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Group 7

International Business

Common Market A form of regional economic integration in which countries abolish internal tariffs, use a common external tariff and abolish restrictions on factor mobility.
Civil Law A legal system based on a very detailed set of laws that are organized into a code, countries with a civil law system, also called a codefied legal system (Germany, France & Japan)
Complementary Assets Those assets that allow a firm to make money, even if the innovation is not unique, making it possible to exploit the knowledge generated by innovation.
Customs Union A form of regional economic integration that eliminates internal tariffsamong member nations ans establishes common external tariffs.
Dumping in International Trade The underpricing of exports, usually below cost or below the home country price.
Emerging Markets Business and market activity in industrializing or emerging regions of the world with an emerging economy. Examples:China, India, Brazil, Malaysia, countries in Eastern Europe, and parts of Africa.
Ethocentrism A belief that one's own group is superior to others, also used to describe a company's belief that what worked at home should work abroad.
European Union A form of regional economic integration among countries in Europe that involves a free-trade area, a customs union, and the free mobility of factors of production that is working toward political and economic union.
Expropriation The taking over of ownership of private property by a country's government.
Foreign Corrupt Practices Act (FCPA) A law that criminalizes certain types of payments by US companies, such as bribes to foreign government officials.
Foreign Direct Investment (FDI) An investment that gives the investor a controlling intrest in a foreign company.
Free Trade Area (FTA) A form of regional economic integration in which internal tariffs are abolished but member countries set their own external tariffs.
Geocentrism Operations based on an informed knowledge of both home and host country needs. The emphasis of the region/geocentrism view is on hiring the best available faculty regardless of their nationalities or origins of their degrees.
High-context Cultures A culture in which most people consider that peripheral and hearsay information is necessary for decision making because such information bears on the context of the situation.
Internation Monetary Fund (IMF) A multi-governmental association organized in 1945 to promote exchange-rate stability and to facilitate the international flow of currencies.
Management Contracts An arrangement whereby one company provides management personnel, who perform general or secialized management functions to another company for free.
MERCOSUR A major subregional group established by Argentina, Brazil, Paraguay, and Uryguay, which spun off from ALADI in 1991 with the goal of setting up a customs union and common market.
Monochromic Cultures A culture in which most people prefer to deal with situations sequentially (especially those involving other people) such as finishing with one customer before dealoing with the next.
Multidomestic Company A company with international operations that allows operations in one country to be relatively independent of those in another.
Multinational Corporation (MNC) A company that has an integrated global philosophy encompassing both domestic and overseas operations, sometimes used synonymously with multinational corporation or transnational corporation.
North American Free Trade Agreement (NAFTA) A free trade agreement involving the US, Canada and Mexico that went into effect January 1, 1994 and will be phased in over a 15 year period.
Nationalization The transfer of ownership to the state.
Oligopolistic Competition An industry in which there are few producers or sellers.
Political Risk Potential changes in political conditions that may cause a company's operating positions to deteriorate.
Polycentrism Characteristics of an individual or an organization that feels that differences in a foreign country, real or imaginary, great or small, need to be accounted for in management decisions.
Privatization Selling of government-owned assets to private individuals or companies.
Silent Language The wide variety of cues other than formal language by which messanges can be sent.
Theocratic Law Law based on religous precepts.
Turnkey Operations An operating facility that is constructed under contract and transferred to the owner when the facility is ready to begin operations.
World Trade Organization (WTO) A voluntary organization through which groups of countries negotiate trading agreements and which had authority to oversee trade disputes among countries.
ASEAN FTA A free-trade area formed by the Association of South East Asian Nations(ASEAN)countries on January 1, 1993, with the goal of cutting tariffs on all intrazonal trade to a maximum of 5% by January 1, 2008.
Common Law A legal system based on tradition, precedent, custom and usage, in which the courts interpret the law based on those conventions (United Kingdom and former British Colonies)
Low-context Culture A culture in which most people consider relevant only information that they recive first hand and that bears very directly on the decision they need to make.
Polychronic Culture A culture in which most people are more comfortable dealing simultaneously with all the situations facing them.
Created by: monkeydog