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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
Q

Right wing totalitarianism

A

Economic freedom is allowed but political freedom is restricted

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26
Q

Foreign corrupt practices act

A

Limits corruption in the us. It is illegal to bribe a government official

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27
Q

Grease

A

Money to get things done faster and this is legal

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28
Q

Political risk

A

The liklihood that political forces will change the business environment and effect profits and goals of businesses

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29
Q

Economic risk

A

Likelihood that the economic mismanagement will cause change in the business environment

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30
Q

Legal risk

A

Likelihood that a trading partner will break a contract or expropriate property rights

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31
Q

M-form

A

Government becomes a market player. Multilayered. Each region is self sufficient very regiobalized

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32
Q

U-form

A

Everything is centeralized in one placs

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33
Q

Regulatory

A

Can have many rules but everyone is treated the same

34
Q

Devleopmental

A

Means not everyone is tested the same. Trying to meet policy objectives

35
Q

Individualism

A

Protect ownership and profit

36
Q

Communitarianism

A

Development of the economy or certain industries are promoted

37
Q

Security

A

Ownership rights are secure

38
Q

Prosperity

A

Community as a whole

39
Q

Efficiency

A

How good are we at getting something done

40
Q

Equity

A

How fair is it

41
Q

Market economy

A

Supply and demand

42
Q

Commanded economy

A

Government decides what is produced and what to charge for it

43
Q

Mixed economy

A

Combination of market and command

44
Q

Common legal system

A

Precedence

45
Q

Code/civil law

A

Registration

46
Q

Lots of laws but everyone has the same standard

A

Regulatory

47
Q

Laws are established to accomplish government objectives

A

Developmental

48
Q

What is the purpose of PPP

A

Compare the standard of living among different countries

49
Q

Amartha sen

A

Development should be assessed less by material output and more by the capabilities and opportunities that people enjoy

50
Q

Human development index

A

Based on life expectancy, education, and average incomes

51
Q

5 freedoms

A

Political, economic, social, security, transparency

52
Q

What is the relationship between political enconomy and economic progress

A

Economic freedom in a market economy creates greater incentives for innovation and entrepreneurship than in either a planned or mixed economy

53
Q

Sustain long term economic growth by

A

The business environment being conductive to innovation and entrepreneurial activity

54
Q

Countries with high economic freedom have

A

High Econ growth and richer citizens

55
Q

Strong legal protection of property is required for

A

A business environment conductive to innovation, entreprenturship and Econ growth

56
Q

Factors influencing a countries rate of Econ development

A

Grography and education levels

57
Q

Shift towards market based economies involves

A

Deregulation, privatization, and the creation of a legal system

58
Q

Deregulation

A

Taking away laws that don’t really serve and purpose

59
Q

Privatization

A

Transfer ownership to private investors

60
Q

First mover advantages

A

Advantages that accrue to early entrants into a market

61
Q

Second mover advantages

A

Advantages you gain by watching someone go in before you

62
Q

Political cosg

A

Paying bribes or lobbying for favorable or fair treatment

63
Q

Economic costs

A

Relate primarily to the sophistication of the Econ system

64
Q

Planned economy M-Form

A

Uses a decentralized system have manufacturing facilities scattered throughout the country pretty autonomous

65
Q

Self-refernce criterion

A

We all have an automatic tendency to use our own though framework to evaluate others

66
Q

Ethnocentrism

A

The beliefs that ones culture is superior to others

67
Q

High context

A

Meaning of behavior depends on situation, emphasis on non verbal, counties with one culture

68
Q

Low context

A

Behavior based on words, intentions and feelings are expressed verbally, multicultural

69
Q

Silent languages of culture

A

Space, material possessions, friendship patterns, agreements among cultures, time

70
Q

Patina

A

Evidence of wear that adds value

71
Q

Low context agreements

A

Rely on contractual agreements

72
Q

Monochronic

A

schedules and line

73
Q

Polychronic

A

Meeting needs and no lines

74
Q

Dimensions of culture

A

Material elements, social institutions, humans and the universe, aesthetic, language

75
Q

Hofstedes individualism

A

I, entrepreneurship, greater product variety, individual acheievement, universalism

76
Q

Hofstede collectivism

A

We, large groups, product show membership, group membership, particularism

77
Q

Low uncertainty avoidance

A

Take risk, high stress, deviant persona and ideas are tolerated, generalist and common sense

78
Q

High uncertainty avoidance

A

Avoid risk, ease and lower stress, devotion not tolerated, experts and knowledge

79
Q

High power distance

A

Ordered inequality, superiors inaccessable and make decisions, powers holders have privilege

80
Q

Low power distance

A

Equality, superiors accessible, everyone makes decisions, everyone has privileges

81
Q

Masculinity

A

Sex roles, one sex dominates, live to work, independence is ideal, big and fast

82
Q

Feminist

A

Universal sex roles, equality between sexes, work to live, small and slow is beautiful

MKT 310 (1 decks)

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