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I import quota A direct restriction on the quantity of a good that can be imported into a country. individualism An emphasis on the importance of guaranteeing individual freedom and self-expression. individualism versus collectivism Theory focusing on the relationship between the individual and his or her fellows. In individualistic societies, the ties between individuals are loose and individual achievement is highly valued. In societies where collectivism is emphasized, ties between individuals are tight, people are born into collectives, such as extended families, and everyone is supposed to look after the interests of his or her collective. inefficient market One in which prices do not reflect all available information. infant industry argument New industries in developing countries must be temporarily protected from international competition to help them reach a position where they can compete on world markets with the firms of developed nations. inflows of FDI Flow of foreign direct investment into a country. initial rate The spot exchange rate when a budget is adopted. innovation Development of new products, processes, organizations, management practices, and strategies. integrating mechanisms Mechanisms for achieving coordination between subunits within an organization. intellectual property Products of the mind, ideas (e.g., books, music, computer software, designs, technological know-how). Intellectual property can be protected by patents, copyrights, and trademarks. internal forward rate A company-generated forecast of future spot rates. internalization theory Marketing imperfection approach to foreign direct investment. International Accounting Standards Committee (IASC) Organization of representatives of 106 professional accounting organizations from 79 countries that is attempting to harmonize accounting standards across countries. international business Any firm that engages in international trade or investment. international division Division responsible for a firm's international activities. International Fisher Effect For any two countries, the spot exchange rate should change in an equal amount but in the opposite direction to the difference in nominal interest rates between countries. International Monetary Fund (IMF) International institution set up to maintain order in the international monetary system. international strategy Trying to create value by transferring core competencies to foreign markets where indigenous competitors lack those competencies. international trade Occurs when a firm exports goods or services to consumers in another country. ISO 9000 Certification process that requires certain quality standards that must be met. |
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