its peace keeping role, one of the organizations central mandates is to promote ____________ standards of living, full employment, and conditions of economic and social progress and development.World Bank, higher___________ _____________ ____________________ occurs when a firm invests resources in business activities outside its home country.foreign direct investmentAfter having learned from the great depression, after WW2, GATT happened with 8 eight rounds and the urguay rounds to slowly reduce the ___________ to the free flow of goods.barriersMany countries have begin removing restrictions to foreign direct investment.