Chapter 3 Notes - Chapter3:Globalization&TheManager...

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Chapter 3: Globalization & The Manager The Process of Globalization The Spread of Market Based Systems: - Market Economy:  an economy in which businesses are privately owned  and prices are set by the interaction of supply and demand - Socialist Economy:  an economy in which businesses are owned by the  state and prices are set by state planners Falling Barriers to Trade & Investments - International Trade:  the sale of a good or service across borders - Foreign Direct Investment:  investments by a company based in one  nation in business activities in another nation - Tariffs:  a tax on imports - Quotas:  a limit on the number of items of a good that can be imported  from a foreign nation - Regional Trade Agreements:  remove barriers to trade between nations  within a geographic region Tumbling Communication & Transportation Costs Implications of Globalization  The Globalization of Production:  sourcing goods and services from locations 
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