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global environment of business > quizlet terms > Flashcards

quizlet terms Flashcards

1
Q

globalization

A

going from distinct national economic units into one big global market

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2
Q

globalization of markets

A

going from distinct, individual national markets to one global market

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3
Q

globalization of production

A

individual firms send parts of their production to different locations around the world

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4
Q

factors of production

A

things that help productive process (labor, management, land, capital, technological knowhow)

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5
Q

GATT

A

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

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6
Q

wto

A

world trade organization. organization that followed GATT which resulted from a successful uruguay round of gatt negiotiations

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7
Q

imf

A

international monetary fund. goal is to maintain order in the ims

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8
Q

world bank

A

promotes economic development in worlds poorer nations

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9
Q

united nations

A

an international organization made up of 193 countries headquartered in NYC, formed in 1945 to promote peace, security, and cooperation

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10
Q

international trade

A

a firm exports goods or services to consumers in another country

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11
Q

fdi

A

foreign direct investment. direct investment in business operations in a foreign country

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12
Q

international business

A

any firm that engages in international trade or investment

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13
Q

political economy

A

the political, economic, and legal systems of a country

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14
Q

totalitarianism

A

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

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15
Q

market economy

A

an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced

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16
Q

command economy

A

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

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17
Q

contract

A

a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved

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18
Q

contract law

A

the body of law that governs contract enforcement

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19
Q

mores

A

norms seen as central to the functioning of a society and to its social life

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20
Q

uncertainty avoidance

A

extent to which cultures socialize members to accept ambiguous situations & to tolerate uncertainty

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21
Q

political system

A

system of government in a nation

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22
Q

collectivism

A

a political system that emphasizes collective goals as opposed to individual goals

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23
Q

socialist

A

someone who believes in public ownership of the means of production for the common good of society

24
Q

communist

A

those who believe socialism can be achieved only through revolution and totalitarian dictatorship

25
Q

social democrats

A

those committed to achieving socialism by democratic means

26
Q

privatization

A

the sale of state-owned enterprises to private investors

27
Q

individualism

A

an emphasis on the importance of guaranteeing individual freedom and self-expression

28
Q

democracy

A

political system in which government is by the people, exercised either directly or through elected representatives

29
Q

communist totalitarianism

A

a version of collectivism advocating that socialism can be achieved only through a totalitarian dictatorship

30
Q

representative democracy

A

a political system in which citizens periodically elect individuals to represent them in government

31
Q

theocratic totalitarianism

A

a political system in which political power is monopolized by a party, group, or individual that governs according to religious principles

32
Q

right wing totalitarianism

A

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

32
Q

tribal totalitarianism

A

a political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power

33
Q

common law

A

a system of law based on tradition, precedent, and custom; when law courts interpret common law, they do so with regard to these characteristics

34
Q

legal system

A

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

34
Q

theocratic law system

A

a system of law based on religious teaching

35
Q

property rights

A

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

36
Q

private action

A

the theft, privacy, blackmail, and the like by private individuals or groups

37
Q

public action

A

the extortion of income or resources of property holders by public officials, such as politicians and government bureaucrats

38
Q

intellectual property

A

products of the mind, ideas; can be protected by patents, copyrights, and trademarks

39
Q

patent

A

grants the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention

40
Q

copyrights

A

the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit

41
Q

trademarks

A

the design and names, often officially registered, by which merchants or manufacturers designate and differentiate their products

42
Q

product liability

A

involves holding a firm and its officers responsible when a product causes injury, death, or damage

43
Q

culture

A

a system of values and norms that are shared among a group of people and that when taken together constitute a design for living

44
Q

values

A

abstract ideas about what a society believes to be good, right, and desirable

45
Q

norms

A

social rules and guidelines that prescribe appropriate behavior in particular situations

46
Q

society

A

group of people who share a common set of values and norms

47
Q

folkways

A

routine conventions of everyday life

48
Q

social structure

A

the basic social organization of a society

49
Q

group

A

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

50
Q

class system

A

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

51
Q

high power distance

A

cultures are found in countries that let inequalities grow over time into inequalities of power and wealth

52
Q

power distance

A

theory of how a society deals with the fact that people are unequal in physical and intellectual capabilities

53
Q

low power distance

A

cultures are found in societies that try to play down such inequalities as much as possible

global environment of business (2 decks)

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