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arbitrage
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CBA 300 Exam 3

Terms & Definitions (no concepts)

TermDefinition
arbitrage the process of buying and selling instantaneously to make profit with no risk
ask price lowest-priced sell order currently in the market
balance of payments (BOP) record of a country's transactions with the rest of the world
Bank for International Settlements (BIS) institution for central bankers; operates to build cooperation in order to foster monetary and financial stability
bid price highest-priced buy order currently in the market
Bretton Woods System the international monetary system in place from 1945 to 1971, with par value based on gold and the U.S. dollar
efficient market approach assumption that current market prices fully reflect all available relevant information
fiscal policies policies that address the collecting and spending of money by the government
Fischer effect the relationship between real and nominal interest rates: the real interest rate will be the nominal interest rate minus the expected rate of inflation
fixed exchange rate exchange rate regime in which the currency's value is tied to the value of another currency or gold
floating exchange rate exchange rates determined by supply and demand that allow currency values to float against one another
forward currency market trading market for currency contracts deliverable 30, 60, 90, or 180 days in the future
forward rate the exchange rate between two currencies for delivery in the future, usually 30, 60, 90, or 180 days
fundamental approach exchange rate prediction based on econometric models that attempt to capture the variables and their correct relationships
gold standard a monetary system that defines the value of its currency in terms of a fixed amount of gold
international Fischer effect concept that the interest rate differentials for any two currencies will reflect the expected change in their exchange rates
intervention currency a currency used by a country to intervene in the foreign currency exchange markets
Jamaica Agreement the 1976 IMF agreement establishing flexible exchange rates among IMF members
law of one price concept that in an efficient market, like products will have like prices
monetary policies government policies that control the amount of money in circulation and its growth rate
par value stated value
purchasing power parity (PPP) the amount of adjustment that must be made in the exchange rates for two currencies in order for them to have equivalent purchasing power
random walk hypothesis assumption that the unpredictability of factors suggests that the best predictor of tomorrow's prices is today's prices
reciprocal currency in FX, using the dollar as the base currency, a currency that is quoted as dollars per unit of currency instead of in units of currency per dollar
reserves assets held by a nation's central bank, used to back up government liabilities
special drawing rights an international reserve asset established by the IMF; the unit of account for the IMF and other international organizations
spot rate the exchange rate between two currencies for delivery within two business days
technical analysis an approach that analyzes data for tends and then projects these trends forward
Triffin paradox a problem in which a national currency that is also a reserve currency will eventually run a deficit, leading to a lack of confidence in the reserve currency and a financial crisis
vehicle currency a currency used as a vehicle for international trade or investments
bottom-up planning planning process that begins at the lowest level in the organization and continues upward
budget an itemized projection of revenues and expenses for a future time period
competitive advantage the ability of a company to achieve and maintain a unique and valuable competitive position both within a nation and globally, generating higher rates of profit than its competitors
competitive strategies action plans to enable organizations to reach their objectives
contingency plans plans for the best or worst case scenarios or for critical events that could have a severe impact on the firm
explicit knowledge knowledge that is easy to communicate to others via words, pictures, formulas, or other means
international strategy a plan that guides the way firms make choices about developing and deploying scarce resources to achieve their international objectives
iterative planning repetition of the bottom-up or top-down planning process until all differences have been reconciled
knowledge management the practices that organizations and their managers use for identifying, creating, acquiring, developing, dispersing, and exploiting competitively valuable knowledge
mission statement a broad statement that defines the organization's purpose and scope
policies broad guidelines issued by upper management to assist lower level managers in handling recurring issued or problems
procedures guides that specify ways of carrying out a particular task or activity
sales forecast a prediction of future sales performance
scenarios multiple, plausible stories about the future
strategic planning the process by which an organization determines where it is going in the future, how it will get there, and how it will assess whether and to what extent it has achieved its goals
tacit knowledge knowledge that an individual has but that is difficult to express clearly in words, pictures, or formulas and is therefore difficult to transmit to others
top-down planning planning process that begins at the highest level in the organization and continues downward
value chain a set of interlinked activities that add value to the final product or service
value chain analysis an assessment conducted on the chain of interlinked activities of an organization or set of interconnected organizations, intended to determine where and to what extent value is added to the final product or service
values statement a clear, concise description of the fundamental values, beliefs, and priorities expected of the organization's members, reflecting how they are to behave with each other and with the company's customers, suppliers, & other members of the global community
vision statement a description of the company's desired future position if it can acquire the necessary competencies and successfully implement its strategy
big data the huge sets of sets of data, structured & unstructured, that businesses collect; can be analyzed with advanced data analysis methods such as predictive analytics or user behavior analytics to provide valuable insights into consumer needs and trends
cluster analysis statistical technique that divides objects into groups based on similarity
contracted manufacturing an arrangement in which one firm contracts with another to produce products to its specifications
country screening a screening that uses countries as the basis for market selection
environmental scanning a procedure in which the firm scans the world for changes in the environmental forces that might affect it
franchising a form of licensing in which one firm contracts with another to operate a business under an established name according to specific rules
joint venture a cooperative effort among two or more organizations that share a common interest in a business undertaking
licensing a contractual agreement in which one firm grants access to its patents, trade secrets, or technology to another for a fee
management contract an arrangement by which one firm provides management to another firm
market factors economic data that correlate highly with market demand for a product
market indicators economic data used to measure relative market strength of countries or geographic areas
market screening a modified version of environmental scanning in which the firm identifies desirable markets by eliminating the less desirable ones
segment screening a screening that uses market segments, a within-country analysis of groups of consumers, as the basis for market selection
social desirability bias the respondent's desire to please that leads to answers designed to please the interviewer rather than reflect the respondent's true feelings
strategic alliance collaboration with competitors, customers, and/or suppliers that may take nonequity or equity form
trade fair a large exhibition at which companies promote the sale of their products
trade mission a market visit by businesspeople and/or government officials (state or federal) in search of business opportunities
trend analysis statistical technique used to estimate future values by successive observations of a variable at regular time intervals that suggest patterns
turnkey project an export of technology, management expertise, & capital equipment where a contractor agrees to design & erect a plant, supply the process technology, provide the production inputs, train the operating personnel, & turn the facility over to the purchaser
Created by: dprlsnr
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