ARBUS 101 - Competing in Global Markets

These flashcards cover key concepts essential for understanding global markets, trade, and various business functions, as discussed in the ARBUS 101 module.

Globalization

The process of increased interconnectedness and interdependence among countries.

Imports

Goods and services bought from another country.

Exports

Goods and services sold to another country.

Free Trade Agreement

A pact between countries to reduce barriers to trade and facilitate economic cooperation.

Tariffs

Taxes imposed on imported goods to protect domestic industries.

Cultural Differences

Variations in the practices, values, and behaviors of different societies or groups.

Market Economy

An economic system where supply and demand determine prices and production.

Entrepreneurship

The process of starting and running a new business, typically involving risk and innovation.

Joint Venture

A partnership where two or more companies collaborate on a project.

Corporate Social Responsibility (CSR)

The practice of businesses considering their impact on society and the environment.

Capital Budget

Plans for major asset purchases and investments by a company.

Operating Budget

A budget that ties together all of a company's other budgets to forecast the operational costs.

Liquidity Ratios

Financial metrics that measure a company's ability to cover its short-term obligations.

Profitability Ratios

Metrics that evaluate a company's ability to generate profit relative to its revenue and expenses.

Debt Financing

Raising capital by borrowing, typically through loans or issuing bonds.

Equity Financing

Raising capital through selling shares of the company.

Environmental Sustainability

Practices that protect the environment while meeting current economic needs.

Market Segmentation

The process of dividing a market into identifiable groups of consumers.

Consumer Behavior

The study of individuals' purchasing decisions and patterns.

Supply Chain Management

Overseeing the flow of goods and services from suppliers to consumers.

Risk Management

The identification and evaluation of risks followed by careful planning to mitigate them.