The increasing integration and interdependence of national economics around the world
Economies of Scale
Savings from buying parts and materials, manufacturing, or marketing in large quantities.
Balance of Trade
Total value of the products a nation exports minus the total value of the products it imports, over some period of time
Balance of Payments
Sum of all payments one nation receives from other nations minus the sum of all payments it makes to other nations, over some specified period of time.
A voluntary approach to trading with artisans and farmers in developing countries, guaranteeing them above-market prices ad a way to protect them from exploitation by larger, more powerful trading partners
Government policies aimed at shielding a country's industries from foreign competition
Charging less than the actual cost or less than the home-country price for goods sold in other countries
A form of financial assistance in which producers receive enough money from the government to allow them to lower their prices in order to complete more effectively in the world market.
Organizations of nations that remove barriers to trade among their members and that establish uniform barriers to trade with nonmember nations
Assigning a wide range of generalized attributes, which are often superficial to or even false, to an individual based on his or her membership in a particular culture or social group.
Judging all other groups according to the standards, behaviors, and customs of one's own group
Purchasing goods or services from another country and bringing them into one's own country
Foreign Direct Investment (FDI)
Investment of money by foreign companies in domestic business enterprises
Decentralized approach to international expansion in which a company creates highly independent operating units in each new country
Highly centralized approach to international expansion, with headquarters in the home country making all major decisions