Quiz 1 Chapters 1-3 Flashcards

1
Q

What is Globalization

A

A shift towards a more integrated and interdependent world economy

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2
Q

What are the 3 facets of globalization

A
  1. GBZN OF MARKETS
    • falling cross border trade barriers
    • Standardized products create global market
  2. GBZN OF PRODUCTIONS
    • more efficient product offering
    • sourcing goods becomes easier/advantageous
  3. GBZN OF consumers
    - ability to purchase goods across the world
    Shared interestes
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3
Q

Name the big 4 global institutions

A
  1. UNITED NATIONS
  2. WORLD TRADE ORGANIZATION
  3. INTERNATIONAL MONETARY FUND
  4. WORLD BANK
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4
Q

What does the world bank do?

A

INTERNATIONAL INSTITUTION FOUNDED TO HELP OUT POORER COUNTRIES

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5
Q

WHAT IS WTO

A

policies of the world trade system to ensure that countries are complying with the rules laid down in rare treaties

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6
Q

what does the united nations do

A

International organizations made up of 193 countries formed in 1945 to promote peace and security

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7
Q

WHAT IS FDI( foreign direct investment)

A

When another country becomes financially involved with a country to help their economy in return for something

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8
Q

What is IMF

A

international institution that maintains and governs the arrangements of international exchange rates

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9
Q

What is GATT

A

General agreement on trade and tarrifs: an agreement signed to lower the trade barriers on the free flow of goods across borders

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10
Q

2# What is collectivism

A

Collective based political system ie communism socialism etc

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11
Q

2# What is command economy

A

Economic system where allocations of resources including deter,Insteon of what goods and services should be produced and in what quantity is planned by gov

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12
Q

Communism vs socialism

A

Communists have absolute control, socialism, is democratically elected

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13
Q

What are the demands of democracy (6)

A

Freedom of expression
Free media
Regular elections
Limited terms for reps
Fair court systems
Non political police/military

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14
Q

GNI?

A

Gross national income
Total income of all citizens in a country

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15
Q

HDI?

A

Human development index:

  • gauges a country’s development
  • life expectancy
    Education attainment
    Avg income
    Cost of living
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16
Q

Ppp?

A

Adjustment in GDP per capital for a comparison of living standards in different countries
- how much does it cost to live in a certain country

17
Q

Market economy

A

Supply and demand sets the price
Privatization

18
Q

Mixed economy

A

Some sectors are left to private ownership and free market while others require significant planning

19
Q

First mover advantages

A

First company in a sector or realm holds the largest sum of market share within a country/industry

20
Q

why is the cultural environment import in business

A

cultural relationships between nations can affect the price it costs to operate business between nations

21
Q

What are the 5 dimensions of culture in the workplace

A
  • Power Distance
  • Uncertainty Avoidance
  • Masculine vs feminine
  • Individualism vs collectivism
  • Short term or long term orientation
22
Q

What is power distance

A

a dimension of workplace culture that is the perception of different levels of power in interpersonal work relationships:
- lifting others or keeping them down

23
Q

What is Uncertainty Avoidance

A

A dimension of workplace culture: it is the degree to which others feel threatened by ambiguous situations
- working on commission or tips you are comfortable with uncertainty

24
Q

What is MASULINE VS Feminine

A

A dimension of workplace culture: power relationship between men and women (patriarchy vs matriarchy)

25
Q

What is individualism

A

a economic focus on individual achievements i.e. capitalism

26
Q

what is short/long term orientation

A

A dimension of workplace culture wherein one is either focused on the future rewards or more short term

27
Q

How does education affect a countries global market

A

Countries that have a better education system or higher workstaffs are easier to start businesses in as they
- often include training for the workforce
- look at the type of education not the level of education

28
Q

what are the applications of Christianity in businesses

A

-protestant work ethics, foundation of capitalism
- work hard save big spend little
individualism

29
Q

what are the applications of islam in businesses

A
  • Rise in recent 20 years
  • More collective view
  • The wealthy and successful have obligations of help the disadvantages
  • Supportive of business but in a collective way
30
Q

what are the applications of Hinduism in businesses

A
  • Value spiritual rather than material achievements
  • Promotions are worthless
31
Q

what are the applications of Confucianism in businesses

A
  • System of ethics in business
  • Loyalty, honesty, reciprocity
  • typically easier/ less expensive to do business in countries as such
32
Q

what are the 6 largest factors that impact the culture/norms/ and value systems

A
  1. Religion
  2. Political philosophy
  3. Economic philosophy
  4. Education
    5.language
  5. social structure
33
Q

Social mobility vs. social stratification vs. Caste Systems

A

STRATIFICATION
- Hierarchical social categories often based on family background, occupation, income
- Defined on the basis of characteristics such as family backhround, occupation, income, born on a particular stratum

MOBILITY
- Refers to the extent to which individuals can move out of the strata into which they are born

CASTE SYSTEMS
- A closed system of stratification which social position is determined by the family into which a person is born
- Education can move u up in like lawyers n stuff

34
Q
A