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1
Q

what does international management involve?

A

international management involves:
-applying management concepts and techniques in a multinational environment
&
-adapting management practices to different economic, political, and cultural contexts

2
Q

what are the features of a multinational corporation?

A

a multinational corporation has:
- operations in more than one country

  • international sales
  • mixed nationalities between managers and owners
3
Q

list and explain the key players in international business

A
  1. MNCs: a business that has direct investments abroad in multiple countries
  2. Small business and Entrepreneurs: small companies and individuals becoming increasingly active in international trade and investment
  3. Born Global Firms: firm adopts a global perspective and engages in international business from or near its inception ex. amazon, ebay, ppl could buy things anywhere from the world (minimal restrictions in going global)
4
Q

what is globalization

A

globalization is the political, economic, social, cultural, and technological integration among countries around the world

5
Q

what hastens globalization? List and define.

A

globalization is hastened by offshoring and outsourcing:

  • offshoring: process by which companies undertake some activities at offshore locations instead of in their countries or origin
  • outsourcing: subcontracting or contracting out of activities to external locations instead of their countries of origin
6
Q

what are the 2 main drivers of globalization?

A

fallen barriers of trade and technology

7
Q

What are the types of globalization? list and define

A
  • globalization of markets: convergence in buyer preferences in markets around the world
  • globalization of production: dispersal of production activities worldwide to minimize costs or maximize quality
8
Q

pros of globalization?

A

wealth, jobs, technology, lower prices, and availability of goods

9
Q

cons of globalization?

A

offshoring of business service jobs to lower-wage countries, growing trade deficits, slow wage growth, and environmental/social impacts

10
Q

Global and economic integration levels

A

free trade area -> customs union -> common market -> economic union -> political union

11
Q

what are one of the trade patterns of nations?

A

high income nations tend to trade within themselves, but have a slight change where high nations are starting to trade with lower income nations

12
Q

What is a foreign direct investment (FDI)

A

investment in property, plant, or equipment in another country