Topic 1 Important Terms

Descrição

Glossary of terms from unit BUS202 at University of New England (UNE).
Jenna Ward
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Jenna Ward
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Resumo de Recurso

Questão Responda
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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