Chapter 1 Vocab - Global Business

Economies where people make less than \$2,000 per capita per year.

An unpredicted event that is beyond what is normally expected and that has severe consequences

Brazil, Russia, India, China

Brazil, Russia, India, China, South Africa

The process of weakening economic interdependence among countries

term that has gradually replaced the term "developing countries" since the 1990s.

A term that is often used interchangeably with "emerging economies."

a manager who works abroad

investing in, controlling, and managing value-added activities in other countries

business around the globe

Ability to "connect the dots" globally

A chain of geographically dispersed and coordinated activities involved in the production of a good or service and it's supply and distribution activities

The close integration of countries and people's of the world

The sum total of the value of all the goods and services produced in a nation

GDP plus income from non-resident sources abroad. GNI is the term used by the World Bank and other international organizations to supersede the term GNP.

The group of 19 major countries plus the European Union (EU) whose leaders meet on a biannual basis to solve global economic problems.

(1) A business (or firm) that engages in international (cross-border) economic activities and/or (2) the action of doing business abroad.

A significant pay raise when working overseas.

The inherent disadvantage that foreign firms experience in host countries because of their non-native status.

A firm that engages in foreign direct investment (FDI)

An organization that is not affiliated with governments.

A cushion of resources that allow an organization to adapt successfully to pressures

a conversion that determines the equivalent amount of goods and services different currencies can purchase

Capacity to recover quickly from difficulties

an innovation that was developed for emerging economies before being introduced in developed economies

The identification and assessment of risks and the preparation to minimize the impact of high-risk unfortunate events

A technique to prepare and plan for multiple scenarios (either high or low risk).

A perspective that suggests that barriers to market integration at borders are high, but not high enough to insulate countries from each other completely.

any group or individual who can affect or is affected by the achievement of the organization's objectives

economic, social, and environmental performance that simultaneously satisfies the demands of all stakeholder groups