Business & Globalization Vocabulary

Free trade

Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade.

Global trade

Global trade, also known as international trade, is simply the import and export of goods and services across international boundaries.

Globalization

Globalization or globalisation is the process of interaction and integration among people, companies, and governments worldwide.

Global village

The term global village describes the phenomenon of the world becoming more interconnected as the result of the propagation of media technologies throughout the world.

Unilateral, Bilateral and Multilateral relations

A unilateral trade agreement is a commerce treaty that a nation imposes without regard to others.

 

Bilateralism is the conduct of political, economic, or cultural relations between two sovereign states.

 

Multilateralism, process of organizing relations between groups of three or more states.

 

Memorandum of Understanding MoU

memorandum of understanding (MoU) is a type of agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action.

Trade agreements

Trade agreements are when two or more nations agree on the terms of trade between them.

Merchant

merchant is a person who trades in commodities produced by other people. Historically, a merchant is anyone who is involved in business or trade.

Merchandiser

A person or organization that sells products

Businesswoman

A woman who works in commerce, especially at executive level.

Businessman

A man who works in commerce, especially at executive level.

Growing Economy

A economy which is making progress.

Underdevelopment

Underdevelopment refers to the low level of development characterized by low real per capita income, wide-spread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc.

Plunging economy

A economy which is going through bad times.

Per capita income

Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area’s total income by its total population.

Profit

A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Loss

The fact or process of losing something or someone.

Trade

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.

Purchase

Acquire (something) by paying for it

Sale

The exchange of a commodity for money

Debit

An entry recording a sum owed, listed on the left-hand side or column of an account.

Credit

The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

Debt

A sum of money that is owed or due.

Loans

A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Capital

The financial assets needed for a business to produce the goods and/or services it offers to its customers.

Revenue

Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or Turnover

Assets

A useful or valuable thing or person.

Multinational companies

A corporate organization that owns or controls production of goods or services in at least one country other than its home country.

Transnational companies

transnational corporation (TNC) is a huge company that does business in several countries.

Firms

firm is a commercial enterprise, a company that buys and sells products and/or services to consumers with the aim of making a profit.

Organisations

An organized group of people with a particular purpose, such as a business or government department.

Cultural Convergence

The fact that two or more things, ideas, etc. become similar or come together.

Cultural Divergence

Cultural divergence refers to a separation of a once whole society or cultural group into a new, distinctive faction.

Sweatshops

A factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions

Outsource

Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity that is or could be done internally, and sometimes involves transferring employees and assets from one firm to another.

Ease in Business

How easily one can start a new business

Human Development Index

The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living.

World Trade Organization

The World Trade Organization is an intergovernmental organization that is concerned with the regulation of international trade between nations.

Equality

The state of being equal, especially in status, rights, or opportunities.

Consumerism

Consumerism is a social and economic order that encourages an acquisition of goods and services in ever-increasing amounts.

Trade barriers

Trade barriers are government-induced restrictions on international trade. Economists generally agree that trade barriers are detrimental and decrease overall economic efficiency; this can be explained by the theory of comparative advantage.

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