Globalization and International Business

These flashcards cover key vocabulary and concepts related to globalization and international business as discussed in the lecture notes.

Globalization

The process by which national economies merge into an interdependent, integrated global economic system.

Globalization of Markets

The merging of separate national markets into one huge global marketplace, characterized by falling barriers to trade and common global tastes.

Globalization of Production

Sourcing goods from around the world to take advantage of differences in cost and quality across various factors of production.

Factors of Production

Inputs used to produce goods and services, including labor, energy, land, and capital.

Foreign Direct Investment (FDI)

Investment made by a firm in one country in business activities in another country.

General Agreement on Tariffs and Trade (GATT)

An international treaty aimed at reducing trade barriers and promoting international trade.

World Trade Organization (WTO)

An organization that regulates international trade by ensuring nations adhere to trade rules and facilitates multinational agreements.

International Monetary Fund (IMF)

An international organization established to promote global economic stability and foster monetary cooperation.

World Bank

A bank that provides financial and technical assistance to developing countries to reduce poverty and promote sustainable development.

United Nations (UN)

An international organization collaborate on issues such as peacekeeping, development, human rights, and international law.

Technological Change

Advancements in technology that influence production methods and global interconnectivity, such as the microprocessor and the internet.

Mini-Multinationals

Smaller firms that engage in international business operations, typically enabled by advancements in technology.

Antiglobalization Protests

Protests against globalization that began with significant demonstrations at the 1999 WTO meeting in Seattle.

Economic Growth

Increase in the amount of goods and services produced per head of the population over a period of time.

Labor and Environmental Regulations

Laws governing labor practices and environmental protection, which can impact production costs and business decisions.

Global Economy

The interconnected economies of countries around the world, influenced by globalization.