International Business Vorlesung 6

The principle of reciprocity – if properties are to be compatible, then their interactions must be in balance
Social Democrats – Committed themselves to achieving socialism by democratic means, turning their backs on violent revolution and dictatorship
(1) the potential of trade creation (2) the desire for economic protectionism – Name two reasons (intentions) for forming a trading bloc
Gross profit – The difference between the cost of an item for a business and the price for which the business can sell that item
Flexible machine cell – Flexible manufacturing technology in which a grouping of various machine types, a common materials handler, and a centralized cell controller produce a family of products
An individual who believes in ethical normativism is most likely to – view ethical behavioral standards as universal.
Dividends – Share of a companies profits
Spain's total labor is 100
Italy's total labor is 100
Labor needed to produce:
Wine Olives
Spain 10 20
Italy 20 5
If Spain and Italy each used half of their labor for wine and half for olives, without trade, how many total olives and wine would the two countries produce? – 20
The 4 P's of marketing – product, price, place, promotion
Trade embargo – Imposed ban on trade of a specific product or with a specific country (pressure foreign govnt to change their policy)
Individualism – The belief in the individual and his/her ability to function relatively independently
Arbitration – Formal, binding award decided by a neutral 3rd party
Dividends – Share of a companies profits
Types and Role of International Agencies (WTO, UN, IMF, World Bank) – WTO has promoted the lowering of barriers to cross-border trade and investment. World Bank makes low-interest loans to cash-strapped governments in poor nations that wish to undertake significant infrastructure investments. IMF is the lender to nation-states whose economies are in turmoil and currencies are losing value against those of other nations. UN has committed to preserving peace through international cooperation and collective security.

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