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CBA 300 Exam 1
Terms & Definitions (no concepts)
| Term | Definition |
|---|---|
| controllable forces | internal forces that management administers to adapt to changes in the uncontrollable forces |
| domestic environment | all the uncontrollable forces originating in the home country that surround and influence the life and development of the firm |
| economic globalization | the tendency toward an international integration and interdependency of goods, technology, information, labor and capital, or the process of making this integration happen |
| environment | all the forces influencing the life and development of the firm |
| exporting | the transportation of any domestic good or service to a destination outside a country or region |
| foreign business | the operations of a company outside its home or domestic market |
| foreign direct investment (FDI) | direct investments in equipment, structures, and organizations in a foreign country at a level sufficient to obtain significant management control; does not include mere foreign investment in stock markets |
| foreign environment | all the uncontrollable forces originating outside the home country that surround and influence the firm |
| importing | the transportation of any good or service into a country or region from a foreign origination point |
| international business | business that is carried out across national borders |
| international company (IC) | a company with operations in multiple nations |
| international environment | interaction between domestic and foreign environmental forces, as well as interactions between the foreign environmental forces of two countries |
| self-reference criterion | unconscious reference to your own cultural values when judging behaviors of others in a new and different environment |
| transnational corporation | an enterprise made up of entities in more than one nation, operating under a decision-making system that allows a common strategy and coherent policies |
| uncontrollable forces | the external forces that management has no direct control over |
| absolute advantage | a nation's ability to produce more of a good or service than another country for the same or lower cost of inputs |
| comparative advantage | when one nation is less efficient than another nation in the production of each of two goods, the less efficient nation has a this advantage in the production of that good for which its absolute advantage is less |
| cross-border acquisition | the purchase of an existing business in another nation |
| currency devaluation | a reduction in the value of a country's currency relative to other currencies |
| direct investment | the purchase of sufficient stock in a firm to obtain significant management control |
| dynamic capability theory | the theory that for a firm to successfully invest overseas, it must have not only ownership of unique knowledge or resources, but also the ability to dynamically create, sustain, and exploit these capabilities over time |
| eclectic theory of international production | the theory proposing that for a firm to invest in facilities overseas, it must have three kinds of advantages: ownership specific, location specific, and internalization |
| economies of scale | the predictable decline in the average cost of producing each unit of output as a production facility gets larger and output increases |
| exchange rate | the price of one currency stated in terms of another |
| experience curve | the rising scale on which efficiency improves as a result of cumulative experience and learning |
| greenfield investment | the establishment of new facilities from the ground up |
| internalization theory | theory that to obtain a higher return on investment, a firm will transfer its superior knowledge to a foreign subsidiary that it controls, rather than sell it in the open market |
| international product life cycle | theory explaining why a product that began as a nation's export eventually becomes its import |
| mercantilism | an economic philosophy based on the belief that (1) a nation's wealth depends on accumulated treasure, usually precious metals such as gold and silver (2) to increase wealth, government policies should promote exports and discourage imports |
| monopolistic advantage theory | theory that FDI is made by firms in industries with relatively few competitors, due to their possession of technical and other advantages over indigenous firms |
| national competitiveness | a nation's relative ability to design, produce, distribute, or service products within an international trading context while earning increasing returns on its resources |
| oligopolistic industry | an industry with a limited number of competing firms |
| overlapping demand | the existence of similar preferences and demand for products and services among nations with similar levels of per capita income |
| perfect competition | a market situation in which there is a sufficiently large number of well-informed buyers and sellers of a homogenous product, such that no individual participant has enough power to determing the price of the product |
| portfolio investment | the purchase of stocks and bonds to obtain a return on the funds invested |
| product differentiation | unique differences producers build into their products with the intent of positively influencing demand |
| resource endowment | the land, labor, capital, and related production factors a nation possesses |
| strategic behavior theory | theory suggesting that strategic rivalry between firms in an oligopolistic industry will result in firms closely following and imitating each other's international investments in order to keep a competitor from gaining an advantage |
| trade deficit | the amount by which the value of imports into a nation exceeds the value of its exports |
| trade surplus | the amount by which the value of a nation's exports exceeds the value of its imports |
| achievement vs ascription | what a person does contrasted with who a person is |
| aesthetics | a culture's sense of beauty and good taste |
| communitarianism | belief that the group is the beneficiary of actions |
| context | the relevant environment |
| cultural paradox | contradictions in a culture's values |
| ethnocentricity | the belief that your own culture is superior to other cultures |
| global mindset | this involves an openness to diversity along with an ability to synthesize across diversity |
| material culture or artifacts | all human-made objects |
| monochromic | having to do with linear time, sequential activities |
| neutral vs affective | the withholding of emotion contrasted with its expression |
| particularist | conditions in which context determines what concepts apply |
| polychromic | having to do with simultaneous activities, multitasking |
| specific vs. diffuse | life divided into public and private spheres contrasted with life undifferentiated |
| biomass | a category of fuels whose energy source is photosynthesis, through which plants transform the sun's energy into chemical energy |
| carbon disclosure project (CDP) | organization that provides reporting frameworks for greenhouse gas emissions and water use |
| carbon footprint | a measure of the volume of greenhouse gas emissions caused by a product's manufacture and use |
| climate | meteorological conditions including temperature, precipitation, and wind that prevail in a region |
| concentrating solar thermal power (CSP) | a system using mirrors or lenses to collect sunlight for heating water that powers an electrical generator |
| cradle to cradle (C2C) design model | a closed-loop design that recycles and reuses products |
| environmental sustainability | state in which the demands placed upon the environment by people and commerce can be met without reducing the capacity of the environment to provide for future generations |
| geothermal power | power from heat stored in the earth |
| global reporting initiative (GRI) | sustainability reporting framework developed among stakeholders |
| heavy oil | oil that does not flow easily, presently sources form oil sands and oil-bearing shale |
| inland waterway | waterway that provides access to interior regions |
| life cycle assessment (LCA) | an evaluation of the environmental aspects of a product or service throughout its life cycle |
| natural capital | natural resources such as air, land, and water that provide us with the goods and services on which our survival depends |
| natural resources | anything supplied by nature on which people depend |
| nonrenewable energy | energy that comes from sources that cannot be replenished, such as the fossil fuels (petroleum, coal, natural gas) and nuclear power |
| rare earths | 17 elements used in defense and technology applications |
| renewable energy | energy that comes from sources that are naturally replenished, such as sunlight, wind, and water flow |
| shale | a fissile rock composed of laminated layers of claylike, fine-grained sediment |
| solar photovoltaic power (PV) | power based on the voltage created when certain materials are exposed to light |
| stakeholder theory | an understanding of how business operates that takes into account all identifiable interest holders |
| topography | the surface features of a region |
| triple bottom line accounting (3BL) | an approach to accounting that measures the firm's social and environmental performance in addition to its economic performance |
| United Nations Global Compact | a voluntary reporting scheme for businesses that covers critical areas affecting the conduct of international business- human rights, labor, the environment, and anticorruption efforts |
| water footprint | a measure of the amount of water used in a product's manufacture and use |
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