Test Flashcards
spatial perception
Individual comfort levels with personal space and physical contact, which are often dictated in part by cultural standards
Market economy
an economic system determined by free competition in which businesses consumers and government act independently of one another the market forces and self interest determine what goods are created, and sold
Counterculture
A culture that has values that oppose mainstream values and attitudes
centrally planned economy
An economic system, in which the government controls all elements of the economy, including prices, wages, and production
Polychronic
Time is seen as involving many things happening simultaneously with the participation of many people time is flexible and schedules are not primarily importance
Monochronic
Time is seen as linear and sequential and focus is placed on one thing at a time in a logical progression
Opportunity cost
The value of what is forgotten, or the cost of giving something up to get something else
absolute advantage
The ability of one country to use its resources to make a product or service, more efficiently than other countries
mixed economy
an economic system that combines government intervention and private enterprise
The total goods and services produced by one country in one year is referred to as
Gross domestic product
underdeveloped countries are associated with which of the following characteristics
Economy, predominantly, based on agriculture or resources
developed countries are also known as
Industrialized nations
The degree of cultural awareness that a country must have, when establishing foreign business relationships depend on
how many countries are involved with in the relationship how similar are different? The culture is of the foreign countries is how the business controls its foreign operations
which of the following is a characteristic of a mixed economy?
private property owned by individuals, corporations, and government
Each economic system addresses the following three major components, but in different ways
private property, profit, and competition
Well, there are no countries in the world with a true market economy which country comes the closest
The United States
Which of the following is an example of a lagging indicator?
Unemployment rate
The major difference between autocracy and democracy is
An autocracy is ruled by one person, or a group while a democracy is ruled by the people through elected leaders
any attempt to increase a companies’s effectiveness, or efficiency is referred to as
Rationalization
Immigrant communities within Canada, that maintain parts of their own culture, including food, language and religion are said to have
form a subculture
Uncertainty, avoidance
How various cultures adapt to change
Individualism versus collectivism
The extent to which people are expected to make their own decisions
Power distance
How the difference in power between people is perceived
Orientation
The degree of focus with respect to goals
masculinity versus femininity
The degree to which culturally mandated, gender roles operate within the country
choose three of Hofstead’s cultural dimensions, listed above for each explain where you believe Canada ranks within the cultural dimension provide an example of Canadian culture to support your answer
- individualism versus collectivism, Canada ranks, high on individualism, Canadians prioritize, personal achievement. For example, the emphasis on personal choice in career paths and lifestyle. Decisions reflects this value.
- Uncertainty, avoidance, Canada ranks, low on uncertainty. Avoidance Canadians are genuinely open to change and tolerant to ambiguity. This is evident in the countries, diverse and adaptable culture, as well as its embrace of innovation and risk taking
- power distance, scores, low on power distance, equality and participatory decision-making, our valued. this is in how companies in Canada have bosses who are more like friends, and how Canada tries to make things fair for everyone
Canada prides itself at home and abroad as a country made up of a cultural mosaic rather than a cultural melting pot as adopted in the United States. Do you agree with this distinction support your opinion with cultural differences between Canada and the US
I agree, Canada‘s cultural mosaic celebrates diversity, encouraging the preservation of various cultural identities within its society. This is evident through policies promoting multiculturalism recognition of indigenous rights, and many more in contrast, the USA’s cultural melting pot has historically emphasized assimilation into a common American identity, potentially leading to the suppression of distinct, cultural backgrounds and languages.
in short, cultural mosaic refers to celebrating and preserving cultural diversity within society, or cultural melting pot suggests assimilation into a common cultural identity
What are lobbyist and why are lobbyist needed in certain cases provide examples of lobby groups in Canada
lobbyist are individuals or groups that advocate for specific interest in policy, making process they provide expertise information and advocacy to influence government decisions. Lobbyist are necessary to ensure diverse perspectives are considered, and to represent stakeholders who may not have direct access to policy makers in Canada examples of lobbyist groups include labour unions like labor, congress and healthcare, advocacy groups like Canadian medical Association.
what is autocracy provide an example to support your answer?
Autocracy is a form of government where power is concentrated in the hands of a single ruler, or a small group of individuals, typically without meaningful checks and balances or democratic processes, one example of autocracy is North Korea power is centralized in the hands of Kim family, dynasty particular king jun, who exercises near total control over the countries, political, economic, and social spheres
List the four key phrases of the business cycle and describe two key characteristics for each of the four key phrases
expansion – increased economic activity, and rising business confidence.
Peak – high employment rates, and rising inflation.
Trough – low economic activity, and declining business confidence.
