Vocabulary in International Business

Front

What is the definition of globalization?

Back

The definition of globalization is the increasing interconnectedness and interdependence among countries.

Front

What is the meaning of import?

Back

Bringing in external code or modules into the current program.

Front

What does the term 'balance of trade' refer to?

Back

The difference between the value of a country's exports and the value of its imports.

Front

Define the concept of foreign direct investment (FDI).

Back

Investment made by a company or individual from one country into a business or project located in another country.

Front

What is the definition of outsourcing?

Back

The practice of hiring a third-party company or individual to perform certain tasks or provide services that were previously done in-house.

Front

What does the term 'tariff' mean in international trade?

Back

A tax or duty imposed on goods and services traded between countries.

Front

Define the concept of cultural diversity in the context of international business.

Back

The presence of different cultures, languages, customs, and traditions within a business environment.

Front

What is the meaning of the term 'exchange rate'?

Back

The value of one currency in relation to another currency.

Front

Define the concept of intellectual property rights (IPR).

Back

Legal rights granted to individuals or organizations for their creations or inventions.