business 200 review Exam #1 Questions with correct
answers
globalization - ✔✔The trend toward increased cultural and economic
connectedness between people, businesses, and organizations throughout the
world.
denationalization - ✔✔national boundaries are becoming less relevant and
important
internationalization - ✔✔the expansion of a firm beyond its domestic market into
foreign markets
GDP - ✔✔the value of all goods and services produced within a country
GNP - ✔✔the sum of all goods and services produced by a country's citizens
during a one year period
GDP and GNP per capita - ✔✔Nation's GDP or GNP divided by its population
multinational corporation - ✔✔business with direct investments abroad in
multiple countries
foreign direct investment - ✔✔investment made by a foreign company in the
economy of another country to gain management control
,born global firm - ✔✔company that adopts a global perspective and engages in
international business from or near its inception - possess more innovative
culture and knowledge-based organizational structure
globalization of markets - ✔✔convergence in buyer preferences in markets
around the world
benefits of globalization of markets - ✔✔reduces marketing costs, creates new
market opportunities, levels uneven income, global sustainability
globalization of production - ✔✔the sourcing of goods and services from locations
around the globe to take advantage of national differences in the cost and quality
of factors of production
benefits of globalization of production - ✔✔access lower cost workers, access
technical expertise, access production inputs
GATT - general agreement on tariffs and trade - ✔✔treaty designed to promote
free trade by reducing tariffs and nontariff barriers to international trade
tariffs - ✔✔taxes levied on traded goods
nontariff barriers - ✔✔limits on the quantity of an imported product
WTO - world trade organization - ✔✔only international organization dealing with
the rules of trade between nations
,other regional trade agreements - ✔✔USMCA, EU, APEC
the 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
e-commerce - ✔✔use of computer networks to purchase, sell, or exchange
products; to service customers, and to collaborate with partners.
the internet of things - ✔✔all devices and equipment that are readable,
recognizable, addressable, and/or controllable via the internet
digitization - ✔✔the process of changing information from analog to digital form
for use by computers and other information technologies
digitalization - ✔✔the use of digital data and technology to develop new business
operations, strategies, or business models.
digital transformation - ✔✔fundamental change in which digital technologies
penetrate all areas of operations, strategy, and culture to produce customer-
focused competitive advantage
, globalization - harms jobs and wages - ✔✔- eliminates manufacturing jobs in
developed nations
- causes worker dislocation that lowers wages
- exploits workers in lower-wage nations
globalization - improves jobs and wages - ✔✔- increases wealth and efficiency in
all nations
- generates labor market flexibility in developed nations
- advances the economies of developing nations and raises living standards
culture - debate for globalization - ✔✔allows us to profit from our differing
circumstances and skills
culture - debate against globalization - ✔✔homogenizes our world and destroys
our rich diversity of cultures
globalization for democracy - ✔✔spreads democracy worldwide
globalization against democracy - ✔✔empowers supranational institutions at the
expense of national governments.
globalization for the environment - ✔✔most international firms today support
reasonable env. laws
answers
globalization - ✔✔The trend toward increased cultural and economic
connectedness between people, businesses, and organizations throughout the
world.
denationalization - ✔✔national boundaries are becoming less relevant and
important
internationalization - ✔✔the expansion of a firm beyond its domestic market into
foreign markets
GDP - ✔✔the value of all goods and services produced within a country
GNP - ✔✔the sum of all goods and services produced by a country's citizens
during a one year period
GDP and GNP per capita - ✔✔Nation's GDP or GNP divided by its population
multinational corporation - ✔✔business with direct investments abroad in
multiple countries
foreign direct investment - ✔✔investment made by a foreign company in the
economy of another country to gain management control
,born global firm - ✔✔company that adopts a global perspective and engages in
international business from or near its inception - possess more innovative
culture and knowledge-based organizational structure
globalization of markets - ✔✔convergence in buyer preferences in markets
around the world
benefits of globalization of markets - ✔✔reduces marketing costs, creates new
market opportunities, levels uneven income, global sustainability
globalization of production - ✔✔the sourcing of goods and services from locations
around the globe to take advantage of national differences in the cost and quality
of factors of production
benefits of globalization of production - ✔✔access lower cost workers, access
technical expertise, access production inputs
GATT - general agreement on tariffs and trade - ✔✔treaty designed to promote
free trade by reducing tariffs and nontariff barriers to international trade
tariffs - ✔✔taxes levied on traded goods
nontariff barriers - ✔✔limits on the quantity of an imported product
WTO - world trade organization - ✔✔only international organization dealing with
the rules of trade between nations
,other regional trade agreements - ✔✔USMCA, EU, APEC
the 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
e-commerce - ✔✔use of computer networks to purchase, sell, or exchange
products; to service customers, and to collaborate with partners.
the internet of things - ✔✔all devices and equipment that are readable,
recognizable, addressable, and/or controllable via the internet
digitization - ✔✔the process of changing information from analog to digital form
for use by computers and other information technologies
digitalization - ✔✔the use of digital data and technology to develop new business
operations, strategies, or business models.
digital transformation - ✔✔fundamental change in which digital technologies
penetrate all areas of operations, strategy, and culture to produce customer-
focused competitive advantage
, globalization - harms jobs and wages - ✔✔- eliminates manufacturing jobs in
developed nations
- causes worker dislocation that lowers wages
- exploits workers in lower-wage nations
globalization - improves jobs and wages - ✔✔- increases wealth and efficiency in
all nations
- generates labor market flexibility in developed nations
- advances the economies of developing nations and raises living standards
culture - debate for globalization - ✔✔allows us to profit from our differing
circumstances and skills
culture - debate against globalization - ✔✔homogenizes our world and destroys
our rich diversity of cultures
globalization for democracy - ✔✔spreads democracy worldwide
globalization against democracy - ✔✔empowers supranational institutions at the
expense of national governments.
globalization for the environment - ✔✔most international firms today support
reasonable env. laws
