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MKT 310 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Economic and human welfare globalization critics

A

Exploites lesser developed countries, loss of jobs in developed countries, growing gap between rich and poor, race to the bottom

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2
Q

Economic and human welfar globalization supporters

A

Global economic developement, improves human welfare, provides opportunites to people in emerging markets

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3
Q

Consumer welfare globalization supporters

A

Benefits consumers worldwide through wider variety of products, more affordable products, and wider reacher to consumers

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4
Q

Consumer welfare globalization critics

A

Loss of local retailers, promotion of consumerist culture, uncontrolled access leading to marketing of harmful products to uneducated populations, unregulated production opening the consumers to risk

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5
Q

National sovereignty and cultural identity globalization critics

A

Loss of national identity, imposing western values as universal

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6
Q

National sovereignty and cultural identity globalization supporters

A

Mixing of cultures, greater appreciate of cultural differences

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7
Q

Characteristics of manufactured goods

A

Tangibility, storability, separability, homogeneity

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8
Q

Homogeneity

A

All the same

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9
Q

Separability

A

Ability to separate a product from its service

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10
Q

Characteristics of hard service

A

Tangible, storable, separatable, homogeneity, depends on physical object for storage and export

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11
Q

Characteristics of soft service

A

Intangible, perishable, inseparable, heterogeneity. No export option

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12
Q

Factors of production

A

Land, capital, labor, entrepreneurship

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13
Q

Entrepreneurship

A

Creative ideas and highly skilled workers

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14
Q

Moore’s law

A

Power of technology doubles and cost of production falls in half every 18 months

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15
Q

Drivers of globalization

A

Reduction of transaction costs, reduction of transportation costs, sped up by information technology

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16
Q

Individulaism

A

A political philosophy that suggests individuals should have freedom over their economic and political pursuits

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17
Q

Individualism can be traced to

A

Aristotle who argued that individual diversity and private ownership are desirable

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18
Q

Individualism stresses

A

Individual freedom and self expression, self interest, democratic systems and free markets

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19
Q

Collectivism believes

A

The group is more important. Look out for the greater good

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20
Q

Democracy

A

Political system in which government is by the people

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21
Q

Totalitarianism

A

Form of government in which one person or political party has absolute control over all spheres of human life

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22
Q

Communist totalitarianism

A

Socialism through total dictatorship

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23
Q

Theocratic totalitarianism

A

Power is controlled by a party according to religious practices

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24
Q

Tribal totalitarianism

A

A particular tribe has total power

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25
Right wing totalitarianism
Economic freedom is allowed but political freedom is restricted
26
Foreign corrupt practices act
Limits corruption in the us. It is illegal to bribe a government official
27
Grease
Money to get things done faster and this is legal
28
Political risk
The liklihood that political forces will change the business environment and effect profits and goals of businesses
29
Economic risk
Likelihood that the economic mismanagement will cause change in the business environment
30
Legal risk
Likelihood that a trading partner will break a contract or expropriate property rights
31
M-form
Government becomes a market player. Multilayered. Each region is self sufficient very regiobalized
32
U-form
Everything is centeralized in one placs
33
Regulatory
Can have many rules but everyone is treated the same
34
Devleopmental
Means not everyone is tested the same. Trying to meet policy objectives
35
Individualism
Protect ownership and profit
36
Communitarianism
Development of the economy or certain industries are promoted
37
Security
Ownership rights are secure
38
Prosperity
Community as a whole
39
Efficiency
How good are we at getting something done
40
Equity
How fair is it
41
Market economy
Supply and demand
42
Commanded economy
Government decides what is produced and what to charge for it
43
Mixed economy
Combination of market and command
44
Common legal system
Precedence
45
Code/civil law
Registration
46
Lots of laws but everyone has the same standard
Regulatory
47
Laws are established to accomplish government objectives
Developmental
48
What is the purpose of PPP
Compare the standard of living among different countries
49
Amartha sen
Development should be assessed less by material output and more by the capabilities and opportunities that people enjoy
50
Human development index
Based on life expectancy, education, and average incomes
51
5 freedoms
Political, economic, social, security, transparency
52
What is the relationship between political enconomy and economic progress
Economic freedom in a market economy creates greater incentives for innovation and entrepreneurship than in either a planned or mixed economy
53
Sustain long term economic growth by
The business environment being conductive to innovation and entrepreneurial activity
54
Countries with high economic freedom have
High Econ growth and richer citizens
55
Strong legal protection of property is required for
A business environment conductive to innovation, entreprenturship and Econ growth
56
Factors influencing a countries rate of Econ development
Grography and education levels
57
Shift towards market based economies involves
Deregulation, privatization, and the creation of a legal system
58
Deregulation
Taking away laws that don't really serve and purpose
59
Privatization
Transfer ownership to private investors
60
First mover advantages
Advantages that accrue to early entrants into a market
61
Second mover advantages
Advantages you gain by watching someone go in before you
62
Political cosg
Paying bribes or lobbying for favorable or fair treatment
63
Economic costs
Relate primarily to the sophistication of the Econ system
64
Planned economy M-Form
Uses a decentralized system have manufacturing facilities scattered throughout the country pretty autonomous
65
Self-refernce criterion
We all have an automatic tendency to use our own though framework to evaluate others
66
Ethnocentrism
The beliefs that ones culture is superior to others
67
High context
Meaning of behavior depends on situation, emphasis on non verbal, counties with one culture
68
Low context
Behavior based on words, intentions and feelings are expressed verbally, multicultural
69
Silent languages of culture
Space, material possessions, friendship patterns, agreements among cultures, time
70
Patina
Evidence of wear that adds value
71
Low context agreements
Rely on contractual agreements
72
Monochronic
schedules and line
73
Polychronic
Meeting needs and no lines
74
Dimensions of culture
Material elements, social institutions, humans and the universe, aesthetic, language
75
Hofstedes individualism
I, entrepreneurship, greater product variety, individual acheievement, universalism
76
Hofstede collectivism
We, large groups, product show membership, group membership, particularism
77
Low uncertainty avoidance
Take risk, high stress, deviant persona and ideas are tolerated, generalist and common sense
78
High uncertainty avoidance
Avoid risk, ease and lower stress, devotion not tolerated, experts and knowledge
79
High power distance
Ordered inequality, superiors inaccessable and make decisions, powers holders have privilege
80
Low power distance
Equality, superiors accessible, everyone makes decisions, everyone has privileges
81
Masculinity
Sex roles, one sex dominates, live to work, independence is ideal, big and fast
82
Feminist
Universal sex roles, equality between sexes, work to live, small and slow is beautiful

MKT 310 (1 decks)

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