17100332
Description
Flashcards by Jenna Ward, updated more than 1 year ago
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Created by Jenna Ward
over 5 years ago
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| Question | Answer |
| International Business | Commercial transaction that crosses the borders of two or more nations |
| Imports | Goods and services purchased abroad and brought into a country |
| Exports | Goods and services sold abroad and sent out of a country |
| Multinational Corporation (MNC) | Business that has direct investments (marketing or manufacturing subsidiaries) abroad in multiple countries |
| Born Global Firm | Adopts a global perspective and engages in international business from or near its inception. |
| Globalisation | Greater economic, cultural, political and technological interdependence among national institutes and economies |
| Sustainability | Meet the needs of the present without compromising the ability of future generations to meet their own needs |
| General Agreement on Tariffs and Trade (GATT) | 1947 treaty promoting free trade by reducing tariffs and non-tariff barriers to international trade. Revised 1994. |
| World Trade Organisation (WTO) | International organisation that enforces the rules of international trade |
| World Bank | Agency created to provide financing for national economic development efforts |
| International Monetary Fund | Agency created to regulate fixed exchange rates and to enforce the rules of the international monetary system |
| Gross domestic product (GDP) | Value of all goods and services produced by a domestic economy over a one-year period. Excludes income generated by imports, exports and international operations of companies |
| Tariff | Taxes levied on traded goods |
| Non-tariff barriers | Limits on the quantity of an imported product |
| Gross national product (GNP) | Value of all goods and services produced by a country's domestic and international activities over a one-year period |
| GDP or GNP per capita | Nation's GDP or GNP divided by its population |
| e-business or e-commerce | Use of computer networks to purchase, sell or exchange products; to service customers; and to collaborate with partners |
| Fiscal policy | Use of government revenue collection (taxes) and expenditure to influence the economy. |
| Monetary policy | Process by which monetary authority controls inflation or interest rates to ensure price stability |
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