Study Guide Questions and Verified Answers

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WGU C211 Global Economics for Managers Study Guide Questions and Verified Answers 100% Guarantee Pass

1. 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 prepara- tion to

minimize the impact of high-risk unfortunate events

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• Gross national income: 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 an 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 integra- tion at

borders are high, but not high enough to insulate countries from each other completely

• BRIC: Brazil, Russia, India, and China 2 / 3

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• base of the pyramid (BOP): Economies where people make less than $2,000 per capita

per year

• 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 (NGOs): An organization that is not affiliated with

governments

• expatriate manager: A manager who works abroad, or "expat" for short

• gross domestic product (GDP): The sum of value added by resident firms, households,

and government operating in an economy

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