1. International Business: Includes all commercial transactions (such as private and governmental, sales, investments, and transportation) that take place between two or more regions, countries, and nations beyond their political boundaries
  1. Balance of Trade: The difference in value between a country’s imports and exports
  1. Balance of Payments: The difference in total value between payments into and out of a country over a period
  1. Global Dependency: Mutual dependence between two countries at a global level, with one country depending on another country for trading of goods and services, and creating global interdependence
  1. Competitive Advantage: A condition or circumstance that puts a company in a favorable or superior business position
  1. Absolute Advantage: The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
  1. Capital: Wealth in the form of money or other assets owned by a person or organization, and can be contributed for a particular purpose such as starting a company or investing
  1. Secondary Industry: Industry that converts the raw materials provided by primary industry into commodities and products for the consumer, manufacturing industry
  1. End Products: The product that is produced as the final result of an activity or process, especially the finished article in a manufacturing process
  1. Infrastructure: The basic physical and organizational structures and facilities (such as buildings, roads, and power supply) needed for the operation of a society or enterprise
  1. Recession: A period of temporary economic decline during which trade and industrial activity are reduced
  1. Unemployment: The state of being unemployed
  1. Franchise: An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities (such as providing a broadcasting service or acting as an agent for a company’s products)
  1. Exchange Rate: The value of one currency for the purpose of conversion to another
  1. World Trade Organization: A global international organization dealing with the rules of trade between nations
  1. Business: The practice of making one’s living by engaging in commerce
  1. Trade Surplus: The amount by which the value of a country’s exports exceeds the cost of its imports
  1. Comparative Advantage: The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity
  1. Economy: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services
  1. Entrepreneurship: The process of developing a business plan, acquiring required resources, and starting a business, company, or other organization
  1. Human Resources: The department of a business or organization that deals with the hiring, administration, and training of workers
  1. Gross Domestic Product: The total value of goods produced and services provided in a country during one year
  1. Subsidiary: A company controlled by a holding company
  1. Tariff: A tax or duty to be paid on a particular class of imports and exports
  1. NAFTA: North American Free Trade Agreement, an agreement signed by Canada, Mexico, and the United States to create a trilateral rules-based trading bloc in North America
  1. Exports: Send goods or services to another country for sale; a commodity or service sold abroad
  1. Trade Deficit: The amount by which the cost of a country’s imports exceeds the value of its exports
  1. Canada Trade Mission: A mission to develop long-term trade and investment opportunities in foreign markets for Canadian businesses, including small and medium-sized enterprises, young entrepreneurs, and new exporters
  1. Quota: A limited quantity or a fixed share of a particular product that under official controls can be produced, exported, or imported
  1. Opportunity Cost: The loss of potential gain from other alternatives when one alternative is chosen
  1. Business Cycle: A cycle or series of cycles of economic expansion and contraction
  1. Primary Industry: An industry such as mining, agriculture, or forestry that is concerned with obtaining or providing natural raw materials for conversion into commodities and products for the consumer
  1. Manufacturing: To make, produce, or fabricate a product on a large scale using machinery and industries
  1. Natural Resources: Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
  1. Softwood Lumber Dispute: One of the largest and enduring trade disputes between Canada and the United States, the conflict was risen in the early 1980s and its effects are still seen today
  1. Turnover: The amount of money taken by a business in a particular period
  1. Slump: A sudden severe or prolonged fall in the price, value, or amount of something
  1. Licensing Agreement: A legal contract between two parties, known as the licensor and the licensee. The licensor grants the licensee the right to produce and sell goods, apply a brand name or trademark, or use patented technology owned by the licensor.
  1. Joint Venture: A commercial enterprise undertaken jointly by two or more parties that otherwise retain their distinct identities
  1. Separate International Division: In a company, international staff is isolated and functioned separately for the company. The international division of a company has its own systems for sales, marketing, customer support, and logistics; and this department handles all products going to all foreign markets.
  1. Currency: A system of money for general use in a particular country
  1. Trade Sanction: A trade penalty imposed by one nation onto one or more other nations
  1. Investment Canada Act: A Canadian Federal Law governing large foreign large foreign direct investment in Canada
  1. United Nations: An intergovernmental organization established to promote international co-operation
  1. Global Economy: The spread of market based economies around the world.
  1. Globalization: The process of the development of a global market-driven economy.
  1. Environmental Management: Management of environmental considerations including climate change, and worker and consumer health and safety.
  1. Gold Standard: A former monetary system under which the basic unit of currency was exchangeable for a specific weight of gold.
  1. Purchasing Power Parity: A theory suggesting that exchange rate between currencies is in equilibrium when they purchase the same amount of goods and services.
  1. Special Drawing Rights: A reserve asset used by the International Monetary Fund in addition to gold and United States dollars.
  1. Multinational Enterprise: A business that manages production facilities or delivers services in many nations around the world.
  1. Plant Transfers: The movement of jobs from high cost areas to low cost areas.
  1. Global Mindset: The change from an ethnocentric to a global perspective in business and international affairs.
  1. Euro: The official common currency of many European Union member countries.
  1. Quality Management: A management strategy aimed at setting a specific standard in all organizational processes.
  1. Hard Currencies: A currency that is readily converted into other currencies especially United States dollars.
  1. Balance of Payments: The relationship between the payments made by one country to all other countries and its receipts from all countries.
  1. Bretton Woods: The site of the first world economic conference in July 1944.
  1. Big Mac Theory: The Economist magazine’s annual examination of purchasing power parity using McDonald’s Big Mac as a global product.
  1. Dollarization: The adoption of the United States dollar as a currency’s official currency.
  1. Central Bank: A country’s principal monetary authority; it regulates the money supply, issues currency, and manages the exchange rate.
  1. Downsizing: To reduce in number of size.
  1. CE Marketing: A mandatory conformity certification on products used in the European Union.
  1. Workplace: A place such as an office or factory where people are employed.
  1. ISO: The acronym for the International Organization for Standardization headquartered in Switzerland.
  1. Third World Debt: The sum of debt owed by developing countries to financial institutions and governments in the developed world.


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