quizlet terms Flashcards
globalization
going from distinct national economic units into one big global market
globalization of markets
going from distinct, individual national markets to one global market
globalization of production
individual firms send parts of their production to different locations around the world
factors of production
things that help productive process (labor, management, land, capital, technological knowhow)
GATT
general agreement on tariffs and trade. international treaty who’s purpose was to lower barriers to the free flow of goods across national borders. lead to the WTO
wto
world trade organization. organization that followed GATT which resulted from a successful uruguay round of gatt negiotiations
imf
international monetary fund. goal is to maintain order in the ims
world bank
promotes economic development in worlds poorer nations
united nations
an international organization made up of 193 countries headquartered in NYC, formed in 1945 to promote peace, security, and cooperation
international trade
a firm exports goods or services to consumers in another country
fdi
foreign direct investment. direct investment in business operations in a foreign country
international business
any firm that engages in international trade or investment
political economy
the political, economic, and legal systems of a country
totalitarianism
form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited
market economy
an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced
command economy
an economic system where the allocation of resources including determination of what goods and services should be produced, and in what quantity, is planned by the government
contract
a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved
contract law
the body of law that governs contract enforcement
mores
norms seen as central to the functioning of a society and to its social life
uncertainty avoidance
extent to which cultures socialize members to accept ambiguous situations & to tolerate uncertainty
political system
system of government in a nation
collectivism
a political system that emphasizes collective goals as opposed to individual goals
socialist
someone who believes in public ownership of the means of production for the common good of society
communist
those who believe socialism can be achieved only through revolution and totalitarian dictatorship
social democrats
those committed to achieving socialism by democratic means
privatization
the sale of state-owned enterprises to private investors
individualism
an emphasis on the importance of guaranteeing individual freedom and self-expression
democracy
political system in which government is by the people, exercised either directly or through elected representatives
communist totalitarianism
a version of collectivism advocating that socialism can be achieved only through a totalitarian dictatorship
representative democracy
a political system in which citizens periodically elect individuals to represent them in government
theocratic totalitarianism
a political system in which political power is monopolized by a party, group, or individual that governs according to religious principles
right wing totalitarianism
a political party in which political power is monopolized by a party, group, or individual that generally permits individual economic freedom but restricts individual political freedom, including free speech, often on the grounds that it would lead to the rise of communism
tribal totalitarianism
a political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power
common law
a system of law based on tradition, precedent, and custom; when law courts interpret common law, they do so with regard to these characteristics
legal system
systems of rules that regulate behavior and the processes by which the laws of a country are enforced and through which redress of grievances is obtained
theocratic law system
a system of law based on religious teaching
property rights
bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource
private action
the theft, privacy, blackmail, and the like by private individuals or groups
public action
the extortion of income or resources of property holders by public officials, such as politicians and government bureaucrats
intellectual property
products of the mind, ideas; can be protected by patents, copyrights, and trademarks
patent
grants the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention
copyrights
the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit
trademarks
the design and names, often officially registered, by which merchants or manufacturers designate and differentiate their products
product liability
involves holding a firm and its officers responsible when a product causes injury, death, or damage
culture
a system of values and norms that are shared among a group of people and that when taken together constitute a design for living
values
abstract ideas about what a society believes to be good, right, and desirable
norms
social rules and guidelines that prescribe appropriate behavior in particular situations
society
group of people who share a common set of values and norms
folkways
routine conventions of everyday life
social structure
the basic social organization of a society
group
an association of two more more individuals who have a shared sense of identity and who interact with each other in structured ways on the basis of common set of expectations about each other’s behavior
class system
a system of social stratification in which social status is determined by the family into which a person is born and by subsequent socioeconomic achievements; mobility between classes is possible
high power distance
cultures are found in countries that let inequalities grow over time into inequalities of power and wealth
power distance
theory of how a society deals with the fact that people are unequal in physical and intellectual capabilities
low power distance
cultures are found in societies that try to play down such inequalities as much as possible
