Chapter 1 -- terms
globalization
e-business -- purchase, sale, or exchange of goods and services, as well as servicing customers, collaboration with business partners, and transactions within a company via computer networks
international business -- any commercial transaction that crosses the borders of two or more nations
imports -- all goods and services brought into a country that are acquired from organizations located abroad
exports -- all goods and services produced or based in one country that are sold abroad
globalization -- trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies
General agreement on tariffs and trade (GATT) -- treaty designed to promote free trade by reducing both tariffs and nontariff barriers to international trade
world trade organization (WTO) -- international organization that regulates trade between nations
Gross domestic product (GDP) -- value of all goods and services produced by a country's domestic economy over a one-year period
Gross national product (GNP) -- value of all goods and services produced by a country during a one-year period, including income generated by both domestic and international activities
GDP or GNP per capita -- nations GDP or GNP divided by its population
World Bank -- agency created to provide financing for national economic development efforts
international monetary fund (IMF) -- agency created to regulate fixed exchange rates and enforce the rules of the international monetary system
multinational corporation (MNC) -- business that has direct investments abroad in multiple countries
born-global firm -- company that takes a global perspective on its market and engages in international business from or near its inception
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