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Ch 1 Vocabulary - primarily by offering low interest loans...

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Ch 1 Vocabulary - Globalization – The shift toward a more integrated and interdependent world economy - Globalization of markets – The merging of historically distinct and separate national markets into one huge global marketplace - Globalization of Production – Sourcing goods and services from locations around the globe to take advantage of national differences in the cost and quality of various factors of production - Factors of Production – Components of production such as labor, energy, land, and capital. - General Agreements on trades and tariffs (GATT). International treaty that committed signatories to lowering barriers to the free flow of goods across national borders; led to the WTO - World Trade Organization – World police of trade (GATT’s successor). - International Monetary Fund – International institution set up to maintain order in the international monetary system. - World Bank – international organization set up to promote economic development,
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Unformatted text preview: primarily by offering low interest loans to cash strapped governments of poorer nations-United nations – An international organization made up of 191 countries charged with keeping international peace, developing cooperation between nations and promoting human rights.-International Trade – Occurs when a firm exports goods or services to consumers in another country.-Foreign Direct investment (FDI) occurs when a firm invests resources in business activities outside its home country.-Moore’s Law – The premise that the power of microprocessor technology doubles and its cost of production drops in half every 18 months.-Stock of foreign direct investment – the total accumulated value of foreign owned assets at a given time.-Multinational Enterprise (MNE) – Any Business that has productive activities in two or more countries-International Business – any firm that does international trade. Chapter 2-...
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