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IB 200 - Loughlin
Chapter 1: Globalization
14
Business
Undergraduate 2
09/18/2007

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Term
International Business
Definition
Commercial transaction that crosses the borders of two or more nations.
Term
Imports
Definition
Goods and services brought into a country that are acquired from organizations located abroad.
Term
Exports
Definition
Goods and services produced or based in one country that are sold abroad.
Term
E-Business (E-Commerce)
Definition
Use of computer networks to purchase, sell, or exchange goods and services, service customers, collaborate with partners, and transact within a company.
Term
Globalization
Definition
Trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.
Term
General Agreement on Tariffs and Trade (GATT)
Definition
Treaty designed to promote free trade by reducing both tariffs and nontariff barriers to international trade.
Term
World Trade Organization (WTO)
Definition
International organization that regulates trade between nations.
Term
Gross Domestic Product (GDP)
Definition
Value of all goods and services produced by a country's domestic economy over a one-year period.
Term
Gross National Product (GNP)
Definition
value of all goods and services produced by a country during a one-year period, including income generated by both domestic and international activities.
Term
GDP or GNP per Capita
Definition
Nation's GDP or GNP divided by its population.
Term
World Bank
Definition
Agency created to provide financing for national economic development efforts.
Term
International Monetary Fund (IMF)
Definition
Agency created to regulate fixed exchange rates and enforce the rules of the international monetary system.
Term
Multinational Corporation (MNC)
Definition
Business that has direct investments abroad in multiple countries.
Term
Born-Global Firm
Definition
Company that takes a global perspective on its market and engages in international business from or near its inception.
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