Global Business final exam Review

A tax on a good moved from one country to another (usually a tax on imports).

What is one of the reasons that companies may want to get involved in world trade?

Legal right granted by a government to an inventor, providing them rights to their invention for a limited time

What does the following equation measure: Exports - Imports =

A method of conflict resolution that uses a neutral third party to make a binding decision is

What are Trade Barriers?

What does a depreciation of a currency mean?

The value of one currency expressed in terms of another; the cost of a foreign currency in local currency.

If a country's debt increase significantly, what happens to the currency's value

A situation that exists when a country specializes in the production of a good at which it is relatively more efficient.

When my company gets a fee to allow another company to produce and sell products with our brand _________.

Ethnocentricity can be defined as the ________.

The amount of a good or service that businesses are willing and able to make available at a certain price.

What percentage of the global economy do Europe and the U.S. account for? 

What can help make any cross-cultural exchange smoother and easier?

Two business come together to form a new entity (business)

Document ordered by an importer from a bank to guarantee shipment of goods, and to ensure the exporter they will be paid

What is a franchise?

A unique economic and political union between 27 European countries.

What is the primary goal of trade agreements between nations?

An increase in the average prices of goods and services in a country.

The limited resources available to satisfy the unlimited needs and wants of people.

A business that operates in more than one country is a ____.

The total value of all the goods and services a country produces in one year.

What is logistics?

A trade deficit occurs when...

Which is NOT an important strategic consideration when going global?

is a broad group of tools used to raise awareness about and create positive attitudes toward a product or service.

Failure to exercise the standard of care that a person would in a given situation resulting in harm or injury

The part of the Marketing Mix that focuses on getting the product to the customer

The amount a country owes to other countries.

bans on trade with certain countries. These are rare, it is usually for strategic or military/national security reasons

limits on the quantity of goods allowed to be imported into a country

An organization that helps reduce poverty and funding projects within developing countries.

Most currencies today are _____.

What does the foreign exchange market rely upon to determine currency values?

The set of values, beliefs, rules, and institutions held by a specific group of people is ____

Important cultural and social factors influencing international business

Is a broad legal term referring to almost every kind of responsibility, duty, or obligation.

What is business etiquette?