Quiz 1 Chapters 1-3 Flashcards
What is Globalization
A shift towards a more integrated and interdependent world economy
What are the 3 facets of globalization
- GBZN OF MARKETS
- falling cross border trade barriers
- Standardized products create global market
- GBZN OF PRODUCTIONS
- more efficient product offering
- sourcing goods becomes easier/advantageous
- GBZN OF consumers
- ability to purchase goods across the world
Shared interestes
Name the big 4 global institutions
- UNITED NATIONS
- WORLD TRADE ORGANIZATION
- INTERNATIONAL MONETARY FUND
- WORLD BANK
What does the world bank do?
INTERNATIONAL INSTITUTION FOUNDED TO HELP OUT POORER COUNTRIES
WHAT IS WTO
policies of the world trade system to ensure that countries are complying with the rules laid down in rare treaties
what does the united nations do
International organizations made up of 193 countries formed in 1945 to promote peace and security
WHAT IS FDI( foreign direct investment)
When another country becomes financially involved with a country to help their economy in return for something
What is IMF
international institution that maintains and governs the arrangements of international exchange rates
What is GATT
General agreement on trade and tarrifs: an agreement signed to lower the trade barriers on the free flow of goods across borders
2# What is collectivism
Collective based political system ie communism socialism etc
2# What is command economy
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
Communism vs socialism
Communists have absolute control, socialism, is democratically elected
What are the demands of democracy (6)
Freedom of expression
Free media
Regular elections
Limited terms for reps
Fair court systems
Non political police/military
GNI?
Gross national income
Total income of all citizens in a country
HDI?
Human development index:
- gauges a country’s development
- life expectancy
Education attainment
Avg income
Cost of living
Ppp?
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
Market economy
Supply and demand sets the price
Privatization
Mixed economy
Some sectors are left to private ownership and free market while others require significant planning
First mover advantages
First company in a sector or realm holds the largest sum of market share within a country/industry
why is the cultural environment import in business
cultural relationships between nations can affect the price it costs to operate business between nations
What are the 5 dimensions of culture in the workplace
- Power Distance
- Uncertainty Avoidance
- Masculine vs feminine
- Individualism vs collectivism
- Short term or long term orientation
What is power distance
a dimension of workplace culture that is the perception of different levels of power in interpersonal work relationships:
- lifting others or keeping them down
What is Uncertainty Avoidance
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
What is MASULINE VS Feminine
A dimension of workplace culture: power relationship between men and women (patriarchy vs matriarchy)
What is individualism
a economic focus on individual achievements i.e. capitalism
what is short/long term orientation
A dimension of workplace culture wherein one is either focused on the future rewards or more short term
How does education affect a countries global market
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
what are the applications of Christianity in businesses
-protestant work ethics, foundation of capitalism
- work hard save big spend little
individualism
what are the applications of islam in businesses
- 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
what are the applications of Hinduism in businesses
- Value spiritual rather than material achievements
- Promotions are worthless
what are the applications of Confucianism in businesses
- System of ethics in business
- Loyalty, honesty, reciprocity
- typically easier/ less expensive to do business in countries as such
what are the 6 largest factors that impact the culture/norms/ and value systems
- Religion
- Political philosophy
- Economic philosophy
- Education
5.language - social structure
Social mobility vs. social stratification vs. Caste Systems
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
