BUSI 303 Final ch 1-6

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Business 303 notecard


 
  
Created May 3, 2010
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jhoffman

 

 
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1
World Trade Organization
 
like GATT, primary responsibility is policing the world trading system and making sure nation-states...
2
International Monetary Fund
 

Created in Bretton Woods, New Hampshire, established...

3
World Bank
 

set up to promote economic development… more...

4
International trade
 

occurs when a firm exports goods or services...

5
FDI
 
occurs when a firm invests resources in business activities outside its home country
6
Moore’s Law
 

predicts that the power of microprocessor technology...

7
Multi-national Enterprise
 
any business that has productive activities in two or more countries
8
Stock of foreign direct investment
 
total cumulative value of FDI
9
GATT
 
as business activity transcended national borders… institutions were needed to help manage,...
10
Political economy
 
used to stress that the political, economic, and legal systems of a country are interdependent
11
Modern Socialists
 

state ownership of the means of production,...

12
Social Democrats
 
achieve socialism through democratic means
13
Privatization
 
selling state owned enterprises to private investors
14
Totalitarianism
 

form of government in which one person or political...

15
Communist Totalitarianism
 
most common form of totalitarianism
16
Theocratic Totalitarianism
 

found in states where political power is monopolized...

17
Tribal Totalitarianism
 

Political party that represents the interests...

18
Right- wing Totalitartianism
 
permits some individual economic freedom but restricts individual political freedom aka. Fascism...
19
Market Economy
 
All productive activities are privately owned and production is determined by supply and demand
20
Command Economy
 
Government plans the goods and services that a country produces, the quantity in which they...
21
Legal System
 

a country refers to the rules, or laws that...

22
Common Law
 

Based on tradition, precedent, and custom

23
Civil Law System
 
Based on a detailed set of laws organized into codes
24
Theocratic law system
 
one in which the law is based on religious teachings
25
Contract Law
 
the body of law that governs contract enforcement
26
Common law contracts
 

very detailed contingencies due to the fact...

27
CGIS
 

established uniform set of rules governing certain...

28
Violation of these right happen in two different ways
 

Private action- theft, piracy, blackmail by...

29
Foreign Corruptions Act
 
Makes it illegal to bribe a foreign government official to obtain or maintain business over...
30
Patent
 

grants the inventor of a new product or process...

31
Copyrights
 

the exclusive legal rights of authors, composers,...

32
Values
 
abstract ideas about what a group believes to be good, right, and desirable
33
Trademarks
 
designs and names, often officially registered, by which merchants or manufacturers designate...
34
World Intellectual property organization
 

signed a treaty to protect intellectual property

35

GNI

 
used as a yardstick to measure economic activity
36
Purchasing Power Parity
 

it allows for a more direct comparison of living...

37
Deregulation
 
involves removing legal restrictions to the free play of markets , the establishment of private...
38
Norms
 

the social rules and guidelines that prescribe...

39
Society
 
Group of people who share a common set of values and norms
40
Folkways
 
routine conventions of everyday life
41
Mores
 
norms that are seen as central to the functioning of a society and to its social life
42
First degree social structure
 
individual as opposed to the group
43
Second degree social structure
 
society is stratified into classes or castes
44
Social Strata
 
societies that are stratified on a hierarchical basis into social categories
45
Group
 

an association of two or more individuals who...

46
Social Mobility
 

refers to the extent to which individuals can...

47
Caste System
 

is a closed system of stratification in which...

48
Class System
 

a less rigid form of social stratification in...

49
Class Consciousness
 
refers to a condition where people tend to perceive themselves in terms of their class background,...
50
Ethical systems
 

refer to a set of moral principles or values,...

51
Power Distance
 

Dimension focused on how a society deals with...

52
Uncertainty avoidance
 

dimension measured the extent ot which different...

53
Sullivan Principles
 

Businesses from parent companies operating in...

54
Tragedy of commons
 
when individuals overuse a resource held in common by all, but owned by no one, resulting in...
55
Foreign Corrupt Practices Act
 

Outlawed the paying of bribes to foreign government...

56
Noblesse oblige
 

give something back to the societies that have...

57
Ethical dilemma
 
situations in which none of the available alternatives seems ethically acceptable
58
Cause of unethical behavior
 

pressure from the parent company to meet unrealistic...

59
Friedman doctrine
 

says company can increase profits if they stay...

60
Cultural relativism
 
ethics are nothing more than the reflection of a culture
61
Righteous Moralism
 
belief that a multinational’s home country standards of ethics are the appropriate ones for...
62
Naïve immoralism
 

Belief that if a manager of a multinational...

63
Utilitarian approach to ethics
 
hold that the moral worth of actions or practices is determined by their consequences
64
Kantian Ethics
 
hold that people should be treated as ends and never purely as means to the ends of others
65
Rights theories
 

recognize that human beings have fundamental...

66
Mercantilism
 

the main tenet of mercantilism was that it was...

67
Flaw of Mercantilism
 
it viewed trade as a zero- sum game
68
Adam Smith
 
wrote wealth of nations to attack mercantilism
69
Absolute advantage
 

the production of a product when it is more...

70
Comparative advantage
 
David Ricardo states it makes sense for a country to specialize in the production of those...
71
Factor Endowments
 

Refers to the extent to which a country is endowed...

72
Heckscher-Ohlin Theory
 

predicts that countries will export those goods...

73
Product-Life Cycle theory
 
by Raymond Vernon, based on the observation that for most of the twentieth century a large...
74
Specific Tariffs
 
levied as a fixed charge for each unit of good imported
75
ad-velorum
 
levied as a proportion of the value of an imported good
76
Subsidy
 
government payment to a domestic producer
77
Import quota
 
direct restriction on some good that may be imported into the country
78
Tariff rate quota
 
lower tariff rate is applied to imports within the quota
79
Voluntary export restraint
 
quota on trade imposed by exporting country typically at the request of the importing government
80
Quota rent
 

extra profit producers...

81
Primary reason for government intervention
 
special interests
82
Infant industry argument
 
government should support new industries until they have grown strong enough to meet international...
83
Strategic trade policy
 
government can raise national income if it can somehow ensure that the firm or firms that gain...
84
Protectionism
 
having high levels of subsidies to protect domestic industries

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