Intro to International Business - Exam 1 (OSU) with complete solutions
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Course
International Business
Institution
International Business
Globalization
integration of national economies through trade, investment, capital flow, labor, migration and technology
International Business
performance of trade and investments by firms across borders
International Trade
Exchange of products and services across national borders...
Intro to International Business - Exam 1
(OSU) with complete solutions
Globalization - ANSWER-integration of national economies through trade, investment,
capital flow, labor, migration and technology
International Business - ANSWER-performance of trade and investments by firms
across borders
International Trade - ANSWER-Exchange of products and services across national
borders, typically through exporting and importing
International Portfolio Investment - ANSWER-passive ownership of foreign securities
such as stocks and bonds for the purpose of generating financial returns
Risks of IB - ANSWER-1- Cross cultural risk
2- Country risk
3- Currency risk
4- Commercial risk
MNE - ANSWER-a large company with substantial resources that performs various
business activities through a network of subsidiaries and affiliates located in multiple
countries (Disney)
SME - ANSWER-500 or fewer employees, 90% of all firms in most coutnries
Born Global Firm - ANSWER-a young entrepreneurial company that initiates
international business activity very early in its evolution, moving rapidly into foreign
markets
Non-governmental foundation - ANSWER-many non profit globally
, World Bank - ANSWER-A specialized agency of the United Nations that makes loans to
countries for economic development, trade promotion, and debt consolidation.Helps
countries fight poverty.
WTO - ANSWER-successor to GATT, nation states comply to rules of trade treaties
Uruguay round - ANSWER-a trade agreement to dramatically lower trade barriers
worldwide; created the World Trade Organization
Moore's Law - ANSWER-the observation that computing power roughly doubles every
two years.
Containerization - ANSWER-Process of combining several unitized loads into a single,
well-protected load for shipment.
Political Economy - ANSWER-the political, economic, and legal systems of a country
Economic Development - ANSWER-the process by which a nation improves the
economic, political, and social well-being of its people
Economic Growth - ANSWER-a steady, long-term increase in real GDP
Collectivism - ANSWER-Plato, socialistic, collective goals>individual goals, state control
Free Market - ANSWER-prices are determined by unrestricted competition between
privately owned businesses
Command Economy - ANSWER-An economic system in which the government controls
a country's economy.
Mixed Economy - ANSWER-An economy in which private enterprise exists in
combination with a considerable amount of government regulation and promotion.
Common Law - ANSWER-A legal system based on custom and court rulings (USA)
Civil Law - ANSWER-A law that governs relationships between individuals and defines
their legal rights. (Germany)
Theocratic Law - ANSWER-legal system based on religious teachings (Islam)
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