International Business

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Globalization

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Refers to the shift toward a more integrated and interdependent world economy.

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Globalization of markets

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The merging of historically distinct and separate national markets into one huge global marketplace.

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Factors of production

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Inputs into the productive process of a firm, including labor, management, land, capital, and technological know-how.

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General Agreement on Tariffs and Trade (GATT)

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International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO.

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World Trade Organization (WTO)

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Primarily responsible for policing the world trading system and ensuring nation-states adhere to trade treaties.

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International Monetary Fund (IMF)

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International institution set up to maintain order in the international monetary system.

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World Bank

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International institution set up to promote general economic development in the world’s poorer nations.

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United Nations (UN)

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An international organization made up of 193 countries, formed in 1945 to promote peace, security, and cooperation.

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Group of Twenty (G20)

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Comprises the finance ministers and central bank governors of the 19 largest economies in the world, plus representatives from the EU.

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International trade

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Occurs when a firm exports goods or services to consumers in another country.