Sl No.TermDefinitionExample

Import QuotaA direct restriction on the quantity of a good that can be imported into a country.Products Under US Import Quotas Sugar and products with more than 65% sugar content Tobaccco Peanuts and peanut butter

IncentivesDevices used to reward managerial behaviour.Examples of incentives in a workplace include recognition incentives, appreciation incentives, reward incentives and compensation incentives.

IndividualismAn emphasis on the importance of guaranteeing individual freedom and self expression.Individualism incultures (mainly Western Europe, North America, and Australia & New Zealand),

Individualism vs CollectivismTheory focusing on the relationship between the individual and his or her fellows. In individualistic societies, the ties between individuals are loose and individual achievements are highly valued. In societies where collectivism is emphasised ties between individuals are tight, people are born into collectives, such as extended families. Individualistic: My loyalty lies with me first. Nuclear families; yourself, your parents and your children Collectivistic: My loyalty lies with my group first. Extended families; brothers, sisters, uncles, aunts, cousins nephews etc.

InelasticWhen a large change in price produces only a small change in demand. Petrol petrol has few alternatives because people with a car, need to buy petrol. For many driving is a necessity. There are weak substitutes, such as train, walking and the bus. But, generally, if the price of petrol goes up, demand proves very inelastic.

Inefficient MarketOne in which prices do not reflect all available information.Whilefinancial marketsappear reasonably efficient, events such as market-wide crashes and thedotcombubbleof the late '90s seem to reveal some sort of inefficiency within the markets.

Infant Industry ArgumentNew 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.Infant Industry Theory was thebasisof U.S. trade policy after gaining its independence from Britain. At that time, the well-established British and other European products were familiar and sought by the U.S. consumers but were made more expensive by tariffs andduties, giving a chance for U.S. firms to take hold in their own domestic marketplace. Years later, in the late 19th and early 20th centuries, the U.S. steel industry was granted protection from international competition through tariffs and quotas that kept other steel producers out of the U.S. market, allowing the U.S. steel industry to dominate its own domestic market and to compete effectively in international markets.

Inflows of FDIFlow of foreign direct investment into a country.Data on FDI net inflows and outflows are based on the sixth edition of the Balance of Payments Manual (2009) reported by the International Monetary Fund (IMF). Foreign direct investment data are supplemented by the World Bank staff estimates using data from the United Nations Conference on Trade and Development (UNCTAD) and official national sources

Initial rateThe spot exchange rate when a budget is adopted.Chemical KineticsMethod of Initial Rates

InnovationDevelopment of new products, processes, organization, management practices and strategies.It can be a unique incentive program to reward high-performing employees. Or, it can be a process, such aslean methodology, a model which streamlines workflows and eliminates waste to keep costs low while maintaining quality.

Integrating MechanismMechanisms for achieving coordination between subunits within an organization.Standardization, Regulation etc.

Intellectual PropertyProducts of the mind, (ideas, books, music, computer software, designs, technological know-how). It can be protected by patents, copyrights or trademarks.IP is protected in law by, for example,patents,copyrightandtrademarks, which enable people to earn recognition or financial benefit from what they invent or create.

Internal Forward rateA company-generated forecast of future spot rates.Implied rates.

Internal StakeholderIndividuals or groups who work for or own the business.Internal stakeholders are groups within a business or people who work directly within the business, such as employees, owners, and investors.

Internalization theoryMarketing Imperfection approach to foreign direct investment.

International Accounting Standards Board (IASB)Organization of representatives of professional accounting organizations from many countries that is attempting to harmonize accounting standards across countries. The IASB Research Forum will form part of the 2016 Contemporary Accounting Research (CAR) conference that will take place in Waterloo, Ontario, Canada on 15 and 16 October 2016.

International BusinessAny firm that engages in international trade or investment.

International DivisionDivision Responsible for a firms international activities.

International Fisher EffectFor 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. For example, if country A's interest rate is 10% and country B's interest rate is 5%, country B's currency should appreciate roughly 5% compared to country A's currency.

The rational for the IFE is that a country with a higher interest rate will also tend to have a higherinflationrate. This increasedamount of inflationshould cause the currency in the country with the high interest rate to depreciate against a country with lower interest rates.

International Monetary FundInternational institution set up to maintain order in the international monetary system.

International Monetary SystemInstitutional agreements countries adopt to govern exchange rates.

International StrategyTrying to create value by transferring core competencies to foreign markets where indigenous competitors lack those competencies.Multidomestic strategymaximizes local responsiveness by giving decentralizing decision-making authority to local business units in each country so that they can create products and services optimized to their local markets.

International TradeOccurs when a firm exports goods or services to consumers in another country.The World Trade Organization (WTO) referees international trade. Agreements devised since 1948 by its 153 members

ISO 9000Certification process that requires certain quality standards that must be met.The process of implementing quality assurance standards is calledquality management.Quality assurance and quality management are the areas covered by the ISO 9000 series.

J

Joint VentureA cooperative undertaking between two or more firms.Kellogg Company Joins with Wilmar International Limited

Just DistributionOne that is considered fair & equitable.Redistribution of benefits

Just-In-Time (JIT)Logistics systems designed to deliver parts of a production process as they are needed not before.JIT methods are highinventory turnoverratios and highasset turnover ratioratios.

K

Kantian EthicsBelief that people should be treated as ends and never purely as means to the ends of others.To use an example, with Kantian ethics helping an old lady across the street because you feel pity for her is NOT a moral act. Likewise, helping an old lady because your coworker will think highly of you is NOT a moral act. However, helping an old lady because you have a sense of duty to help the elderly IS a moral act.

Knowledge NetworkNetwork for transmitting information within an organization that is based on informal contacts between managers within an enterprise and on distributed information system. structured data using a capture, codify and store approach (Wilson, 2002).