IMS 3310 Exam 1 UT Dallas Questions And Answers Rated 100% Correct
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Course
IMS 3310 UT Dallas
Institution
IMS 3310 UT Dallas
What are the 11 Uncontrollable Forces? - ️️-competitive
-Distributive
-Economic
-Socioeconomic
-Financial
-Legal
-Physical
-Political
-Sociocultural
-Labor
-Technological
economic globalization - ️️The tendency toward an international integration and
interdependency of good, tec...
IMS 3310 Exam 1 UT Dallas
What are the 11 Uncontrollable Forces? - ✔️✔️-competitive
-Distributive
-Economic
-Socioeconomic
-Financial
-Legal
-Physical
-Political
-Sociocultural
-Labor
-Technological
economic globalization - ✔️✔️The tendency toward an international integration and
interdependency of good, technology, info, labor, and capital, or the process of making
this integration happen
Controllable Forces - ✔️✔️Internal forces that management administers to adapt to
changes in the uncontrollable forces
1. Human Resources
2. Finance
3. Production
4. Marketing
Foreign Business - ✔️✔️The operations of a company outside its home or domestic
market
International Company (IC) - ✔️✔️A company with operations in multiple nations
Environment - ✔️✔️All the forces influencing the life and development of the firm
Uncontrollable forces - ✔️✔️The External forces that management has no direct
control over
International Business - ✔️✔️Business that is carried out across national borders
Domestic Environment - ✔️✔️All the uncontrollable forces originating in the home
country that surround and influence the life and development of the firm
,Foreign Environment - ✔️✔️All the uncontrollable forces originating outside the home
country that surround and influence the firm
-values often differ widely
-difficult to asses, especially legal and political forces
-forces interrelated
International Environment - ✔️✔️Interactions between domestic and foreign
environmental forces, as well as interactions between the foreign environmental forces
of two countries
-Decision making is more complex
-Managers in home office overseeing subsidiaries in 10 different nations must consider
not only domestic forces but also the influence of 10 foreign national environments, both
individually and collectively since there may be some interaction
Self Reference Orientation - ✔️✔️Unconscious references to your own cultural values
when judging behaviors of others in environment
-Time Vs Money
Foreign Direct Investment (FDI) - ✔️✔️Direct investments in equipment, structures,
and organizations in a foreign country at a level sufficient to obtain significant
management control;
Note: does not include mere foreign investment in stocks
Exporting - ✔️✔️The transportation of any domestic good or service to a destination
outside a country or region
Importing - ✔️✔️The transportation of any good or service into a country or region,
from a foreign origination point
Trade Defecit - ✔️✔️The amount by which by which the value of imports into a nation
exceeds the value of trade exports
Imports > Exports
Trade Surplus - ✔️✔️Exports > Imports
Mercantilism - ✔️✔️An economic philosophy based on the beleif that
1. a nation's wealth depends on accumulated treasure, usually precious metals such as
gold or silver
, 2. To increase wealth, government policies should promote exports and discourage
imports
Absolute Advantage - ✔️✔️a nation's ability to produce more of a good or service than
another country for the same or lower cost of inputs
Strategic behavior theory - ✔️✔️suggests that strategic rivalry between firms in an
oligopolistic industry will result in firms closely following and imitating each other's
international investments in order to keep a competitor from gaining an advantage
Perfect Competition - ✔️✔️a market situation in which there is a sufficiently large
number of well-informed buyers and sellers of a homogeneous product, such that no
individual participant has enough power to determine the price of the product, resulting
in a marketplace that is efficient in production and allocation of products (aka example
of absolute adv)
Comparative Advantage - ✔️✔️When one nation is less efficient than another nation in
the production of each of two goods, the less efficient nation has a comparative
advantage in the production of that good for which its absolute disadvantage is less
Internalization Theory - ✔️✔️Theory that to obtain a higher return on its investment, a
firm will transfer its superior knowledge to a foreign subsidiary that it controls, rather
than sell it in the open market
Dynamic capability theory - ✔️✔️Theory that for a firm to successfully invest overseas,
it must have not only ownership of unique knowledge or resources, but also the ability to
dynamically create, sustain, and exploit these capabilities over time
Eclectic Theory of International Production - ✔️✔️Theory proposing that for a firm to
invest in facilities overseas, it must have three kinds of advantages:
1. Ownership specific
2. Location specific
3. Internalization
Exchange Rate - ✔️✔️the price of one currency stated in terms of another
Currency Devaluation - ✔️✔️A reduction in the value of a country's currency relative to
other currencies
How do exchange rates change the direction of trade? - ✔️✔️1. Traders must know a
price in domestic currency to determine if its better to produce locally or import
2. Countries can regain a competitive position through currency devaluation
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