Quiz 1 Chapters 1-3

Question 1

What is Globalization

Answer 1

A shift towards a more integrated and interdependent world economy

Question 2

What are the 3 facets of globalization

Answer 2

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

Question 3

Name the big 4 global institutions

Answer 3

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

Question 4

What does the world bank do?

Answer 4

INTERNATIONAL INSTITUTION FOUNDED TO HELP OUT POORER COUNTRIES

Question 5

WHAT IS WTO

Answer 5

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

Question 6

what does the united nations do

Answer 6

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

Question 7

WHAT IS FDI( foreign direct investment)

Answer 7

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

Question 8

What is IMF

Answer 8

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

Question 9

What is GATT

Answer 9

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

Question 10

2# What is collectivism

Answer 10

Collective based political system ie communism socialism etc

Question 11

2# What is command economy

Answer 11

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

Question 12

Communism vs socialism

Answer 12

Communists have absolute control, socialism, is democratically elected

Question 13

What are the demands of democracy (6)

Answer 13

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

Question 14

GNI?

Answer 14

Gross national income
Total income of all citizens in a country

Question 15

HDI?

Answer 15

Human development index:

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

Question 16

Ppp?

Answer 16

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

Question 17

Market economy

Answer 17

Supply and demand sets the price
Privatization

Question 18

Mixed economy

Answer 18

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

Question 19

First mover advantages

Answer 19

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

Question 20

why is the cultural environment import in business

Answer 20

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

Question 21

What are the 5 dimensions of culture in the workplace

Answer 21

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

Question 22

What is power distance

Answer 22

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

Question 23

What is Uncertainty Avoidance

Answer 23

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

Question 24

What is MASULINE VS Feminine

Answer 24

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

Question 25

What is individualism

Answer 25

a economic focus on individual achievements i.e. capitalism

Question 26

what is short/long term orientation

Answer 26

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

Question 27

How does education affect a countries global market

Answer 27

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

Question 28

what are the applications of Christianity in businesses

Answer 28

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

Question 29

what are the applications of islam in businesses

Answer 29

• 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

Question 30

what are the applications of Hinduism in businesses

Answer 30

• Value spiritual rather than material achievements
• Promotions are worthless

Question 31

what are the applications of Confucianism in businesses

Answer 31

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

Question 32

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

Answer 32

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

Question 33

Social mobility vs. social stratification vs. Caste Systems

Answer 33

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