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International Business > chapter 2 > Flashcards

chapter 2 Flashcards

1
Q

what are political systems

A

the system of gov in a nation

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2
Q

how is the political system assessed

A

emphasis on collectivism or individualism
degree to which they are democratic or totalitarian

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3
Q

what is collectivism

A

emphasizes collective goals over individual goals

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4
Q

what is socialism

A

Public ownership of the means of production for the common good.
Karl Marx: the few benefit at the expense of the many in a capitalist society where individual freedoms are not restricted.

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5
Q

what is individualism

A

-An individual should have freedom in economic and political pursuits.
-The interests of the individual should take precedence over the interests of the state.

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6
Q

what are the two tenets of individuals

A

-Guarantee of individual freedom and self-expression.
-Welfare of society best served by letting people pursue their own economic self-interest.

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7
Q

what is democracy

A

government is by the people, exercised either directly or through elected representatives.

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8
Q

what is totalitarianism

A

one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties.

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9
Q

democracy and —- go hand in hand

A

individualism

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10
Q

collectivism and — go hand in hand

A

totalitarianism

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11
Q

what is a representative democracy

A

citizens periodically elect individuals to represent them.

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12
Q

what are the safeguards in constitutional law for a representative democracy

A

freedom of expression
free media
universal adult suffrage
fair court system

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13
Q

what is communist totalitarianism

A

socialism can be achieved only through a totalitarian dictatorship.

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14
Q

what is theocratic totalitarianism

A

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

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15
Q

what is tribal totalitarianism

A

a party, group, or individual that represents the interests of a particular tribe monopolizes political power.

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16
Q

what is right wing totalitarianism

A

generally permits individual economic freedom but restricts individual political freedom, including free speech, on the ground that it would lead to the rise of communism.

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17
Q

what are pseudo democracies

A

-Lie between pure democracies and complete totalitarianism systems.
-Authoritarian elements have captured some or much of the machinery of state and use this to deny basic political and civil liberties.

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18
Q

what are market economies

A

-are productive activities are privately owned
production is determined by supply and demand
- to work, supply cant be restricted

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19
Q

what is the role of gov in market economies

A

Role of government is to encourage vigorous free and fair competition.

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20
Q

what are command economies

A

-Government plans the goods and services, quantity and price, then allocates them for “the good of society.
-All businesses are state owned.
-No incentive for individuals to look for better ways to serve needs.

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21
Q

where are command economies found

A

communist countries

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22
Q

what are mixed economies

A

-Some sectors are privately owned, some are government owned.
-Government may aid troubled firms whose operations are vital to national interests.

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23
Q

what are legal systems

A

refers to the laws that regulate behaviour , the process through which these laws are enforced,

24
Q

what are the 3 types of legal systems

A

common law, civil law, theocratic law

25
Q

what is common law based on

A

common law is based on tradition, precedent and customs

26
Q

what is tradition

A

refers to a countrys legal histroy

27
Q

what is precedent

A

cases that come before the courts in the past

28
Q

what are customs

A

ways in which the laws are applied in specific situations

29
Q

what is civil law based on

A

based on detailed set of laws organized into codes

30
Q

what do justices in a civil law system do

A

they have less flexibility, they cannot interpret the law they can only apply it as it is

31
Q

what do justices in the common law system do

A

they can interpret the law and apply it in a way they see fit

32
Q

what is theocratic law

A

theocratic law system is one that is based on religious teachings

33
Q

what is the main difference in common law and civil law

A

the way they approach contract law

34
Q

what is contract law

A

the body of law that governs contract enforcement

35
Q

what is a contract

A

a doc that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved

36
Q

how does common law enforce contract laws

A

common law is ill specific so contracts under common law need to be extremely detailed

37
Q

how does civil law conduct contract law

A

contracts under civil law are much shorter and less specific because many issues are already covered in the civil code

38
Q

where is it more expensive to draw up a contract

A

under common law systems

39
Q

what happens to contracts drawn during international trade

A

they are subject to the UN convention of contracts for the international sale of goods CISG

40
Q

what are property rights

A

refer to the legal rights over the use to which a resource is put and over the use made of any income that is derived from that resource

41
Q

what are the 2 ways in which property rights can be violated

A

through private action and through public action

42
Q

what is private action

A

violations of property rights that refer to theft, piracy, blackmail by private individuals or groups

43
Q

what is public action

A

a violation of property rights that occurs when public officials extort income, resources, or the property itself from the property holder

44
Q

what is the foreign corrupt practices act (FCPA)

A

a law that makes it illegal to bribe a foreign government official to obtain or maintain business over which that foreign official has authority

45
Q

what are product safety laws

A

laws that set a certain safety standard to which products must adhere

46
Q

what is product liability

A

involves holding a firm and its officers responsible for if a product causes injury, death or damage.

47
Q

what did the Organisation for economic cooperation and development (OECD) adopt

A

the Convention on Combating bribery of foreign public officials in international business transactions

48
Q

what is the (convention on Combating bribery of foreign public officials in international business transactions)

A

a convention that obliges the member states to make the bribery of foreign officials a criminal offense

49
Q

what is intellectual property

A

refers to property that is the product of intellectual activity

50
Q

what are patents

A

documents that grant the inventor of a new product of process exclusive right for a defined period to the manufacture use or sale of that invention

51
Q

what are copyrights

A

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

52
Q

what are trademarks

A

designs and names officially registered by which merchants or manufacturers can differentiate their products

53
Q

what is the world intellectual property organization

A

organization in which members have signed international treaties designed to protect intellectual property

54
Q

macro environment influences the market attractiveness through, why

A

through which political, economic and legal systems they have.
what are the ethical implications of doing business in a country with a totalitarian political system with denied human rights, lots of corruptopn and bribes are necessary to do full business

55
Q

what is the ideal macro environment for market attractiveness

A

democratic political system, market based economic system, stong legal system that protects property rights and limits corruption

56
Q
A

International Business (7 decks)

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