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CBA 300 Exam 2
Terms & Definitions (no concepts)
| Term | Definition |
|---|---|
| Association of Southeast Asian Nations (ASEAN) | agreement among SEA nations that began as a security agreement, grew to a free trade agreement, and is continuing toward a comment market, known as AFTA |
| Bretton Woods | 1944 conference at which Allied nations' treasury and central bank representatives met to establish the International Monetary Fund and the World Bank |
| common market | customs union that includes mobility of services, people, and capital within the union |
| Common Market of the South (Mercosur/Mercosul) | a South American customs union of Argentina, Paraguay, Brazil, Uruguay, and Venezuela, with associate members Chile, Bolivia, Colombia, Ecuador, and Peru |
| Council of the European Union | the EU's primary policy-setting institution |
| customs union | collaboration that adds common external tariffs to an FTA |
| Doha Development Agenda | WTO extended conference on trade, also known as the Doha Round |
| Economic and Monetary Union (EMU) | EU group that established use of the euro in the 18-country eurozone |
| Economic and Social Council (ECOSOC) | UN body concerned with economic and social issues such as trade, development, education, and human rights |
| economic integration | integration on economic and political levels |
| European Commission | body responsible for the EU's day-to-day operations |
| European Parliament | EU legislative body whose members are popularly elected from member-nations |
| European Union | a body of 28 European countries committed to economic and political integration |
| formal institutions | institutions that influence behavior through laws and regulations |
| free trade area (FTA) | area in which tariffs among members have been eliminated, but members keep their external tariffs |
| General Assembly | deliberative body of the UN made up of all member-nations, each with one vote regardless of size, wealth, or power |
| informal institutions | institutions that influence behavior through norms, values, customs, and ideologies |
| International Court of Justice (ICJ) | UN body that makes legal decisions involving disputes between national governments |
| International Monetary Fund (IMF) | institution that fosters global monetary cooperation, financial stability, international trade, high employment and sustainable economic growth, and reduction of poverty |
| new institutional theory | understanding of institutions as social constructs, a collection of norms that structure the relations of individuals to one another1 |
| North American Free Trade Agreement (NAFTA) | agreement creating a free trade area among Canada, Mexico, and the United States |
| Organization for Economic Cooperation and Development (OECD) | group of developed countries dedicated to promoting their own and other nations' economic expansion |
| par value | stated value |
| Secretariat | the staff of the UN, headed by the secretary-general |
| Security Council | main peacekeeping body of the UN, composed of 15 members including 5 permanent members |
| special drawing rights (SDRs) | an international reserve asset established by the IMF |
| trade-related intellectual property rights (TRIPS) | the WTO agreement that protects copyrights, trademarks, trade secrets, and other intellectual property matters |
| United Nations (UN) | 193 member organization of countries dedicated to the promotion of peace and stability of the world |
| World Bank | institution that lends money for development projects focused on reducing poverty |
| World Trade Organization (WTO) | an international organization that establishes and helps implement rules of trade between nations |
| ad valorem duty | an import duty levied as a percentage of the invoice value of imported goods |
| compound duty | a combination of specific and ad valorem duties |
| countervailing duties | additional import taxes levied on imports that have benefited from export subsidies |
| country risk assessment (CRA) | an assessment of a country's economic situation and politics to determine how much risk to employees, property, and investment exists for the firm doing business there |
| cybercrime | any illegal internet-mediated activity that takes place in electronic networks |
| dumping | selling a product abroad for less than the cost of production, less than the price in the home market, or less than the price to third-party countries |
| instability | characteristic of a government that cannot maintain itself in power or that makes sudden, unpredictable, or radical policy changes |
| nationalization | the taking of private property by a government to make it public |
| nontariff barriers (NTBs) | all forms of discrimination against imports other than import duties |
| orderly marketing arrangements | formal agreements between exporting and importing countries |
| privatization | the selling of government-owned property to the private sector |
| quotas | numerical limits placed on specific classes of imports |
| specific duty | a fixed sum levied on a physical unit of an imported good |
| stability | characteristic of a government that maintains itself in power and whose fiscal, monetary, and political policies are predictable and not subject to sudden, radical changes |
| subsidies | financial contributions, provided directly or indirectly by a government, that confer a benefit, including grants, preferential tax treatment, and government assumption of normal business expenses |
