Chapter 1 Student P10

Chapter 1 Student P10 - Chapter 1 Globalization Key Terms:...

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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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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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This note was uploaded on 10/22/2010 for the course MGT 302 taught by Professor West during the Spring '10 term at ASU.

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Chapter 1 Student P10 - Chapter 1 Globalization Key Terms:...

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