Term
| comparative advantage theory |
|
Definition
| country should trade with countries that produce a product more efficiently |
|
|
Term
|
Definition
| exists when a country has a monopoly on producing a specific product most efficiently |
|
|
Term
| competing in global markets |
|
Definition
| knowledge and information have the most impact in competition. (US is good at creativity/new designs) |
|
|
Term
|
Definition
| the total value of a nation's exports compared to its imports measured over a particular period |
|
|
Term
|
Definition
| an unfavorable balance of trade. value of a country's imports exceeds that of its exports |
|
|
Term
|
Definition
| difference between money coming into a country and money leaving the country plus the money flows form other factors such as tourism, foreign aid, military expend., and foreign investments. |
|
|
Term
|
Definition
| selling products in a foreign country at lower prices than those charged in the producing country |
|
|
Term
| continuum for risk and profits in reaching global markets |
|
Definition
| licensing, exporting, franchising, contract manufacturing, joint ventures, strategic alliances, foreign direct investments |
|
|
Term
|
Definition
| a firm (licensor) allows a foreign company (licensee) to produce its product in exchange for a fee/royalty |
|
|
Term
|
Definition
| a foreign country's production of private-label goods to which a domestic company then attaches its brand name or trademark |
|
|
Term
|
Definition
| partnership in which two or more companies join to undertake a major project |
|
|
Term
|
Definition
| a long-term partnership between two or more companies established to help each company build competitive market advantages |
|
|
Term
| foreign direct investment |
|
Definition
| the buying of permanent property and businesses in foreign nations |
|
|
Term
|
Definition
| an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management |
|
|
Term
|
Definition
| the value of one nation's currency relative to the currencies of other countries |
|
|
Term
|
Definition
| lowering the value of a nation's currency relative to other currencies |
|
|
Term
|
Definition
| a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services |
|
|
Term
|
Definition
| the use of government regulations to limit the import of goods and services |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a limit on the number of products in certain categories that a nation can import |
|
|
Term
|
Definition
| a complete ban on the import or export of a certain product or stopping all trade with a particular country |
|
|
Term
| General Agreement on Tariffs and Trade |
|
Definition
| GATT. a 1948 agreement that established an int'l forum for negotiating mutual reductions in trade restrictions. Replaced by WTO |
|
|
Term
|
Definition
| WTO. the int'l org. that replaced GATT and was assigned the duty to mediate trade disputes among nations |
|
|
Term
|
Definition
| a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange. ex. Euro. Union |
|
|
Term
|
Definition
| free trade among US, Canada, and Mexico |
|
|
Term
|
Definition
| standards of moral behavior, that is, behavior that is accepted by society as right versus wrong |
|
|
Term
|
Definition
| Is it legal? Is is balanced? how will it make me feel about myself? |
|
|
Term
| compliance-based ethics codes |
|
Definition
| ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers. punishment |
|
|
Term
| integrity-based ethics codes |
|
Definition
| standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees |
|
|
Term
| steps to improve US business ethics |
|
Definition
| top management support, employee's understanding, manager's training, ethics office, outsiders must be informed, and enforcement of ethics code |
|
|
Term
|
Definition
| people who report illegal or unethical behavior 'snitch' |
|
|
Term
| ways to monitor employees |
|
Definition
| internet, background exams, store/review email and computer files, videotape |
|
|
Term
| Corporate Social Responsibility |
|
Definition
| commitment to: integrity, fairness, and respect |
|
|
Term
|
Definition
| corp. should make money for owners |
|
|
Term
|
Definition
| corps owe existence to society |
|
|
Term
|
Definition
| dimension of social responsibility that includes charitable donations |
|
|
Term
| corporate social initiatives |
|
Definition
| enhanced forms of corporate philanthropy that are more directly related to the company's competencies |
|
|
Term
|
Definition
| dimension of social responsibility that includes everything from hiring minority workers to making safe products |
|
|
Term
|
Definition
| dimension of social responsibility that refers to the position a firm takes on social and political issues |
|
|
Term
|
Definition
| an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends |
|
|
Term
|
Definition
| a systematic evaluation of an organizations' progress toward implementing programs that are socially responsible and responsive |
|
|
