UGBA 104 Exam 1 Practice Questions and Answers 100% Elaborated

UGBA 104 Exam 1 Practice Questions and Answers 100% Elaborated International Business - CORRECT ANSWER-Commercial transaction that crosses the borders of two or more nations imports - CORRECT ANSWER-Goods and services purchased abroad and brought into a country exports - CORRECT ANSWER-goods and services sold abroad and sent out of a country Multinational Corporation( MNC) - CORRECT ANSWER-Business that has direct investments abroad in multiple countries born global firm - CORRECT ANSWER-company that adopts a global perspective and engages in international business from or near its inception globalization - CORRECT ANSWER-trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies Markets - CORRECT ANSWER-standardizing, explore markets, and income streams Production - CORRECT ANSWER-low cost labor, access to technical expertise, natural resources sustainability - CORRECT ANSWER-development that meets the needs of the present without compromising the ability of future generations to meet their own needs General Agreement on Tariffs and Trade (GATT) - CORRECT ANSWER-treaty designed to promote free trade by reducing both tariffs and non-tariff barriers to international trade World Trade Organization(WTO) - CORRECT ANSWER-international Organization that enforces the rules of international trad