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Ethics
Moral principles guiding behavior.
Corporate Social Responsibility (CSR)
Business practices considering social and environmental impacts.
Sustainability
Meeting present needs without compromising future generations.
Stakeholders
Individuals or groups affected by a company's actions.
Code of Ethics
A set of principles guiding business conduct.
Ethical Dilemma
A situation where values or principles conflict.
Bribery
Offering something of value to gain influence.
Corporate Governance
System of rules and practices by which a company is directed.
Triple Bottom Line
Economic, social, and environmental performance.
Greenwashing
Misleading claims about environmental benefits.
Human Rights
Fundamental rights and freedoms of individuals.
Fair Trade
Ethical sourcing and trade practices.
Philanthropy
Voluntary charitable donations by a company.
Business Ethics
Moral principles applied in business contexts.
Whistleblowing
Reporting unethical or illegal company actions.
Comparative Advantage
Ability to produce a good at a lower opportunity cost.
Absolute Advantage
Ability to produce more of a good than another entity.
Mercantilism
Belief in maximizing exports and minimizing imports.
Trade Surplus
When exports exceed imports.
Trade Deficit
When imports exceed exports.
Heckscher-Ohlin Theory
Countries export goods that use abundant resources.
New Trade Theory
Importance of economies of scale in trade.
Product Life Cycle Theory
How a product’s production and trade patterns evolve.
Tariffs
Taxes on imported goods
Subsidies
Government financial support for domestic businesses.
Dumping
Selling goods below cost to eliminate competition.
Protectionism
Policies restricting imports to protect domestic industries.
Free Trade
Trade without restrictions or barriers.
Balance of Trade
Difference between exports and imports.
Factor Endowments
Natural and human resources available in a country.
Tariff
A tax on imported goods.
Quota
A limit on the quantity of goods imported.
Subsidy
Financial support given to domestic industries.
Dumping
Selling products abroad below production cost.
Anti-Dumping Policies
Laws preventing unfair trade practices.
Trade Barriers
Government-imposed restrictions on trade.
Protectionism
Policies aimed at restricting foreign competition.
Trade Agreements
Agreements between nations to facilitate trade.
World Trade Organization (WTO)
Global organization governing trade rules.
Most Favored Nation (MFN) Status
Equal trade treatment for all WTO members.
Embargo
A ban on trade with a specific country.
Retaliatory Tariffs
Countermeasures against foreign trade restrictions.
Foreign Exchange Controls
Government regulations on currency transactions.
Economic Sanctions
Restrictions to influence another country’s policies.
Strategic Trade Policy
Government support for industries with global potential.
Foreign Direct Investment (FDI)
Investment in foreign businesses.
Greenfield Investment
Establishing new operations in a foreign country.
Mergers & Acquisitions (M&A)
Buying or merging with foreign firms.
Multinational Corporation (MNC)
A company operating in multiple countries.
Joint Venture
A partnership between domestic and foreign firms.
Host Country
The country receiving FDI.
Home Country
The investor's country of origin.
Inward FDI
Foreign investment coming into a country.
Outward FDI
Domestic investment going abroad.
FDI Incentives
Government benefits to attract foreign investment.
Political Risk
Uncertainty due to government actions.
Expropriation
Government seizure of foreign assets.
Transfer Pricing
Setting prices for transactions within the same company.
Market Entry Strategies
Methods of entering a foreign market.
Economic Integration
Countries merging economies for mutual benefits.
Economic Integration
Process of reducing trade barriers among countries.
Free Trade Area
Countries eliminating tariffs among members.
Customs Union
A free trade area with common external tariffs.
Common Market
A customs union with free movement of labor and capital.
Economic Union
A common market with shared economic policies.
Political Union
Complete economic and political integration.
Trade Diversion
Shift in trade from low-cost to high-cost countries.
Trade Creation
Increased trade due to reduced barriers.
NAFTA/USMCA
North American trade agreement.
European Union (EU)
Economic and political union of European countries.
ASEAN
Association of Southeast Asian Nations.
Brexit
The UK's withdrawal from the EU.
Single Currency
A shared currency (e.g., Euro in the EU).
Supranational Organization
An entity above national governments.
Harmonization of Standards
Aligning regulations across countries.
Foreign Exchange Market
Market for currency trading.
Exchange Rate
The price of one currency in terms of another.
Floating Exchange Rate
Currency value determined by market forces.
Fixed Exchange Rate
Government-set currency value.
Currency Peg
Fixing a currency to another currency.
Spot Exchange Rate
The current exchange rate.
Forward Exchange Rate
A future exchange rate agreed upon today.
Arbitrage
Profiting from price differences in different markets.
Speculation
Buying/selling currencies for profit.
Hedging
Reducing currency risk exposure.
Foreign Exchange Reserves
Government-held foreign currencies.
Central Bank Intervention
Government actions to influence currency value.
Devaluation
Reduction in currency value.
Appreciation
Increase in currency value.
Purchasing Power Parity (PPP)
Exchange rates should equalize price levels.
International Monetary System
Rules governing currency exchange.
Gold Standard
Currency backed by gold reserves.
Bretton Woods System
Post-WWII fixed exchange rate system.
IMF (International Monetary Fund)
Institution supporting global financial stability.
World Bank
Provides financial aid to developing nations.
Special Drawing Rights (SDRs)
IMF-created international reserve asset.
Floating Exchange Rate
Market-determined currency values.
Fixed Exchange Rate
Government-controlled currency values.
Devaluation
Official lowering of a currency’s value.
Currency Crisis
A rapid depreciation of a currency.
