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SOM > Chapter 1 > Flashcards

Chapter 1 Flashcards

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

A

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

25
Q

pseudo-democracies

A

many nations lie between pure democracy and complete totalitarianism ex. russia undder vladimir putin

26
Q

market economy

A

goods and services a country produces and the quality in which they are produced is determined by supply and demand

27
Q

command economy

A

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
Q

Mixed economy

A

both market and command economies

29
Q

common law

A

based on tradition, precedent

30
Q

civil law

A

detailed set of laws organized into codes

31
Q

theocratic law

A

based on religious techings

32
Q

contract law

A

body of law that governs contact enforecment

33
Q

united nations convention on contracts for the internal sales of goods

A

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
Q

property rights

A

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
Q

private actions

A

theft, privacy, blackmail, and the like by private individuals or groups

36
Q

public action

A

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
Q

foreign corrupt practices act

A

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
Q

patents

A

give inventor exclusive rights to the manufacture, use, or sale of the invention

39
Q

copyrights

A

exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and dispose of their work as they see fit.

40
Q

trademarks

A

designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products.

41
Q

paris convention for the protection of industrial property

A

agreement signed by 170 countries to protect intellectual property

42
Q

world intellectual property organization

A

protection of intellectual property rights dffers greatly from country to country

43
Q

product safety laws

A

set certain safety standards to which a product must adhere

44
Q

common measure for country’s attractiveness for a possible market

A

gross national income

45
Q

purchasing power parity

A

adjustment provides a more direct comparison of living standards in different countries

46
Q

human development index

A

life expectancy, education attainment, and whether average incomes are sufficient to meet basic needs of life in a country.

47
Q

privatization

A

transfers ownership of state property to private individuals

48
Q

cross cultural literacy

A

understanding how cultural differences across and within nations can affect the way business is practiced

49
Q

folkways

A

routine conventions of everyday life

50
Q

mores

A

norms that are central to the functioning of a society and its moral life

51
Q

social strata

A

socities are statified on a hierachical basis

52
Q

caste system

A

social position is determined by the family into which a person is born, and change in that position is unlikely.

53
Q

class system

A

position a person has by birth but can be changed through achievement or luck.

54
Q

class consciousness

A

people perceive themselves in terms of class background

55
Q

Confucianism

A

offical ethical system of china
- loyalty big teaching

56
Q

world value survey

A

explores values and norms, how they change, and their impact on society and business.

57
Q

global leadership and organizational behavior effectiveness (GLOBE)

A

identifies nine cultural dimensions

58
Q
A

SOM (2 decks)

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