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CHAPTER 1 - the international monetary system International...

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CHAPTER 1 Foreign direct investment – direct investment in business operations in a foreign country General Agreement on Tarrifs and Trade (GATT) – international treaty committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO Globalization – trend away from distinct national economic units and toward one huge global market Globalization of markets – moving away from an economic system in which national markets are distinct entities, isolated by trade barriers and barriers of distance, time, and culture, and toward a system in which national markets are merging into one global market Globalization of production – trend by individual firms to disperse parts of their productive processes to different locations around the globe to take advantage of differences in cost and quality of factors of production International business – any firm that engages in international trade or investment International Monetary Fund (IMF) – international institution set up to maintain order in
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Unformatted text preview: the international monetary system International trade occurs when a firm exports goods or services to consumers in another country Moores Law the power of microprocessor technology doubles and its costs of production fall in half every 18 months Multinational enterprise a firm that owns business operations in more than one country Stock of foreign direct investment the total accumulated value of foreign-owned assets at a given time United Nations an international organization made up of 189 countries headquartered in New York City, formed in 1945 to promote peace, security, and cooperation World Bank international institution set up to promote general economic development in the worlds poorer nations World Trade Organization (WTO) the organization that succeeded the General Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay Round of GATT negotiations...
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