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Western Governors University C 211
WGU C211 Global Economics for Managers Study questions and answers with
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Terms in this set (656)
Absolute Advantage The economic advantage one nation enjoys that is absolutely superior to other
nations.
Accounting Profit Total revenue minus total explicit cost
Acquisition a wholly owned subsidiary is created through direct foreign investment.
Administrative Policy Bureaucratic rules that make it harder to import foreign goods.
Agglomeration Clustering of economic activities in certain locations. Beyond geographic
advantages, location-specific advantages also arise from the clustering of
economic activities in certain locations.
Antidumping Duty Tariffs levied on imports that have been "dumped" (selling below costs to
"unfairly" drive domestic firms out of business).
Antidumping Law Law that makes it illegal for an exporter to sell goods below cost abroad with the
intent to raise prices after eliminating local rivals.
Antitrust Law Law that outlaws cartels (trusts).
Antitrust Policy Government policy designed to combat monopolies and cartels.
Attack An initial set of actions to gain competitive advantage.
Automatic Stabilizers changes in fiscal policy that stimulate aggregate demand when the economy
goes into a recession without policymakers having to take any deliberate action
, https://www.stuvia.com/user/geniusexpert
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Average fixed cost Fixed cost divided by the quantity of output AFC = FC/Q
Average Revenue total revenue divided by the quantity sold
Average total cost Total cost divided by the quantity of output
ATC = TC / Q
Average variable cost Variable cost divided by the quantity of output AVC = VC/Q
Balance of payments a country's international transaction statement.
Balance of Trade The aggregation of importing and exporting that leads to the country-level trade
surplus or deficit.
Bandwagon effect the result of investors moving as a herd in the same direction at the same time. ٭
Bank Capital the resources a bank's owners have put into the institution
Bargaining Power Ability to extract favorable outcome from negotiations due to one party's
strengths.
Base of the Pyramid Economies where people make less than $2,000 per capita per year.
Beijing Consensus A view that questions Washington Consensus' belief in the superiority of private
ownership over state ownership in economic policy making, which is often
associated with the position held by the Chinese government.
Bid rate the price offered to buy a currency.
Blue Ocean Strategy Strategy that focuses on developing new markets ("blue ocean") and avoids
attacking core markets defended by rivals, which is likely to result in a bloody
price war or a "red ocean."
Bounded Rationality The necessity of making rational decisions in the absence of complete
information.
Bretton Woods system a system in which all currencies were pegged at a fixed rate to the U.S. dollar.
BRIC Brazil, Russia, India, and China.
Budget Constraint the limit on the consumption bundles that a consumer can afford
Build-operate-transfer (BOT) agreement a non-equity mode of entry used to build a longer-term presence.
Capacity to Punish Sufficient resources possessed by a price leader to deter and combat defection.
Capital flight a phenomenon in which a large number of individuals and companies exchange
domestic currencies for a foreign currency. ٭
Western Governors University C 211
WGU C211 Global Economics for Managers Study questions and answers with
Complete Solutions 100% Correct | New Update 2026 || 100% Guaranteed Pass
|| complete A+ Guide
https://www.stuvia.com/user/geniusexpert
Terms in this set (656)
Absolute Advantage The economic advantage one nation enjoys that is absolutely superior to other
nations.
Accounting Profit Total revenue minus total explicit cost
Acquisition a wholly owned subsidiary is created through direct foreign investment.
Administrative Policy Bureaucratic rules that make it harder to import foreign goods.
Agglomeration Clustering of economic activities in certain locations. Beyond geographic
advantages, location-specific advantages also arise from the clustering of
economic activities in certain locations.
Antidumping Duty Tariffs levied on imports that have been "dumped" (selling below costs to
"unfairly" drive domestic firms out of business).
Antidumping Law Law that makes it illegal for an exporter to sell goods below cost abroad with the
intent to raise prices after eliminating local rivals.
Antitrust Law Law that outlaws cartels (trusts).
Antitrust Policy Government policy designed to combat monopolies and cartels.
Attack An initial set of actions to gain competitive advantage.
Automatic Stabilizers changes in fiscal policy that stimulate aggregate demand when the economy
goes into a recession without policymakers having to take any deliberate action
, https://www.stuvia.com/user/geniusexpert
https://www.stuvia.com/user/geniusexpert
Average fixed cost Fixed cost divided by the quantity of output AFC = FC/Q
Average Revenue total revenue divided by the quantity sold
Average total cost Total cost divided by the quantity of output
ATC = TC / Q
Average variable cost Variable cost divided by the quantity of output AVC = VC/Q
Balance of payments a country's international transaction statement.
Balance of Trade The aggregation of importing and exporting that leads to the country-level trade
surplus or deficit.
Bandwagon effect the result of investors moving as a herd in the same direction at the same time. ٭
Bank Capital the resources a bank's owners have put into the institution
Bargaining Power Ability to extract favorable outcome from negotiations due to one party's
strengths.
Base of the Pyramid Economies where people make less than $2,000 per capita per year.
Beijing Consensus A view that questions Washington Consensus' belief in the superiority of private
ownership over state ownership in economic policy making, which is often
associated with the position held by the Chinese government.
Bid rate the price offered to buy a currency.
Blue Ocean Strategy Strategy that focuses on developing new markets ("blue ocean") and avoids
attacking core markets defended by rivals, which is likely to result in a bloody
price war or a "red ocean."
Bounded Rationality The necessity of making rational decisions in the absence of complete
information.
Bretton Woods system a system in which all currencies were pegged at a fixed rate to the U.S. dollar.
BRIC Brazil, Russia, India, and China.
Budget Constraint the limit on the consumption bundles that a consumer can afford
Build-operate-transfer (BOT) agreement a non-equity mode of entry used to build a longer-term presence.
Capacity to Punish Sufficient resources possessed by a price leader to deter and combat defection.
Capital flight a phenomenon in which a large number of individuals and companies exchange
domestic currencies for a foreign currency. ٭
