Global Business Today
(Chapters 1-3) 2026 Expert
Verified | Ace the Test
Globalization - 🧠 ANSWER ✔✔Trend away from distinct national economic
units and toward one huge global market.
Globalization of Markets - 🧠 ANSWER ✔✔Moving away from an economic
system in which national markets are distinct entities, isolated by trade
barriers and barriers of distance, time, and culture, and toward a system in
which national markets are merging into one global market.
, Globalization of production - 🧠 ANSWER ✔✔Trend by individual firms to
disperse parts of their productive processes to different locations around
the globe to take advantage of differences in cost and quality of factors of
production.
Factors of Production - 🧠 ANSWER ✔✔Inputs into the productive process
of a firm, including labor, management, land, capital, and technological
know-how.
General Agreement on Tariffs and Trade (GATT) - 🧠 ANSWER
✔✔International treaty that committed signatories to lowering barriers to the
free flow of goods across national borders and led to the WTO.
World Trade Organization (WTO) - 🧠 ANSWER ✔✔The organization that
succeeded the General Agreement on Tariffs and Trade (GATT) as a result
of the successful completion of the Uruguay Round of GATT negotiations.
International Monetary Fund (IMF) - 🧠 ANSWER ✔✔International
institutions set up to maintain order in the international monetary system.
World Bank - 🧠 ANSWER ✔✔International institutions set up to promote
general economic development in the world's poorer nations.
(Chapters 1-3) 2026 Expert
Verified | Ace the Test
Globalization - 🧠 ANSWER ✔✔Trend away from distinct national economic
units and toward one huge global market.
Globalization of Markets - 🧠 ANSWER ✔✔Moving away from an economic
system in which national markets are distinct entities, isolated by trade
barriers and barriers of distance, time, and culture, and toward a system in
which national markets are merging into one global market.
, Globalization of production - 🧠 ANSWER ✔✔Trend by individual firms to
disperse parts of their productive processes to different locations around
the globe to take advantage of differences in cost and quality of factors of
production.
Factors of Production - 🧠 ANSWER ✔✔Inputs into the productive process
of a firm, including labor, management, land, capital, and technological
know-how.
General Agreement on Tariffs and Trade (GATT) - 🧠 ANSWER
✔✔International treaty that committed signatories to lowering barriers to the
free flow of goods across national borders and led to the WTO.
World Trade Organization (WTO) - 🧠 ANSWER ✔✔The organization that
succeeded the General Agreement on Tariffs and Trade (GATT) as a result
of the successful completion of the Uruguay Round of GATT negotiations.
International Monetary Fund (IMF) - 🧠 ANSWER ✔✔International
institutions set up to maintain order in the international monetary system.
World Bank - 🧠 ANSWER ✔✔International institutions set up to promote
general economic development in the world's poorer nations.
