International Business Culminating & Exam Review

Comprehensive vocabulary flashcards covering international trade basics, market structures, cultural dimensions, and economic indicators.

Import

Goods or services brought into Canada from another country.

Export

Goods or services sold from Canada to another country.

Globalization

Increasing connections between countries through trade, technology, communication, and culture.

Interdependence

Countries rely on each other for goods, services, labour, and resources.

Absolute Advantage

A country can produce more of a product using fewer resources.

Comparative Advantage

A country produces a good at a lower opportunity cost, sacrificing less production than another country.

Free Trade

Trade without significant barriers, leading to lower prices and increased competition.

Protectionism

Government policies designed to protect domestic industries through methods like tariffs and quotas.

Tariff

A tax placed on imports to increase their prices.

Quota

A limit on the quantity of a product that can be imported.

Embargo

A complete ban on trade with a country.

Subsidy

Government financial support for domestic businesses.

Foreign Direct Investment (FDI)

When a company invests in or owns operations in another country.

Perfect Competition

A market structure with many sellers, identical products, and no pricing power.

Monopolistic Competition

A market structure with many sellers providing similar but differentiated products.

Oligopoly

A market structure where a few large companies dominate the market.

Monopoly

A market structure where one seller controls the market and has significant pricing power.

Hofstede - Individualism vs Collectivism

A cultural dimension comparing personal achievement and independence against group success and teamwork.

Hofstede - Power Distance

A cultural dimension measuring the level of respect for authority versus equality and participation.

Hofstede - Uncertainty Avoidance

A cultural dimension describing a preference for rules and structure versus being comfortable with risk.

CAGE Framework

A tool used to evaluate international expansion based on Cultural, Administrative, Geographic, and Economic distances.

Business Cycle - Expansion

A period where the economy is growing, employment is rising, and consumer spending is increasing.

Business Cycle - Recession

A period of economic decline characterized by higher unemployment and lower spending.

Inflation

A general increase in prices over time, which reduces purchasing power.

HDI (Human Development Index)

A measure of a country's development based on health, education, and income.

Gini Coefficient

A measure of income inequality where a higher value indicates greater inequality.

WTO (World Trade Organization)

An international organization that aims to reduce trade barriers and resolve trade disputes.

IMF (International Monetary Fund)

An organization that provides loans and stabilizes economies to support financial systems.

Corporate Social Responsibility (CSR)

Businesses acting ethically while considering social and environmental impacts.

Horizontal Integration

A company's expansion by acquiring its competitors.

Spatial Perception

Individual comfort levels with personal space and physical contact.

Monochronic Culture

A culture that values schedules, punctuality, and structure, such as having scheduled breaks in meetings.