Recession – negative GDP growth and rising unemployment 
what is a coincidence economic indicator?
coincidence economic indicators are statistical metrics that move in conjunction with the overall economy, reflecting its current state, examples, being unemployment levels, industrial production, retail sales, personal income, etc. 
describe an international trade scenario that coincides with a contract in Canadian economy
During a contracting Canadian economy, decreased demand from major trading partners, like the US could lead to reduce Canadian exports this result in challenges for export, independent industries, increased unemployment, and a shift from a surplus to a deficit
Culture
The knowledge, experience, beliefs, values, attitudes, religion, etc.
subculture
A cultural group with a larger or predominant culture distinguished from it by factor, such as class ethnic background religion lifestyle
cultural intelligence
The capability to adapt, relate and work effectively across various cultures
Commodity
Material or primary agricultural product that can be bought and sold such as copper or coffee
Rationalization
Any attempt to increase a companies effectiveness or efficient see, including downsizing, cutbacks, layoffs, and relocating, corporate functions and activities to countries that have cheaper labour and a few or no union problems
Cultural norm
Attitudes and behaviours that are considered typical or normal within a particular cultural group. These attitudes and behaviours can be expressed in personal social or business situations.
Mono chronic
A view of the world, in which time is seen as linear or sequential and focus is placed on one thing at a time in a logical progression
Poly chronic
A view of the world that cease time as involving many things happening simultaneously with the participation of many people time as flexible and schedules are not of primary importance
spatial perception
Individual comfort levels with a personal space and physical contact, which are often dictated in part by cultural standards
Cultural dimension
Identified by Gert Hofstead, a Dutch anthropologist who conducted a comprehensive study of how values in the workplace are influenced by culture in the five cultural dimensions provide a framework of understanding the differences among particular aspects of culture in different societies
Economic system
The way a country organizes its resources and distributes goods, and services to its citizens
Political system
The type of government by which a country is run
Circular flow model
A model of the economy in which exchanges are represented as flows of money, goods, and services between economic decision makers represented in a simple way as households or companies
Market economy
Also known as capitalism or private enterprise at an economic system, determined by free competition, in which businesses, consumerism and government act independently of one another the market forces and self interest determine what goods are created, and sold
Centrally planned economy
Also known as communism or command economy as economic system, in which the government control all elements of the economy, including prices, wages, and production
Mixed economy
also known as modified free enterprise system, and economic system that sits between a market economy, and a centrally planned economy, combining government, intervention, and private enterprise
democracy
Estate governed by all illegible members of the population through elective representatives. A democracy is characterized by free and fair, elections the rule of law, free speech, and press the right to assembly and freedom of religion.
Autocracy
estate governed by single individual or small group of people with unlimited power
Totalitarianism
Centralized system of government in which the government led by a dictator controls. All aspects of the state and citizens are subservient.
Developed economies
Also known as industrialized economies countries that are characterized by high per capita, income or strong, gross domestic product, and have moved from a resilient on primary industries into predominantly territory industries
GDP
The total goods and services produced in one country in one year
economies and transition
Economies and transition are those shifting from centrally planned to market, based systems facing hurdles, like economic, restructuring, and privatization
Index of economic freedom
An index that has been measuring the impact of liberty and free markets around the globe for more than two decades
Business cycle
Reoccurring periods of increased and decreased economic activity or expansions and contractions. The business cycle is characterized by four stages the redesign, trough, expansion and peak.
Monetary policy
The process by which of countries federal government through its central bank, makes decisions to determine the money supply amount of money in circulation in the country so interest rates and inflation rate the goal of monetary policy is economic stability, and ensure trust in the currency
fiscal policy
The way the government at all levels, so municipal provincial and federal collects, and spend money
Absolute advantages
The ability of one’s country to use its resources to make a product or service, more efficiently than other countries
Opportunity cost
The value of what is forgone, or the cost of giving something up to get something else.
comparative advantage
The ability of a country, to produce a good at a lower opportunity cost than another country. Comparative advantage is the foundation for specialization and trade
Lobbying
The process through which companies, special interest, groups or individuals attempt to influence government officials and persuade them to endorse public favourable laws to these groups
what is the relationship between business and culture?
Business and culture are closely intertwined with cultural norms values, and practises influencing how business is conducted in different regions
List some business cultural facts about Mexico
Business meetings may start with casual conversation before getting down into business. Punctuality is less strict compared to some other countries building personal relationships, important for successful business dealings direct communication is valued, but it’s essential to maintain politeness and avoid confrontation.
List some business cultural facts about Brazil
Building trust through personal connections is crucial for business success, Brazilians value, face-to-face, interactions, and preferred doing business with people they know interest personal space is smaller, so expect closer, physical proximity during conversations, flexibility and adaptability are value traits in Brazilian business culture
List some business cultural facts about China
Guangxi building relationships plays a significant role in business interactions. Business meetings may involve ceremonial aspect, such as giftgiving informal in introductions. Respect for hierarchy and authority is important and long-term are essential for successful business relationships in China.
