C211: Global Economics for Managers (WGU) Cengage Text
C211: Global Economics for Managers
(WGU) Cengage Text Containing 219
Terms with Definitions 2024-2025.
Globalization - Answer: The close integration of countries and peoples of the
world.
Purchasing Power Parity (PPP) - Answer: A conversion that determines the
equivalent amount of goods and services that different currencies can purchase.
Scenario Planning - Answer: A technique to prepare and plan for multiple
scenarios (either high or low risk).
1|Page
, C211: Global Economics for Managers (WGU) Cengage Text
Risk management - Answer: The identification and assessment of risks and the
preparation to minimize the impact of high-risk, unfortunate events.
Gross National Income (GNI) - Answer: GDP + income from non-resident sources
abroad. GNI is the term used by the World Bank and other international
organizations to supersede the term GNP.
Gross National Product (GNP) - Answer: GDP + income from non-resident sources
abroad.
reverse innovation - Answer: An innovation that is adopted first in emerging
economies and is then diffused around the world.
International Business (IB) - Answer: (1) A business or firm that engages in
international crossborder economic activities and/or (2) the action of doing
business abroad.
semiglobalization - Answer: A perspective that suggests that barriers to market
integration at borders are high, but not high enough to insulate countries from
each other completely.
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, C211: Global Economics for Managers (WGU) Cengage Text
BRIC - Answer: Brazil, Russia, India, and China
base of the pyramid (BOP) - Answer: Economies where people make less than
$2,000 per capita per year.
emerging economies - Answer: A term that has gradually replaced the term
"developing countries" since the 1990's.
emerging markets - Answer: A term that is often used interchangeably with
"emerging economies"
nongovernmental organizations (NGO's) - Answer: An organization that is not
affiliated with governments.
Expatriate Manager - Answer: A manager who works "abroad", or "expat" for
short.
Gross Domestic Product (GDP) - Answer: The sum of value added by resident
firms, households, and governments
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, C211: Global Economics for Managers (WGU) Cengage Text
Foreign Direct Investment (FDI) - Answer: Investment in, controlling, and
managing value-added activities in other countries.
Group of 20 (G-20) - Answer: The group of 19 major countries plus the European
Union (EU) whose leaders meet on a biannual basis to solve global economic
problems.
liability of foreignness - Answer: The inherent disadvantage that foreign firms
experience in host countries because of their non-native status.
global business - Answer: Business around the globe.
international premium - Answer: A significant pay raise when working overseas.
multinational enterprise (MNE) - Answer: A firm that engages in foreign direct
investment (FDI)
Triad - Answer: North America, Western Europe, and Japan
Expatriate Manager (expat) - Answer: A manager who works abroad, or "expat"
for short.
4|Page
C211: Global Economics for Managers
(WGU) Cengage Text Containing 219
Terms with Definitions 2024-2025.
Globalization - Answer: The close integration of countries and peoples of the
world.
Purchasing Power Parity (PPP) - Answer: A conversion that determines the
equivalent amount of goods and services that different currencies can purchase.
Scenario Planning - Answer: A technique to prepare and plan for multiple
scenarios (either high or low risk).
1|Page
, C211: Global Economics for Managers (WGU) Cengage Text
Risk management - Answer: The identification and assessment of risks and the
preparation to minimize the impact of high-risk, unfortunate events.
Gross National Income (GNI) - Answer: GDP + income from non-resident sources
abroad. GNI is the term used by the World Bank and other international
organizations to supersede the term GNP.
Gross National Product (GNP) - Answer: GDP + income from non-resident sources
abroad.
reverse innovation - Answer: An innovation that is adopted first in emerging
economies and is then diffused around the world.
International Business (IB) - Answer: (1) A business or firm that engages in
international crossborder economic activities and/or (2) the action of doing
business abroad.
semiglobalization - Answer: A perspective that suggests that barriers to market
integration at borders are high, but not high enough to insulate countries from
each other completely.
2|Page
, C211: Global Economics for Managers (WGU) Cengage Text
BRIC - Answer: Brazil, Russia, India, and China
base of the pyramid (BOP) - Answer: Economies where people make less than
$2,000 per capita per year.
emerging economies - Answer: A term that has gradually replaced the term
"developing countries" since the 1990's.
emerging markets - Answer: A term that is often used interchangeably with
"emerging economies"
nongovernmental organizations (NGO's) - Answer: An organization that is not
affiliated with governments.
Expatriate Manager - Answer: A manager who works "abroad", or "expat" for
short.
Gross Domestic Product (GDP) - Answer: The sum of value added by resident
firms, households, and governments
3|Page
, C211: Global Economics for Managers (WGU) Cengage Text
Foreign Direct Investment (FDI) - Answer: Investment in, controlling, and
managing value-added activities in other countries.
Group of 20 (G-20) - Answer: The group of 19 major countries plus the European
Union (EU) whose leaders meet on a biannual basis to solve global economic
problems.
liability of foreignness - Answer: The inherent disadvantage that foreign firms
experience in host countries because of their non-native status.
global business - Answer: Business around the globe.
international premium - Answer: A significant pay raise when working overseas.
multinational enterprise (MNE) - Answer: A firm that engages in foreign direct
investment (FDI)
Triad - Answer: North America, Western Europe, and Japan
Expatriate Manager (expat) - Answer: A manager who works abroad, or "expat"
for short.
4|Page