| tariffs | taxes on imported goods for the purpose of raising their price to reduce competition for local producers or stimulate local production |
| terrorism | unlawful acts of violence committed for a wide variety of reasons |
| variable levy | an import duty set at the difference between world market prices and local government-supported prices |
| voluntary export restraints (VERs) | export quotas imposed by the exporting nation |
| antitrust | laws that prevent inappropriately large concentrations of power and its abuse through price-fixing, market sharing, and monopolies |
| arbitration | a dispute resolution process agreed to by parties in lieu of going to court, in which one person or a body makes a binding decision |
| competition laws | another term for antitrust law, used by the EU and other countries |
| copyright | exclusive legal rights of authors, composers, creators of software, playwrights, artists, and publishers to publish and dispose of their work |
| extraterritorial application of laws | a country's attempt to apply its laws to nonresidents and foreigners, and to activities that take place beyond its borders |
| Foreign Corrupt Practices Act (FCPA) | US law that prohibits payments to foreign government officials in order to receive special treatment |
| Incoterms | predefined commercial terms established by the International Chamber of Commerce |
| intellectual property (IP) | a creative work or invention that is protectable by patents, trademarks, trade names, copyrights, and trade secrets |
| litigation | legal proceeding conducted to determine and enforce particular legal rights |
| patent | a government grant giving the inventor of a product or process the exclusive right to manufacture, exploit, use, and sell that invention or process |
| private international law | law that governs relationships between individuals and companies that cross international borders |
| product liability | a standard that holds a company and its officers and directors liable and possibly subject to fines or imprisonment when their product causes death, injury, or damage |
| public international law | law that governs relationships between governments |
| strict liability | a standard that holds the designer or manufacturer liable for damages caused by a product without the need for a plaintiff to prove negligence in the product's design or manufacture |
| tort | an injury inflicted on another person, either intentionally or negligently |
| trademark | a shape, color, design, phrase, abbreviation, or sound used by merchants or manufacturers to designate and differentiate their products |
| trade name | a name used by a merchant or manufacturer to designate and differentiate its products |
| trade secret | any information that a business wants to hold confidential |
| treaty | agreement between countries, also known as convention, compact, and protocol |
| Atlas conversion factor | the arithmetic mean of the current exchange rate and the exchange rates in the two preceding years, adjusted by the ratio of domestic inflation to the combined inflation rates of the euro zone, Japan, the UK, and the US |
| developed economies | a classification for high-income industrialized nations, which have high living standards and the most technically advanced developed infrastructure |
| developing economies | a classification for the world's lower-income nations, which have less technically developed infrastructures and lower living standards |
| discretionary income | the amount of income left after paying taxes and making essential purchases |
| disposable income | after-tax personal income |
| emerging market economies | economies with per-capita incomes in the low to middle range that are in a transition toward developed status |
| foreign environment | all the uncontrollable forces originating outside the home country that surround and influence the firm |
| GINI index | a measure of the degree to which family income within a country is distributed equally |
| gross domestic product (GDP) | a measure of an economy's size based on the market value of goods and services produced within a nation in a year |
| gross national income (GNI) | the total value of all income generated by the residents of a nation, including both the domestic production of goods and services and income from abroad |
| income distribution | a measure of how a nation's income is apportioned among its people |
| international environment | interaction between domestic and foreign environmental forces or between sets of foreign environmental forces |
| population density | a measure of the number of inhabitants per area unit (inhabitants per square kilometer or square mile) |
| population distribution | a measure of how the inhabitants are distributed over a nation's area |
| purchasing power parity (PPP) | a means of adjusting the exchange rates for two currencies so the currencies have equivalent purchasing power |
| rural-to-urban shift | the movement of a nation's population from rural areas to cities |
| underground economy | the part of a nation's income that, because of unreporting or underreporting, is not measured by official statistics |
| unit labor costs | total direct labor costs divided by units produced |
| vertical integration | the production by a firm of inputs for its own manufacturing processes |
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