List some business culture facts about Japan
Business etiquette is highly formal and structured respect for hierarchy and seniority is crucial decision-making maybe consensus striven involving multiple stakeholders, punctualities, high valued, and being late is considered disrespectful business cards Messi are exchange with great ceremony, and should be treated with respect
List some business culture flex about Saudi Arabia
Business relationships are often based on trust and personal connections. Gender segregation is common and business settings with separate spaces for men and women, Islamic principles influence, business practices, including prayer times, and dietary restrictions contracts may be viewed as framework for relationship rather than binding legal documents, patients and building. Trust overtime are essential for successful business dealings in Saudi Arabia.
What are the factors that affect doing business internationally?
factors such as control of foreign operations extent of foreign operations, number of foreign operations, and the degree of cultural difference impact how businesses operate international
Control of foreign operations
if branches plants or distribution outlets, and other countries are managed by local people, companies, do not need to have to spend time learning the culture as local employees will have that knowledge if certain areas of foreign operations are handled, domestically employees must have cultural awareness 
extent of foreign operations
Accompany exporting commodities, like oil or nickels need little cultural awareness, compared to a business running a manufacturing plant
Number of foreign operations,
the more operations is foreign countries, the more need for cultural awareness
Degree of cultural differences
If the country you are doing business and is similar to your own cultural differences are not as important to learn
what is the direct impact of culture on services?
Culture directly influences services by shaping customer preferences, expectations, and behaviors. Service providers must understand cultural norms, values, and communication styles to effectively deliver services tailor to diverse, cultural context.
how does culture affect the labour market?
Culture influences the labour market by shaping attitudes towards work labor, practises and employment standards. Different cultures may have varying perspectives of work ethic, job security, and workplace hierarchy.
Power distance, PDI high versus low
How a society handles inequalities and power
High – acceptance of hierarchy
low – preference for equality
Individualism versus collectivism IDV high versus low
Individualism – personal goals over group
Collectivism – group harmony, over personal interests
Masculinity versus femininity MAS
Masculinity – assertiveness
Femininity – corporation and quality of life
Uncertainty, avoidance UI high versus low
Hi – intolerance for ambiguity, rules oriented
Low – tolerance for ambiguity, openness to change
long-term versus short term orientation
Long-term – future rewards tradition
Short term – immediate gratification, present focus
Indulgence versus restraint, IND
 indulgence – gratification of desires,
Restraint – self discipline, and adherence to norms
What is an economic system?
An economic system is how a country organizes its resources and distributes goods and services
what is a political system?
A political system is a type of government by which a country is run
what is the circular flow model?
Circular flow model illustrates how many goods and services flow between households and businesses in an economy
What are the four questions that defined what a countries economic system is
What to produce
How to produce
How much to produce
For whom to produce
What are developing economies? give examples
developing economies are nations that are in the process of economic growth and industrialization, often characterized by low levels of social services poor and infrastructure and low literacy rates examples being Brazil, China, and India 
What is a recession
A recession is a period of economic decline, typically marked by a decrease in GDP for two consecutive, quarters along with other indicators, such as rising unemployment
What is a trough?
The trough is the lowest point in the business cycle, representing the end of a recession and beginning of a new economic upturn
What is expansion?
Expansion is a phase of the business cycle, characterized by increasing economic activity, rising GDP and declining unemployment
what is a peak?
A peak is the highest point in a business cycle, representing the end of an expansionary phase and the beginning of a downturn
what is the Sahm recession indicator?
The Soham recession indicator is a measure used to signal the start of a recession based on changes in the national unemployment rate over a three month. Period.
What is a monetary policy?
Monetary policy refers to the actions taken by a country central bank to manage the money, supply and interest rates to achieve specific economic objectives, such as controlling inflation, and promoting economic growth
What is fiscal policy?
Fiscal policy refers to the governments, use of taxation and spending in influence economic conditions, such as stimulating demand during a recession or curving inflation during an expansion
What are some ways that a government can affect trade?
Governments can affect trade by establishing import and export laws, setting tariffs maintaining membership in trade organizations, negotiating, trade agreements, and or ordering embargoes
What are some ways that a government can affect international business?
Governments can affect international business by determining monetary and fiscal policies, including currency exchange and taxation laws, as well as establishing immigration laws and maintaining military systems
what are government regulations
Government regulations referred to the rules and laws, imposed by the government on businesses and individuals to ensure compliance with standards, protect consumers, and regulate economic activities
