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IB 200 - Chapter 1
Global Business Today - Hill
12
Business
Not Applicable
02/16/2009

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Term
GLOBALIZATION
Definition
the shift toward a more integrated and interdependent world economy
Term
GLOBALIZATION OF MARKETS
Definition
the merging of historically distinct and separate national markets into one huge global marketplace
Term
GLOBALIZATION OF PRODUCTION
Definition
sourcing goods and services from location around the globe to take advantage of national differences in the cost and quality of various factors of production
Term
FACTORS OF PRODUCTION
Definition
components of production such as:
-labor
-energy
-land
-capital
Term
GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)
Definition
international treaty that committed signatories to lowering barriers to the free flow of goods across national borders; led to the WTO
Term
WORLD TRADE ORGANIZATION
Definition
the organization that succeeded the General Agreement on Tariffs and Trade and now acts to police the world trading system
Term
INTERNATIONAL MONETARY FUND
Definition
international institution set up to maintain order in the international monetary fund
Term
WORLD BANK
Definition
international organization set up to promote economic development, primarily by offering low interest loans to cash strapped governments of poorer nations
Term
UNITED NATIONS
Definition
an international organization made up of 191 countries charged with keeping international peace, developing cooperation between nations, and promoting human rights.
Term
INTERNATIONAL TRADE
Definition
occurs when a firm exports goods or services to consumers in another country
Term
FOREIGN DIRECT INVESTMENT (FDI)
Definition
occurs when a firm invests resources in business activities outside its home country
Term
FACTORS AFFECTING GLOBALIZATION
Definition
-education
-limited liability forms of business ownership
-technology
-growth in property rights
-intellectual property protection
-diminishing restrictions on trade and investment flows
-growing homogeneity in tastes
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