Chapter 1 Student P10

Chapter 1 Student P10 - Chapter1 Globalization

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Chapter 1 Globalization
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Key Terms: Globalization : the shift toward a more  integrated and interdependent world  economy  International Trade : when a firm exports  goods or services to consumers in another  country International Business : any firm that  engages in international trade or  investment
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How did we get to where we are today with globalization? Commanding Heights: The Battle for the World Economy (VIDEO) What were the events in the road to the global economy?
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Foreign Direct Investment : when  a firm invests resources in  business activities outside its  home country Multinational Enterprise (MNE) any business that has productive  activities in two or more countries
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Intellectual Property : property that  is the product of intellectual  activity Intellectual Property Rights establish ownership rights over  intellectual property
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Intellectual Property Rights Patents : grant the inventor of a new  product or process exclusive rights for  a defined period to the manufacture,  use or sale of that invention Copyrights : the exclusive legal rights  of authors, composers, playwrights,  artists and publishers to publish and  disperse their work as they see fit
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Intellectual Property Rights Trademarks : designs and names  by which firms designate and  differentiate their products
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Trade Barrier: a  government policy or  regulation that restricts international trade Tariff : a tax levied on imported goods Nontariff Barriers : any governmental  regulation, policy or procedure other  than a tariff that has the effect of  impeding international trade
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Factors of Production : resources used in  the production of goods and services Land : naturally-occurring goods including  soil, minerals, plants, animals, water and  weather Labor : human efforts, including physical  and intellectual, provided in the creation of  products Capital : human-made goods or means of  production including machinery, tools and  buildings
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General Agreement on Tariffs and  Trade (GATT) Negotiated after World War II with the  main objective of reducing barriers to  international trade. Agreements on tariff barriers and  subsidies were negotiated over eight  rounds between 1947 and 1993.
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General Agreement on Tariffs and  Trade (GATT) The last successful round of  negotiations, the Uruguay Round,  extended GATT to cover services,  enhanced intellectual property right  protections and created the World  Trade Organization to oversee the  international trading system.
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World Trade Organization (WTO) The signatory nations of GATT agreed  to create the WTO to supplant the  GATT agreement. The WTO is an institutional body as 
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Chapter 1 Student P10 - Chapter1 Globalization

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