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IMS 3310 Chapter 1
IMS 3310 Chapter 1 Terms
| Question | Answer |
|---|---|
| International Business (IB) | (1) A business (or firm) that engages in international (cross-border) economic activities or (2) the action of doing business abroad. |
| Multinational Enterprise (MNE) | A firm that engages in foreign direct investment and operates in multiple countries. |
| Foreign Direct Investment (FDI) | Investment in, controlling, and managing value-added activities in other countries. |
| Global Business | Business around the globe. |
| Emerging Economy (or Emerging Market) | A developing country. |
| Group of 20 (G-20) | The group of 19 major countries plus the European Union (EU) whose leaders meet on a regular basis to solve global economic problems. |
| Gross Domestic Product (GDP) | The sum of value added by resident firms, households, and governments in an economy. |
| Purchasing Power Parity (PPP) | A conversion that determines the equivalent amount of goods and services different currencies can purchase. This conversion is usually used to capture the differences in cost of living in different countries. |
| Triad | Three regions of developed economies (North America, Western Europe, and Japan.) |
| Base of the Pyramid | The vast majority of humanity, about five billion people, who make less than $2,000 a year on a per capita basis. |
| Expatriate Manager (Expat) | A manager who works outside his or her native country. |
| International Premium | A significant pay raise commanded by expatriates when working overseas. |
| Institution-Based View | A leading perspective in global business that suggests that firm performance is, at least in part, determined by the institutional frameworks governing firm behavior around the world. |
| Institutions | Formal and informal rules of the game |
| Institutional Framework | Formal and informal institutions that govern individual and firm behavior. |
| Formal Institutions | Institutions such as laws regulations, and rules. |
| Informal Institutions | Institutions such as norms, cultures, and ethics. |
| Resource-Based View | A leading perspective in global business that suggests that firm performance is, at least in part, determined by its internal resources and capabilities. |
| Liability of Foreignness | The inherent disadvantage that foreign firms experience in host countries because of their non-native status. |
| Globalization | The close integration of countries and peoples of the world. |
| BRIC | A newly coined acronym for the emerging economies of Brazil, Russia, India, and China. |
| Risk Management | The identification and assessment of risks and the preparation to minimize the impact of high-risk, unfortunate events. |
| Scenario Planning | A technique to prepare and plan for multiple scenarios (either high or low risk). |
| Semiglobalization | A perspective that suggests that barriers to market integration at borders are high but not high enough to completely insulate countries from each other. |
| Nongovernmental Organizations (NGOs) | Organizations that are not affiliated with governments. Such organizations include environmentalist groups, human rights activists, and consumer groups. |
Created by:
Desy91
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