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Terms in this set (17)
Commercial transaction that crosses the borders of two or more nations
Goods and services purchase abroad an brought into a country
Goods and Services sold abroad and sent out of a country
Use of computer networks to purchase, sell, or exchange products; to service customers; and to collaborate with partners
Business that has direct investments abroad in multiple countries
Born global firm
company that adopts a global perspective and engages in international business from or near its inception
Trend toward economic, cultural, political, and technological interdependence among national institutions and economies.
Development that meets the needs of the present without compromising the ability of future generations to their own needs.
Benefits of Globalizing a Market
Reduces Market Costs, Creates new market opportunities, and levels uneven income streams.
Benefits of Globalization of Production
Access lower-cost workers, access technical expertise, and access production inputs
General Agreement on Tariffs and Trade (GATT)
Treaty designed to promote free trade by reducing both tariffs and non-tariff barriers to international trade.
World Trade Organization (WTO)
International organization that enforces the rules of international trade.
Gross Domestic Product (GDP)
Value of all goods and services produced by a domestic economy over a one-year period.
Gross National Product (GNP)
Value of all goods and services produced by a countries domestic and international activities over a one-year period.
GDP or GNP per capita
Nations GDP or GNP divided by its population
Agency created to provide financing for national economic development efforts.
International Monetary Fund
Agency created to regulate fixed exchange rates and to enforce the rules of the international monetary system.
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