International business- any commercial transaction that crosses the borders of 2 or more
Imports- goods and services brought into the country that are acquired from organizations
Exports- goods and services produced or based in one country that are sold abroad.
Global business- the trend toward greater economic, cultural, political, and technological
interdependence among national institutions and economies
General Agreement on Tariffs and Trade (GATT)- a treaty designed to promote free trade
by reducing both tariffs and nontariff barriers to international trade
World Trade Organization- the international organization that regulates trade between
Measuring Globalization variables index
Political Engagement- memberships in international organizations, personnel and
financial contributions to U.N. Security Council missions, international treaties
ratified, and governmental transfers.
Technological connectivity- Internet users, Internet hosts, and secure servers.
Personal contact- international travel and tourism, international telephone traffic,
remittances, and personal transfers (including compensation to employees).
Economic integration- trade, foreign direct investment, portfolio capital flows,
and investment income.
World Bank- agency created to provide financing for national economic developmental
efforts. The initial purpose of the World Bank was to finance European reconstruction
following the Second World War.
It later shifted its focus to the general financial needs
of developing countries, and today finances many economic development projects in
Africa, South America, and Southeast Asia.
Culture- the set of values, beliefs, rules, and institutions held by a specific group of
Components of Culture
Aesthetics- What a culture considers “good taste” in the arts, the imagery evoked
by certain expressions, and the symbolism of certain colors
Values- Ideas, beliefs, and customs to which people are emotionally attached.
Attitudes- positive or negative evaluations, feelings, and tendencies that
individuals harbor toward objects or concepts.