MGT 302 Chapter 1 La Rosa ASU Flashcards Quizlet PDF

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2/15/2021

MGT 302 Chapter 1 LaRosa ASU Flashcards | Quizlet

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European Central Bank

International Monetary Fund

International Monetary System

Terms in this set (16) Globalization

trend away from distinct national economic units and toward one huge global market

Globalization of markets

moving away from an economic system in which national markets are distinct entities, isolated by trad barriers and barriers of distance, time and culture, and toward a system in which national markets are merging into one global market

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Globalization of production

trend by individual firms to disperse parts of their productive processes to different locations around the globe to take advantage of differences in cost and quality of factors of production

Factors of production

Inputs in to the productive process of a firm, including labor, management, land, capital, and technological know-how

General Agreement on Tariffs

International treaty that committed signatories to

and Trade (GATT)

lowering barriers to the free flow of goods across national borders and let to the WTO

World Trade Organization

The organization that succeeded GATT as a result of

(WTO)

the successful completion of the Uruguay Round of GATT negotiations

International Monetary Fund

Often referred to as the lender of last resort, the

(IMF)

International Monetary Fund was set up to maintain order in the international monetary system

World Bank

International institution set up by 44 nations in orde to promote general economic development in the world's poorer nations, through investments in infrastructure and other initiatives

United Nations (UN)

International organization made up of 193 countries, headquartered in New York City, formed in 1945 to promote peace, security and cooperation

Group of Twenty (G20)

Finance ministers and central bank governors of the 19 largest economies in the world, plus representatives from the European Union and the European Central Bank

International trade

process by which a firm exports goods or services t consumers in another country

Foreign direct investment (FDI)

direct investment in business operations in a foreign country

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Moore's Law

Microprocessor power doubles and production cos drops by 50% every 18 months

Stock of FDI

the total accumulated value of foreign-owned asset at a given time

Multinational enterprise (MNE)

a firm that owns business operations in more than on country

International business

any firm that engages in international trade or investment

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