C211:
Global
Economics
for
Managers
(WGU)
Cengage
Text
Globalization
-
ANSWER
The
close
integration
of
countries
and
peoples
of
the
world.
Purchasing
Power
Parity
(PPP)
-
ANSWER
A
conversion
that
determines
the
equivalent
amount
of
goods
and
services
that
different
currencies
can
purchase.
Scenario
Planning
-
ANSWER
A
technique
to
prepare
and
plan
for
multiple
scenarios
(either
high
or
low
risk).
Risk
management
-
ANSWER
The
identification
and
assessment
of
risks
and
the
preparation
to
minimize
the
impact
of
high-risk
,
unfortunate
events.
Gross
National
Income
(GNI)
-
ANSWER
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)
-
ANSWER
GDP
+
income
from
non-resident
sources
abroad.
reverse
innovation
-
ANSWER
An
innovation
that
is
adopted
first
in
emerging
economies
and
is
then
diffused
around
the
world.
International
Business
(IB)
-
ANSWER
(1)
A
business
or
firm
that
engages
in
international
crossborder
economic
activities
and/or
(2)
the
action
of
doing
business
abroad.
semiglobalization
-
ANSWER
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
-
ANSWER
Brazil,
Russia,
India,
and
China
base
of
the
pyramid
(BOP)
-
ANSWER
Economies
where
people
make
less
than
$2,000
per
capita
per
year.
emerging
economies
-
ANSWER
A
term
that
has
gradually
replaced
the
term
"developing
countries"
since
the
1990's.
emerging
markets
-
ANSWER
A
term
that
is
often
used
interchangeably
with
"emerging
economies"
nongovernmental
organizations
(NGO's)
-
ANSWER
An
organization
that
is
not
affiliated
with
governments. Expatriate
Manager
-
ANSWER
A
manager
who
works
"abroad",
or
"expat"
for
short.
Gross
Domestic
Product
(GDP)
-
ANSWER
The
sum
of
value
added
by
resident
firms,
households,
and
governments
Foreign
Direct
Investment
(FDI)
-
ANSWER
Investment
in,
controlling,
and
managing
value-added
activities
in
other
countries.
Group
of
20
(G-20)
-
ANSWER
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
-
ANSWER
The
inherent
disadvantage
that
foreign
firms
experience
in
host
countries
because
of
their
non-native
status.
global
business
-
ANSWER
Business
around
the
globe.
international
premium
-
ANSWER
A
significant
pay
raise
when
working
overseas.
multinational
enterprise
(MNE)
-
ANSWER
A
firm
that
engages
in
foreign
direct
investment
(FDI)
Triad
-
ANSWER
North
America,
Western
Europe,
and
Japan
Expatriate
Manager
(expat)
-
ANSWER
A
manager
who
works
abroad,
or
"expat"
for
short.
Nontariff
Barriers
(NTB)
-
ANSWER
Trade
barrier
that
relies
on
nontariff
means
to
discourage
imports.
tariff
barrier
-
ANSWER
Trade
barrier
that
relies
on
tariffs
to
discourage
imports.
deadweight
costs
-
ANSWER
Net
losses
that
occur
in
an
economy
as
a
result
of
tariffs.
free
trade
-
ANSWER
The
idea
that
free
market
forces
should
determine
how
much
trade
with
little
or
no
government
intervention.
infant
industry
argument
-
ANSWER
The
argument
that
if
domestic
firms
are
as
young
as
"infants",
in
the
absence
of
government
intervention,
they
stand
no
chances
of
surviving
and
will
be
crushed
by
mature
foreign
rivals.
product
life
cycle
theory
-
ANSWER
A
theory
that
accounts
for
changes
in
the
patterns
of
trade
over
time
by
focusing
on
product
life
cycles.
theory
of
mercantilism
-
ANSWER
A
theory
that
suggests
that
the
wealth
of
the
world
is
fixed
and
that
a
nation
that
exports
more
than
imports
less
will
be
richer.
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