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| foreign direct investment (FDI) | The acquisition or construction of physical capital by a firm from one (source) country in another (host) country. (See page(s) 10) |
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| General Agreement on Tariffs and Trade (GATT) | International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO. (See page(s) 8) |
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| globalization | Trend away from distinct national economic units and toward one huge global market. (See page(s) 6) |
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| globalization of markets | 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. (See page(s) 7) |
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| globalization of production | 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. (See page(s) 8) |
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| international business | Any firm that engages in international trade or investment. (See page(s) 31) |
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| International Monetary Fund (IMF) | International institution set up to maintain order in the international monetary system. (See page(s) 9) |
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| international trade | Occurs when a firm exports goods or services to consumers in another country. (See page(s) 10) |
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| Moore's Law | The power of microprocessor technology doubles and its costs of production fall in half every 18 months. (See page(s) 13) |
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| multinational enterprise (MNE) | A firm that owns business operations in more than one country. (See page(s) 22) |
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| stock of foreign direct investment | The total accumulated value of foreign-owned assets at a given time. (See page(s) 21) |
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| United Nations | An international organization made up of 189 countries, headquartered in New York City, formed in 1945 to promote peace, security, and cooperation. (See page(s) 9) |
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| World Bank | International institution set up to promote general economic development in the world's poorer nations. (See page(s) 9) |
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| World Trade Organization (WTO) | 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. (See page(s) 8) |