WGU C211 Global Economics for Managers
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1. Globalization: The close integration of countries and peoples of the world
2. Purchasing power parity (PPP): A conversion that determines the equivalent amount of
goods and services that different currencies can purchase
3. Scenario planning: A technique to prepare and plan for multiple scenarios (either high or low
risk)
4. Risk management: The identification and assessment of risks and the prepara- tion to
minimize the impact of high-risk unfortunate events
,5. Gross national income: GDP plus income from non-resident sources abroad. GNI is the
term used by the World Bank and other international organizations to supersede the term
GNP.
6. Gross national product (GNP): GDP plus income from non-resident sources abroad
7. Reverse Innovation: An innovation that is adopted first in emerging economies an is then
diffused around the world
8. International business (IB): (1) A business (or firm) that engages in international
(crossborder) economic activities and/or (2) the action of doing business abroad
9. semiglobalization: A perspective that suggests that barriers to market integra- tion at
borders are high, but not high enough to insulate countries from each other completely
10. BRIC: Brazil, Russia, India, and China
, 11. base of the pyramid (BOP): Economies where people make less than $2,000 per capita
per year
12. Emerging economies: A term that has gradually replaced the term "developing countries"
since the 1990s
13. emerging markets: A term that is often used interchangeably with "emerging
economies"
14. nongovernmental organizations (NGOs): An organization that is not affiliated with
governments
15. expatriate manager: A manager who works abroad, or "expat" for short
16. gross domestic product (GDP): The sum of value added by resident firms, households,
and government operating in an economy
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