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International Business > Test 1 > Flashcards

Test 1 Flashcards

1
Q

2 Drivers of Globalization

A
  1. Declining Trade/Investment Barriers

2. Technology

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2
Q

General Agreement on Tariffs and Trade (GATT)

A

International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO

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3
Q

World Trade Organization (WTO)

A

The organization that succeeded the General Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay Round of GATT negotiations

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4
Q

International Money Fund (IMF)

A

International institution set up to maintain order in the international monetary system

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5
Q

World Bank

A

International institution set up to promote general economic development in the world’s poorer nations

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6
Q

United Nations

A

An international organization made up of 193 countries headquartered in New York City, formed in 1945 to promote peace, security, and cooperation

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7
Q

Moore’s Law

A

The power of microprocessor technology doubles

and its costs of production fall in half every 18 months

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8
Q

Multinational Enterprise (MNE)

A

A firm that owns business operations in more than one country

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9
Q

Collectivism

A

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

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10
Q

Individualism

A

freedom of expression, economic self-interest

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11
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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12
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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13
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

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14
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

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15
Q

Civil Law

A

A system of law based on a very detailed set of written laws and codes

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16
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

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17
Q

Private Action

A

The theft, piracy, blackmail, and the like by private individuals or groups

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18
Q

Public Action

A

The extortion of income or resources of property

holders by public officials, such as politicians and government bureaucrats

19
Q

Gross National Income (GNI)

A

The yardstick for measuring economic activity of a country, this measures the total annual income of a nation’s residents

20
Q

Purchasing Power Parity (PPP)

A

An adjustment in gross domestic product per capita to reflect differences in the cost of living

21
Q

Innovation thrives best with: (5)

A
  1. a market economy with strong incentives
  2. Strong Property Rights
  3. Democracy (usually)
  4. Favorable Geography
  5. Education
22
Q

Human Development Index; three measures:

A
  1. Life expectancy at birth
  2. educational attainment
  3. Average Income, PPP
23
Q

Deregulation

A

Removal of government restrictions concerning the conduct of a business

24
Q

Legal System

A

laws protecting private property rights and providing mechanisms for contract enforcement

25
Q

Benefits to doing business in a country: (3)

A
  1. size of the economy
  2. present wealth
  3. future growth
26
Q

Costs/Risks of doing business in a country: (3)

A
  1. corruption
  2. Lack of infrastructure
  3. Legal costs
27
Q

Cross-cultural Literacy

A

Understanding how the culture of a country affects the way business is practiced

28
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

29
Q

Folkways

A

Routine conventions of everyday life

30
Q

3 Most predominant religions:

A
  1. Christianity
  2. Islam
  3. Hinduism
31
Q

What causes culture? (6)

A
  1. Religion
  2. Political Philosophy
  3. Economic Philosophy
  4. Education
  5. Social Structure
  6. Language
32
Q

2 main drivers of cultural change:

A
  1. Globalization

2. Economic Progress

33
Q

Most common ethical issues in business: (5)

A
  1. employment practices
  2. human rights
  3. environmental regulations
  4. corruption
  5. the moral obligation of multinational corporations
34
Q

Social Responsibility

A

The idea that businesspeople should consider the social consequences of economic actions when making business decisions

35
Q

Ethical Dilemma

A

A situation in which there is no ethically acceptable solution

36
Q

The roots of ethical behavior: (6)

A
  1. Societal culture
  2. Decision-making process
  3. Leadership
  4. Unrealistic Performance goals
  5. Personal Ethics
  6. Organization culture
37
Q

The Friedman Doctrine

A

Only social responsibility of business is to make a profit (within the law)

38
Q

Cultural Relativism

A

The belief that ethics are culturally determined

and that firms should adopt the ethics of the cultures in which they operate

39
Q

Righteous Moralist

A

The belief that a multinational’s home-country standards of ethics are the appropriate ones for
companies to follow in foreign countries

40
Q

Naive Moralist

A

The belief that if a manager of a multinational

sees that firm from other nations are not following ethical norms in a host nation, that manager should not either

41
Q

Rights Theories

A

A twentieth-century theory that recognizes that

human beings have fundamental rights and privileges that transcend national boundaries and cultures

42
Q

Just Distribution

A

A distribution of goods and services that is considered fair and equitable

43
Q

Rawl’s veil of Ignorance

A

everyone is imagined to be ignorant of all of his or her particular characteristics, for exam- ple, race, sex, intelligence, nationality, family background, and special talents

44
Q

Abenomics “three arrows”

A
  1. Massive fiscal stimulus
  2. monetary easing from the Bank of Japan
  3. structural reforms

International Business (2 decks)

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