WGU C211 Global Economics for Managers Complete Vocabulary| Questions and Verified Answers| 100% Correct (Latest 2023/ 2024)
WGU C211 Global Economics for Managers
Complete Vocabulary| Questions and
Verified Answers| 100% Correct (Latest
2023/ 2024)
Q: What is resource similarity and how does this impact competitive dynamics?
Answer:
companies with high resource similarity and low market commonality will find themselves in
regular adversarial interactions.
Q: What is Classical Theory of International Trade
Answer:
Mercantilism: A zero-sum game theory that argues countries get richer when they sell more than
they import.
Q: What is Modern Theory of International Trade
Answer:
More dynamic view on trade that goes into multi-variable realistic trade models.
Q: What is absolute advantage
Answer:
the ability of an individual, a firm, or a country to produce more of a good or service than
competitors, using the same amount of resources
Q: What is comparitive advantage
Answer:
the ability to produce a good at a lower opportunity cost than another producer (comparative to
another country or business)
Q: What is Mercantilism
Answer:
A theory that suggests that the wealth of the world is fixed and that a nation that exports more
and imports less will be richer.
Q: What is Base of the Pyramid
Answer:
Economies where people make less than $2,000 per capita per year.
Q: What is BRIC
Answer:
Brazil, Russia, India, and China.
Q: What is Emerging Economies
Answer:
A term that has gradually replaced the term “developing countries” since the 1990s.
Q: What is Emerging Markets
Answer:
A term that is often used interchangeably with “emerging economies.”
Q: What is Expatriate manager (expat)
Answer:
A manager who works abroad, or “expat” for short.
Q: What is Foreign Direct Investment (FDI)
Answer:
Investment in, controlling, and managing value-added activities in other countries.
Q: What is Global Business
Answer:
Business around the globe.
Q: What is Globalization
Answer:
The close integration of countries and peoples of the world.
Q: What is Gross Domestic Product (GDP)
Answer:
The sum of value added by resident firms, households, and governments operating in an
economy.
Q: What is Gross National Income
Answer:
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.
Q: What is Gross National Product (GNP)
Answer:
GDP plus income from non-resident sources abroad.
Q: What is Group of 20 (“The G-20”)
Answer:
The group of 19 major countries plus the European Union (EU) whose leaders meet on a
biannual basis to solve global economic problems.
Q: What is International Business
Answer:
(1) A business (or firm) that engages in international (crossborder) economic activities and/or (2)
the action of doing business abroad.
Q: What is International Premium
Answer:
A significant pay raise when working overseas.
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