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G gains from trade The economic gains to a country from engaging in international trade. 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. geocentric staffing A staffing policy where the best people are sought for key jobs throughout an MNE, regardless of nationality. global learning The flow of skills and product offerings from foreign subsidiary to home country and from foreign subsidiary to foreign subsidiary. global matrix structure Horizontal differentiation proceeds along two dimensions: product divisions and areas. global strategy Strategy focusing on increasing profitability by reaping cost reductions from experience curve and location economies. global web When different stages of value chain are dispersed to those locations around the globe where value added is maximized or where costs of value creation are minimized. globalization Trend away from distinct national economic units and toward one huge global market. 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. 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. gold par value The amount of currency needed to purchase one ounce of gold. gold standard The practice of pegging currencies to gold and guaranteeing convertibility. gross domestic product (GDP) The market value of a country's output attributable to factors of production located in the country's territory. gross fixed capital formation Summarizes the total amount of capital invested in factories, stores, office buildings, and the like. gross national product (GNP) The market value of all the final goods and services produced by a national economy. group An association of two or more individuals who have a shared sense of identity and who interact with each other in structured ways on the basis of a common set of expectations about each other's behavior. |
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