GLOSSARY. · Global Market –When a business, company or industry has the opportunity to go beyond its domestic market to sell in some other country

· Global Market – When a business, company or industry has the opportunity to go beyond its domestic market to sell in some other country, one speaks of it entering the international market.

· Globalization – Globalization essentially means free movement of goods, services, people, and capital across national borders. This creates global markets for goods, services, labour, and capital. However, the term globalization has also come to mean something more: economic and cultural hegemony on the part of industrial enterprises and industrialized nations, particularly the United States.

· G-7 Group of Seven - the United States, Canada, Japan, Germany, France, the United Kingdom, and Italy (with Germany, France, the United Kingdom, and Italy comprising Europe’s so-called Big Four).
G-8 Group of Eight – The G-8 includes G-7 plus Russia, which may best be described as an economy in transition.

· Industrialized or developed nations -An industrialized economy has a large base of productive capital, sophisticated banking systems and financial markets, a variety of industries producing a broad range of products, and vigorous and varied international trade.

· Newly industrialized countries (NIC) -Newly industrialized nations (NICs) have a rapidly growing base of productive capital and rising incomes. Most of these nations have sound governments and banking and financial systems, although they may occasionally be subject to financial or political dislocation.

· Less developed countries (LDC) -Developing nations range from the poorest in the world to those that have begun to build an industrial base, but have yet to achieve stable growth in production and income. These economies are also called underdeveloped, undeveloped, and, most commonly, less developed countries (LDCs). A number of these nations have large, growing urban populations and serious difficulties with unemployment, crime, and poverty in the cities.

· IMF- International Monetary Fund -The International Monetary Fund is like a central bank for the world’s central banks. It is headquartered in Washington, D.C., has 184 member nations, and cooperates closely with the World bank. The IMF has a board of governors consisting of one representative from each member nation. The board of governors elects a 20-member executive board to conduct regular operations. The goals of the IMF are to promote world trade, stable exchange rates, and orderly correction of balance of payments problems.