GEB 3375 Exam 1 ucf Questions and Answers 2024 Correctly done

Globalization of markets - Answer-refers to the interconnectedness of national economies and the growing interdependence of buyers, producers, suppliers, and governments around the world Role of Technology in Globalization - Answer-technology offers products/services worldwide, communication finding information, the world has become a "small place" Examples of Technology's Role in Globalization - Answer--shorter flight times -declining cost of global communication -growing # of internet users -ease of offering your product to a world-wide audience -ease of paying a supplier/receiving money abroad -ease of delivering a service abroad Drivers of Globalization (all based on change) - Answer-1. Political 2. Technological 3. Market 4. Cost 5. Competitive Example of Political driver of globalization - Answer-more friendly towards trade, FDI Example of Technological driver of globalization - Answer-communication, delivery of services Example of Market driver of globalization - Answer-tap into demand or suppliers in other markets Example of Cost driver of globalization - Answer-economies of scale, wage differentials Example of Competitive driver of globalization - Answer-internationalize or dieIs the idea of doing business internationally new? - Answer-Of course not Importing - Answer-the transportation of any good or service into a country or region from a foreign origination point Arguments against globalization - Answer-1. it has produced uneven results across nations and people 2. deleterious effects on labor and labor standards 3. decline in environmental and health conditions Top 3 largest trading nations - Answer-1. China 2. United States 3. Germany Major trading partners of the U.S. - Answer-1. China 2. Canada 3. Mexico 2013 largest markets for american exports - Answer-about 1/2 went to other nations in North America Trade balance - Answer-value of imports = value of exports Trade surplus - Answer-the amount by which the value of a national exports exceeds the value of its imports Trade deficit - Answer-the amount by which the value of imports into a nation exceeds the value of its exports Economies of scale - Answer-the predictable decline in the average cost of producing each unit of output as a production facility gets larger and output increases (also works for services)Experience curve - Answer-the rising scale on which efficiency improves as a result of cumulative experience and learning (works for manufacturing and services) What do the concepts of "economies of scale" and "experience curve" have to do with the issue of international trade? - Answer-because they can permit a nation's industries to become low-cost producers without having an abundance of the resources used as inputs, such as minerals or labor Regionalization of trade - Answer-in many industries firms tend to cluster together on a geographic basis Porter's Diamond model question - Answer-why, in many industries, do firms tend to cluster together on a geographic basis? Porter's Diamond model idea - Answer-the competitiveness (in a particular industry) results from conditions or elements on both the country and the firm level Porter's Diamond model 4 elements - Answer-1. Factor conditions 2. Related and supporting industries 3. Demand conditions 4. Firm strategy, structure, and rivalry National competitiveness - Answer-a nation's relative ability to design, produce, distribute, or service products within an international trading context which earning increasing returns on its resources Countries that receive a lot of FDI - Answer-1. China 2. Hong Kong 3. U.S. 4. UK 5.Singapore Countries that are the source of a lot of FDI - Answer-1. U.S.2. China 3. UK 4. Germany 5. Japan US accumulated FDI investment abroad in which countries - Answer-Canada, Mexico, Europe, Australia Greenfield investment - Answer-the establishment of new facilities from the ground up Portfolio investment - Answer-the purchase of an existing business in another nation Culture (2 definitions) - Answer--the learned, charged, and enduring orientation patterns in society demonstrated through values, ideas, attitudes, behaviors, and symbols -a collective programming of the mind that distinguishes the members of one group or category of people from another Culture (characteristics) - Answer--applies to nationalities as well as sub-cultures (professions) -influences: how people behave, negotiate, communicate, what people buy, food preferences, risk taking, behavior interpretation, expectations