INTRO

Question 1

refers to any firm engaged in both International trade and investment

Answer 1

INTERNATIONAL BUSINESS

Question 2

occurs when firms export and import goods and services to and from countries other than their countries

Answer 2

INTERNATIONAL TRADE

Question 3

happens when domestic companies purchase goods abroad and bring them to a domestic country for sale

Answer 3

IMPORT

Question 4

happens when the domestic companies sell their products or services abroad

Answer 4

EXPORT

Question 5

when export activities are higher than import activities

Answer 5

TRADE SURPLUS

Question 6

when import activities are higher than export activities

Answer 6

TRADE DEFICIT

Question 7

allows unrestricted export and import of goods from one country to other countries

Answer 7

FREE TRADE

Question 8

fairly exchanging of goods and services between countries with the aim of offering better trading conditions

Answer 8

FAIR TRADE

Question 9

practice of hiring or contracting services of another company (domestically or internationally) to perform part of the business operations

Answer 9

OUTSOURCING

Question 10

practice of hiring or contracting services of another company abroad to perform part of the firm’s business operations

Answer 10

OFFSHORING

Question 11

practice of hiring or contracting services of another company within the firm’s home country

Answer 11

ONSHORING

Question 12

practice of offshoring to nearby countries

Answer 12

Nearshoring

Question 13

practice of offshoring to far away countries

Answer 13

FARSHORING

Question 14

is the body of knowledge that answers questions about the development and implementation of good business strategies

Answer 14

STRATEGIC MANAGEMENT

Question 15

the central, integrated and externally oriented concept of how an organization will achieve its performance objectives

Answer 15

STRATEGY

Question 16

tool that helps a firm assess its internal characteristics and external environment

Answer 16

SWOT ANALYSIS

Question 17

recognition of opportunities (needs, wants, problems, challenges) and creating and developing products to take advantage of those opportunities

Answer 17

ENTREPRENEURSHIP

Question 18

person engaged in entrepreneurial activities

Answer 18

ENTREPRENEUR

Question 19

a form of entrepreneurship that takes place inside a business that is already in existence

Answer 19

INTRAPRENEURSHIP

Question 20

an employee of a firm who utilizes entrepreneurial skills to create and develop innovative products for the firm; they don’t bear the risks associated with the newly developed products

Answer 20

INTRAPRENEUR

Question 21

are individuals or organizations whose interests may be affected as the result of what another individual or organization does

Answer 21

STAKEHOLDERS

Question 22

technique used to identify and assess the importance of key people, groups of people, or institutions that may significantly influence the success of an activity, project or business

Answer 22

STAKEHOLDER ANALYSIS

Question 23

Who are the Stakeholders for an International Business?

Answer 23

Government of the country
Industry Associations
Suppliers
Labor
Customers
Consumers

Question 24

organization engaged in commerce with the aim of achieving a profit

Answer 24

BUSINESS

Question 25

What are the THREE-PART MISSION STATEMENTS OF THE BUSINESSES?

Answer 25

1. Social and environmental mission 2. Product Mission 3. Economic Mission

Question 26

TRIPLE BOTTOM LINE

Answer 26

Profit, People, Planet

Question 27

buys products and services that are sourced form other countries

Answer 27

IMPORTER

Question 28

a person who sells products and services in foreign countries that are sourced from its home country

Answer 28

EXPORTER

Question 29

investing assets directly into a foreign country's buildings, equipment or organizations

Answer 29

FOREIGN DIRECT INVESTMENT (FDI)

Question 30

means better access to raw materials, less costly labor, key suppliers, key customers, energy and natural resources

Answer 30

LOCATION ADVANTAGE

Question 31

OTHER FORMS OF INT'L BUSINESS

Answer 31

Government Non-Government Organizations

Question 32

term used to describe the way countries are becoming more interconnected both economically and culturally

Answer 32

GLOBALIZATION

Question 33

main economic expression of globalization

Answer 33

INTERNATIONAL TRADE

Question 34

movement of goods from one geographic region to another

Answer 34

FOREIGN TRADE

Question 35

Why is there globalization?

Answer 35

*Declining Trade and Investment Barriers *Development of New Technologies

Question 36

Role of Technological Change

Answer 36

*The Internet and the World Wide Web *Transportation Technology

Question 37

merging historically distinct and separate national markets into one huge global marketplace making it easier to sell internationally

Answer 37

Globalization of Markets

Question 38

refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production

Answer 38

Globalization of Production

Question 39

is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by its member states.

Answer 39

THE WORLD TRADE ORGANIZATION (WTO)

Question 40

maintains order in the international monetary system; the World Bank was set up to promote economic development. It has focused on making low-interest loans to cash-strapped governments in poor nations that wish to undertake significant infrastructure investments (such as building dams or roads). This is often seen as the lender of last resort to nation-states whose economies are in turmoil and whose currencies are losing value against those of other nations

Answer 40

THE INTERNATIONAL MONETARY FUND (IMF)

Question 41

is committed to preserving peace through international cooperation and collective security

Answer 41

THE UNITED NATIONS

Question 42

How many nations are part of the UN as of today?

Answer 42

193

Question 43

What are the four purposes of UN according to UN Charter?

Answer 43

*to maintain international peace and security *to develop friendly relations among nations *to cooperate in solving international problems and in promoting respect for human rights *to be a center for harmonizing the actions of nations

Question 44

the ability to use something without completely using it up or destroying it or the ability to last or continue for a long time

Answer 44

SUSTAINABILITY

Question 45

s a long-term solution to how we plan our indefinite progress in the future without causing damage to the environment so as to guarantee a safe habitat for the next generations

Answer 45

SUSTAINABLE DEVELOPMENT

Question 46

advance way of shipping goods in long distances

Answer 46

Containerization