Global Business Chapter 1 Term

GLOBAL BUSINESS CHAPTER 1 TERM
EXAM QUESTIONS AND ANSWERS 100%
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globalization - CORRECT ANSWERS- J J J




Definition: Trend away from distinct national economic units and toward one huge global market; t
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he shift toward a more integrated and interdependent world economy.
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globalization of markets - CORRECT ANSWERS- J J J J J




Definition: The merging of historically distinct and separate national markets into one huge global
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marketplace.



globalization of production - CORRECT ANSWERS- J J J J J




Definition: The sourcing of goods and services from locations around the globe to take advantage o
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f national differences in the cost and quality of factors of production.
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factors of production - CORRECT ANSWERS-
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____________ _____ ____________ include labor, energy, land, and capital.
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GATT - CORRECT ANSWERS-
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Definition: International treaty that committed signatories to lowering barriers to the free flow of g
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oods across national borders.
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General Agreement on Tariffs and Trade - CORRECT ANSWERS- What does GATT stand for?
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WTO - CORRECT ANSWERS-
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Definition: Organization that succeeded GATT as a result of the successful completion of the Urugu
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ay Round of GATT negotiations.
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