C211: Global Economics for Managers (WGU) Definition of Terms

Globalization CORRECT ANSWER The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) CORRECT ANSWER A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning CORRECT ANSWER A technique to prepare and plan for multiple scenarios (either high or low risk). Risk management CORRECT ANSWER The identification and assessment of risks and the preparation to minimize the impact of high-risk , unfortunate events. Gross National Income (GNI) CORRECT 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) CORRECT ANSWER GDP + income from non-resident sources abroad. reverse innovation CORRECT ANSWER An innovation that is adopted first in emerging economies and is then diffused around the world. International Business (IB) CORRECT ANSWER (1) A business or firm that engages in international crossborder economic activities and/or (2) the action of doing business abroad. semiglobalization CORRECT 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. BRIC CORRECT ANSWER Brazil, Russia, India, and China