"competitive market", "a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker" "average revenue", "total revenue divided by the quantity sold" "marginal revenue", "the change in total revenue from an additional unit sold" "profit maximization", "a quantity of output such that marginal revenue equals marginal cost" "monopoly", "a firm that is the sole seller of a product without close substitutes" "natural monopoly", "a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms" "price discrimination", "the business practice of selling the same good at different prices to different customers" "welfare", "in a monopolized market like all markets includes the welfare of both consumers and producers" "deadweight loss", "the inefficiency that arises whenever a monopolist charges a price above marginal cost." "monopolistic competition", "a market structure in which many firms sell products that are similar but not identical" "product differentiation", "inherent in monopolistic competition leads to the use of advertising and brand names." "oligopoly", "a market structure in which only a few sellers offer similar or identical products" "collusion", "an agreement among firms in a market about quantities to produce or prices to charge" "cartel", "a group of firms acting in unison" "Prisoners' Dilemma", "a particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial" "Globalization", "The close integration of countries and peoples of the world." "Purchasing power parity (PPP)", "A conversion that determines the equivalent amount of goods and services that different currencies can purchase." "Scenario planning", "A technique to prepare and plan for multiple scenarios (either high or low risk)." "risk management", "The identification and assessment of risks and the preparation to minimize the impact of high-risk" "gross national income (GNI)", "GDP plus income from non-resident sources abroad. GNI is the term used by the World Bank and other international organizations to supersede the term GNP." "gross national product (GNP)", "GDP plus income from non-resident sources abroad." "reverse innovation", "An innovation that is adopted first in emerging economies and is then diffused around the world." "international business (IB) (1)", "A business (or firm) that engages in international (crossborder) economic activities and/or (2) the action of doing business abroad." "semiglobalization", "A perspective that suggests that barriers to market integration at borders are high" "BRIC", "Brazil Russia India and China." "base of the pyramid (BOP)", "Economies where people make less than $2" "emerging economies", "A term that has gradually replaced the term "developing countries" since the 1990s." "emerging markets", "A term that is often used interchangeably with "emerging economies."" "nongovernmental organizations (NGO's)", "An organization that is not affiliated with governments." "expatriate manager", "A manager who works abroad" "gross domestic product (GDP)", "The sum of value added by resident firms" "foreign direct investment (FDI)", "Investment in" "group of 20 (G-20)", "The group of 19 major countries plus the European Union (EU) whose leaders meet on a biannual basis to solve global economic problems." "liability of foreignness", "The inherent disadvantage that foreign firms experience in host countries because of their non-native status." "global business", "Business around the globe." "international premium", "A significant pay raise when working overseas." "multinational enterprise (MNE)", "A firm that engages in foreign direct investment (FDI)." "triad", "North America Western Europe and Japan"
Download CSV