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47 Cards in this Set
- Front
- Back
Domestic Business |
Making, buying and selling goods and services withing a country |
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International Business |
All business activities needed to create, ship, and sell goods and services across national borders |
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Global dependency |
when items that consumers need and want are created in other countries |
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imports |
products bought from business in other countries
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Export |
products sold in other countries |
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Trade barriers |
Restrictions that reduce free trade among countries. |
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Culture |
The accepted behaviors, customs, and values of a society |
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Scarcity |
limited resources available to satisfy the unlimited needs and wants of the people |
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Economics |
The study of how people choose to use limited resources to satisfy their unlimited needs and wants |
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Supply |
relationship between the amount of a good or service that business are willing and able to make available and the price |
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Factors of production |
the three types of resources used to produce goods and services |
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economic system |
the method a country uses to answer the basic economic questions |
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privatization |
the process of transferring an enterprise or industry from the public sector to the private sector
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infrastructure |
the basic physical and organizational structures and facilities
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absolute advantage |
The ability of a country to produce a good or service at a lower cost
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comparative advantage |
The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals
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gross domestic product |
the total value of goods produced and services provided in a country during one year.
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gross national product |
the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
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balance of trade |
the difference in value between a country's imports and exports.
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foreign debt |
An outstanding loan that one country owes to another country or institutions within that country
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consumer price index |
the monthly United States federal government report on inflation
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Body language |
the process of communicating nonverbally through conscious or unconscious gestures and movements. |
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Class system |
a means of dividing the members of a cultural group into various levels
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Collectivism |
the practice or principle of giving a group priority over each individual in it.
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Cultural baggage
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tendency for one's culture to pervade thinking, speech, and behavior without one being aware of this pervasion.
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Culture Shock |
the feeling of disorientation experienced by someone who is suddenly subjected to an unfamiliar culture, way of life, or set of attitudes.
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Ethnocentrism |
evaluation of other cultures according to preconceptions originating in the standards and customs of one's own culture.
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Extended family |
a family that extends beyond the nuclear family, including grandparents, aunts, uncles, and other relatives living together
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Individualism |
the habit or principle of being independent and self-reliant.
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Nonverbal communication |
communication without words
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Nuclear Family |
a couple and their dependent children, regarded as a basic social unit.
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Subculture |
a subset or part of a larger culture
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Boycott
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to stop buying or using the goods or services of a certain company or country
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Common Market |
a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
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Democracy |
a system of government by the whole population or all the eligible members of a state, typically through elected representatives.
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Economic Nationalism |
is a body of policies that emphasize domestic control of the economy, labor, and capital formation
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Expropriation |
The act of taking of privately owned property by a government to be used for the benefit of the public
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Free Trade Agreement |
Trade between nations without regulatory barriers such as tariffs or quotas
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Free Trade Zone |
a designated area where products can be imported duty-free |
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Home country |
the country where a multinational enterprise is headquartered |
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Host Country
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the country in which a multinational enterprise is guest |
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MFN Status |
designation that allows a country to export into the granting country under the most favorable trade conditions that the importing country offers to any of its trading partners |
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Political System |
the means by which people in a society make the rules that control and influence their lives |
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Protectionism |
a government policy that protects local or domestic industries from foreign competition |
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Quota |
a limit in the total number, quantity, or monetary amount of a product that can be imported from a given country |
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Tax Holiday |
a situation where a corporation does not pay corporate income taxes to a foreign government if it invest in their country |
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Trade embargo |
a sanction imposed by a country to another country that stops all import-export with that country |