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Globalization
trend away from distinct national economic units and toward one huge global market
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Globalization of Markets
National markets are merging into one global market
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Globalization of production
Trend by individual firms to disperse part of their productive
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Factors of Production
inputs into the productive process of a firm, including labor, management, land, capital, tech
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General Agreement on Tariffs and Trade (GATT)
International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO
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World Trade Organizations
organization that succeeded the GATT
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International Monetary Fund
international institution set up to maintain order in the international monetary system
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World bank
international institution set up to promote general economic development in the world’s poorer nations
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United nations
193 countries, formed in 1945 to promote peace, security, cooperation
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Group of twenty
comprises the finance ministers and central bank governor of the 19 largest economies in the world, plus reps from EU and EU central bank
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International Trade
occurs when a firm's export goods or services to consumers in another country
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Foreign Direct Investments
investment in foreign business
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Moore's Law
microprocessors power doubles and cost goes down by ½ every 18 months
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Stock of foreign direct investment
total accumulated value of foreign owned assets at a given time
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Multinational Enterprise
firms that own business in other countries
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International Business
Firms that engage in trade or investments internationally
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