Week 15 International Business

Relativism – The belief that ethical truths are not absolute but
differ from group to group
tariff-quota – lower tariff rate for a certain quantity of imports and a higher rate for quantities that exceed the quota
despite denationalization what are some reasons that national borders still matter? – political and legal system differences
Export Trading Company – Transact Commercial, Financial activities to facilitate exports by unaffiliated persons
confucian dynamism – captures attitudes toward time, persistence, ordering by status, protection of face, respect for tradition, and reciprocation of gifts and favors.
First mover advantage – preempt competitors, build sales volume, capture demand, move down experience curve
GNP Gross national Product – The broadest measure of economic development
Globalization – the shift toward a more integrated and interdependent world economy
liabilities – what a company owes
Export Trading Company – Transact Commercial, Financial activities to facilitate exports by unaffiliated persons
business contract – legally binding agreements, it is imperative to be clear and understandable to all.
knowledge network – Network for transmitting information within an organization that is based on informal contacts between managers within an enterprise and on distributed information systems.
Multilateral trade agreements, international investment and financial activities, outsourcing of some activities in value chain, and converging consumer needs and wants create – the dimensions of market globalization.
confucian dynamism – captures attitudes toward time, persistence, ordering by status, protection of face, respect for tradition, and reciprocation of gifts and favors.
comparative advantage – an economic law that demonstrates the ways in which protectionism (mercantilism, at the time it was written) is unnecessary in free trade
IMF – International monetary fund is an international financial institution that deals with Balance of Payment problems; first power with monetary power and authority over national authorities. Typically helps in financial crisis or rather attempts to avert them.
International – Sources of competencies centralized, others decentralized

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