WGU C211 Questions and Answers Already Graded A

WGU C211 Questions and Answers Already Graded A Globalization The close integration of countries and peoples of the world Purchasing power parity (PPP) A conversion that determines the equivalent amount of goods and services that different currencies can purchase Scenario planning A technique to prepare and plan for multiple scenarios (either high or low risk) Risk management The identification and assessment of risks and the preparation to minimize the impact of high-risk unfortunate events Gross national income GDP plus 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) GDP plus income from non-resident sources abroad Reverse Innovation An innovation that is adopted first in emerging economies an is then diffused around the world International business (IB) (1) A business (or firm) that engages in international (crossborder) economic activities and/or (2) the action of doing business abroad semiglobalization 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 Brazil, Russia, India, and Chinabase of the pyramid (BOP) Economies where people make less than $2,000 per capita per year Emerging economies A term that has gradually replaced the term "developing countries" since the 1990s emerging markets A term that is often used interchangeably with "emerging economies" nongovernmental organizations (NGOs) An organization that is not affiliated with governments expatriate manager A manager who works abroad, or "expat" for short gross domestic product (GDP) The sum of value added by resident firms, households, and government operating in an economy foreign direct investment (FDI) Investment in, controlling, and managing value-added activities in other countries Group of 20 (G-20) 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 The inherent disadvantage that foreign firms experience in host countries because of their non-native status. global business Business around the globe international premium A significant pay raise when working overseasmultinational enterprise (MNE) A firm that engages in foreign direct investment (FDI) Triad North America, Western Europe, Japan normative pillar The mechanism through which norms influence individual and firm behaviour transaction costs The costs associated with economic transactions or, more broadly, the costs of doing business. Property rights The legal right to use an economic property (resource) and to derive income and benefits from it. political system The rules of the game on how a country is governed politically market economy An economy that is characterized by the "invisible hand" of market forces totalitarianism A political system in which one person or party exercises absolute political control over the population cognitive pillar The internalized (or taken-for granted) values and beliefs that guide individual and firm behaviour theocratic law A legal system based on religious teachings institutional framework Formal and informal institutions governing individual and firm behaviour institutions Formal and informal rules of the gamecopyrights Exclusive legal rights of authors and publishers to publish and disseminate their work command economy An economy that is characterized by government ownership