C211: Global Economics for Managers (WGU) Cengage Text (2022/2023) (Verified Answers)

C211: Global Economics for Managers (WGU) Cengage Text (2022/2023) (Verified Answers) Globalization - ANS The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) - ANS A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning - ANS A technique to prepare and plan for multiple scenarios (either high or low risk). Risk management - ANS The identification and assessment of risks and the preparation to minimize the impact of high-risk , unfortunate events. Gross National Income (GNI) - ANS GDP + income from non-resident sources abroad. GNI is the term used by the World Bank and other international organizations to supersede the term GNP. Gross National Product (GNP) - ANS GDP + income from non-resident sources abroad. reverse innovation - ANS An innovation that is adopted first in emerging economies and is then diffused around the world. International Business (IB) - ANS (1) A business or firm that engages in international crossborder economic activities and/or (2) the action of doing business abroad. semiglobalization - ANS A perspective that suggests that barriers to market integration at borders are high, but not high enough to insulate countries from each other completely. BRIC - ANS Brazil, Russia, India, and China base of the pyramid (BOP) - ANS Economies where people make less than $2,000 per capita per year. emerging economies - ANS A term that has gradually replaced the term "developing countries" since the 1990's. emerging markets - ANS A term that is often used interchangeably with "emerging economies" nongovernmental organizations (NGO's) - ANS An organization that is not affiliated with governments. Expatriate Manager - ANS A manager who works "abroad", or "expat" for short. Gross Domestic Product (GDP) - ANS The sum of value added by resident firms, households, and governments Foreign Direct Investment (FDI) - ANS Investment in, controlling, and managing value-added activities in other countries. Group of 20 (G-20) - ANS The group of 19 major countries plus the European Union (EU) whose leaders meet on a biannual basis to solve global economic problems. liability of foreignness - ANS The inherent disadvantage that foreign firms experience in host countries because of their non-native status.