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Chapter 1 Flashcards

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1
Q

globalization

A

shift toward a more integrated and interdependent world economy

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2
Q

globalization of markets

A

merging of historically distant and separate national markets into one huge global marketplace

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3
Q

globalization of production

A

refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the costs

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4
Q

factors of production

A

Inputs into the productive process of a firm, including labor, management, land, capital, and technological know-how.

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5
Q

general agreement on tariffs and trade

A

International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO.

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6
Q

world trade organization

A

responsible for policing the world trading system and making sure nation states adhere to the rules laid down in trade treaties signed by WTO member states

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7
Q

International Monetary Fund

A

maintain order in the international monetary system
- lender of last resort to nation states

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8
Q

world bank

A

promote economic development
- making low interest loans to cash strapped government in poor nations

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9
Q

United Nations

A

committed to perserve peace through international cooperation and collective security

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10
Q

four purposes of the United nations:

A
  1. maintain international peace
  2. develop friendly relations
  3. cooperate in solving international problems
  4. center for harmonizing the actions of nations
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11
Q

Group of Twenty

A

a coordinated policy response to financial crises in developing nations

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12
Q

international trade

A

exports goods and services to consumers in another country

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13
Q

foreign direct investment

A

when a firm invests resources in business activities outside its home country

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14
Q

microprocessors

A

most innovation since world war II, enabled explosive growth of high power, low cost computing, vastly increasing the amount of information that can be processed

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15
Q

2 macro factors toward greater globalization:

A
  1. decline in barriers
  2. technological change
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16
Q

why are multinational enterprises continuing to rise

A

internet lowers barriers that smaller firms face in building international sales

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17
Q

what do political systems acess

A

emphasize collectivism vs individualism
democratic or totalitarian

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18
Q

socialists

A

those who believe in public ownership of the means of production for the common good of society

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19
Q

communists

A

believed socialism could only be achieved though violent revolution and totalitarian dictatorship.

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20
Q

four major forms of totalitarianism

A

communist, theocratic, tribal, right wing

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21
Q

communist totalitarianism

A

advocates achieving socialism through totalitarian dictatorship.

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22
Q

theocratic totalitarism

A

political power is monopolized by a party, group, or individual that governs according to religious principles.

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23
Q

tribal totalitarianism

A

where a political party that represents the interests of a particular tribe monopolizes power.

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24
Q

right-wing totalitarianism

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A

individual economic freedom is allowed but individual political freedom is restricted because it could lead to communism.

25
pseudo-democracies
many nations lie between pure democracy and complete totalitarianism ex. russia undder vladimir putin
26
market economy
goods and services a country produces and the quality in which they are produced is determined by supply and demand
27
command economy
Goods and services a country produces, the quantity in which they are produced, and the price at which they are sold are planned by government.
28
Mixed economy
both market and command economies
29
common law
based on tradition, precedent
30
civil law
detailed set of laws organized into codes
31
theocratic law
based on religious techings
32
contract law
body of law that governs contact enforecment
33
united nations convention on contracts for the internal sales of goods
establishes a uniform set of rules governing certain aspects of the making and performance of everyday commerical contracts between sellers and buyers who have places of business in different nations
34
property rights
legal rights over the use to which a resource is put and over the use made of any income derviced from that resource - physical and intellectutal
35
private actions
theft, privacy, blackmail, and the like by private individuals or groups
36
public action
public officials extort income or resources from property holders. Excessive taxation, requiring expensive licenses or permits from property holders, or taking assets into state ownership without compensating the owners.
37
foreign corrupt practices act
Makes it illegal to bribe a foreign government official in order to obtain or maintain business over which the foreign official has authority. All publicly traded companies must keep detailed records so it is clear whether a violation has occurred.
38
patents
give inventor exclusive rights to the manufacture, use, or sale of the invention
39
copyrights
exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and dispose of their work as they see fit.
40
trademarks
designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products.
41
paris convention for the protection of industrial property
agreement signed by 170 countries to protect intellectual property
42
world intellectual property organization
protection of intellectual property rights dffers greatly from country to country
43
product safety laws
set certain safety standards to which a product must adhere
44
common measure for country's attractiveness for a possible market
gross national income
45
purchasing power parity
adjustment provides a more direct comparison of living standards in different countries
46
human development index
life expectancy, education attainment, and whether average incomes are sufficient to meet basic needs of life in a country.
47
privatization
transfers ownership of state property to private individuals
48
cross cultural literacy
understanding how cultural differences across and within nations can affect the way business is practiced
49
folkways
routine conventions of everyday life
50
mores
norms that are central to the functioning of a society and its moral life
51
social strata
socities are statified on a hierachical basis
52
caste system
social position is determined by the family into which a person is born, and change in that position is unlikely.
53
class system
position a person has by birth but can be changed through achievement or luck.
54
class consciousness
people perceive themselves in terms of class background
55
Confucianism
offical ethical system of china - loyalty big teaching
56
world value survey
explores values and norms, how they change, and their impact on society and business.
57
global leadership and organizational behavior effectiveness (GLOBE)
identifies nine cultural dimensions
58

SOM (2 decks)

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