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International Business
Test 1, international business, North Central COllege
31
Business
Undergraduate 2
04/18/2012

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Term
International business
Definition
any commercial transation that crosses the borders of two or more countries
Term
Globalization
Definition
Trend toward greater economic, cultural, political and technological interdependence among national institutions and economies
Term
Forces that drive globalization
Definition
Political, market, social,
competitive, technology, cost
Term
Against Globalization
Definition
Eliminates jobs in developed nations,
lowers wages in developed nations,
exploits workers in developing nations
Term
For globalization
Definition
increase wealth and efficiency in all nations,
generates flexible labor market in developed nations,
advanced economies of developing nations
Term
Proactive reasons for international buisness
Definition
Technological advantage and information,
increase sales and profits,
economies of scale and tax benefits
Term
Reactive reasons for international business
Definition
geography (unsolicited requests), markets (access capacity), competitive pressure (efficiency)
Term
Why the imparative to globalize?
Definition
knowledge,
efficiency,
growth,
global customers,
Term
Pros of globalization for jobs and wages?
Definition
Increases wealth and efficiency everywhere,
generates flexible labor market in developed countries,
advances econ in developing countries
Term
Con of globalization for jobs and wages
Definition
eliminates jobs in developed nations,
lowers wages in developed nations,
exploits workers in developing nations
Term
Globalization's impact on labor
Definition
labor standards: Trade unions say globalizization reduces labor's bargining power and lowers standards, but study in International Labor Organization failed to support these claims
Term
Globalization's impact on eviromental protection
Definition
evniromental groups: race to the bottom, but american firms tend to invest in countries with stricter standards than the US
Term
Globalization's impact on future markets
Definition
opponents to globalization: Exploit local labor markets and environment; but companies often check to see if they have a potential local market and production base
Term
Globalization and inequality
Definition
Inequality within nations (poor people in developing nations benefit most from open economy);
inequality between nations (nations open to world trade and investment grow faster than rich nations);
global inequality (has fallen, but experts disagree by how much)
Term
Culture
Definition
set of shared values, beliefs, rules and insitution held by a specific group of people
Term
Components of culture
Definition
Social institutions,
aethetics,
manners and customs,
political/legal issues,
Language,
education,
religion,
values/attitudes/beliefs,
material culture
Term
Language
Definition
verbal and nonverbal
Term
Values/attitudes/beliefs
Definition
perception of time, work and change
Term
Aethetics
Definition
art, music, folklore
Term
Manners and custums
Definition
saving face (china), japanese silience - lower price
Term
social insitutions
Definition
kinship, extended family; associations, class
Term
Material culture
Definition
technology,
social-financial infrastructure,
cultural convergence
Term
Low-context culture
Definition
communication is direct and explicit
Term
High-context culture
Definition
communication is indirect and implicit; emphasize nonverbal messages and indirect communication; difficult to say now
Term
ethnocentricity
Definition
belief that one's own group or culture is uppieror of another
Term
cultural litteracy
Definition
detailed knowledge about a culture that inables a person to function effectively within it
Term
Global mindset
Definition
cultural adablitity (alter behavior), bridge the gap (between theory and pratice), build global mentality (personality test to show weaknesses and improve), flexibility is key.
Term
Cultural training
Definition
Field experience,
language training,
sensitivity training,
cultural assimilation,
cultural orientation,
environmental briefings
Term
Political risk
Definition
Likelihood that a society will undergo political changes that will negatively affect local business activity
Term
Types of political risks
Definition
Conflict and violence
terrorism and kidnapping
property seizure (natinalism, confiscation)
policy changes (as the result of ___ influences)
local content requirements
Term
United Nations
Definition
An organization primarily dedicated to world peace, world harmony. It was formed after the WWII amid the idealism and hopes that came with peace. It has not worked as perceived.

an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace. The UN was founded in 1945 after World War II to replace the League of Nations, to stop wars between countries, and to provide a platform for dialogue. It contains multiple subsidiary organizations to carry out its missions.
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