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MGT 423 test 1
international MGT FLASH CARDS
86
Management
Undergraduate 4
01/30/2013

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Cards

Term

1.       Political economy – 

Definition
the political economic and legal systems of a country.
Term

1.       Political system – 

Definition
the system of government in a nation
Term

Collectivism – 

Definition

a political system that emphasizes collective goals over individual goals 

Term
Socialism 
Definition
a political philosophy advocating substantial public involvement through government ownership in the means of production and distribution 
Term
Communists 
Definition

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

Term
Social democrats 
Definition
those committed to achieving socialism by democratic means
Term
Privatization 
Definition
the sale of state owned enterprises to private investors
Term
Individualism 
Definition

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

Term
Democracy
Definition

- political system in which government is by the people exercised either directly or through elected representitives

Term
Totalitarianism
Definition

- form of gov in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties 

Term
Representative democracy 
Definition

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

Term
Communist totalitarianism 
Definition

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

Term
Theocratic totalitarianism 
Definition

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

Term
Tribal totalitarianism 
Definition

– a political system in which a party group or individual that represents the interests of a particular tribe monopolizes political power

Term
Right wing totalitarianism 
Definition

– a political system 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 frequently on the grounds that it would lead to the rise of communism 

Term
Market economy 
Definition

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

Term
Command economy 
Definition

– an economic system in which the government plans the goods and services that a country produces, the quantity in which they are produced and the prices at which they are sold 

Term
Legal system 
Definition
system of rules that regulate behavior and the processes by which the laws are enforced and through which redress of grievances is obtained.
Term
Common law 
Definition
a system based of law based on tradition precedent and customs
Term
Civil law system 
Definition
a system of law based on a detailed set of written laws and codes 
Term
Theocratic law system 
Definition
a system of law based on religious teachings 
Term
Contract 
Definition

– a document that specifies the conditions under which an exchange is to occur and details the rights and obiligations of the parties envolved

Term
Contract law 
Definition

– the body of law that governs contract enforcement

Term
United nations convention on contracts for the international sale of goods (CIGS) 
Definition

– a set of rules governing certain aspects of the making and performance of commercial contracts between sellers and buyers who have their places of business in different nations 

Term
Property rights 
Definition

– the bundle of legal rights over the use to which a resource is put and over the use made of any income that be derived from that resource

Term
Private action 
Definition

– the theft piracy blackmail and the like by private individuals or groups

Term
Public action 
Definition
the extortion of income or reseources of property holders by public officials such as politicians and governments bureaucrats 
Term
Foreign corrupt practices act 
Definition

– us law regulating behavior regarding the conduct of international business in the taking of brides and other unethical actions

Term
Patent – 
Definition

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

Term
Purchasing power parity (PPP) 
Definition
an adjustment in gross domestic product per capita to reflect differences in the cost of living
Term
Entrepreneurs 
Definition
those wo first commercialize innovations 
Term
First mover advantage 
Definition
advantages that accrue to the first to enter a market 
Term
Late mover disadvantage 
Definition

– handicaps experienced by being a late entrant into a market

Term
Political risks 
Definition

– the likelihood that political forces will cause drastic changes in a countrys business environment that will adversely affect the profit and other goals of a business enterprise 

Term
Economic risks 
Definition

the likelihood that events including economic mismanagement will cause drastic changes in a countrys business environment that hurt the profit and other goals of a particular business enterprise

Term
Cross cultural literacy 
Definition
an understanding of how cultural differences across and within nations can affect the way business is practiced
Term
Values 
Definition

– abstract ideas about what a groupd believes to be good right and desirable 

Term
Norms 
Definition

– social rules and guidelines that prescribe appropriate behavior in particular situation 

Term
Power distance 
Definition

– theory of how a society deals with the fact that people are unequal in physical and intellectual capabilities high power distance cultures are found in countries that let inequalities grow over time into inequalities of power and wealth low power distance cultures are found in societies that try to play down such inequalities as much as possible. 

Term
Uncertainty avoidance 
Definition

– extent to which different cultures socialize their members into accepting ambiguous situations and tolerating uncertainty 

Term
Ethnocentrism
Definition
– a belief in the superiority of ones own ethnic group or culture often results in disregard or contempt for the culture of other countries
Term
Foreign corrupt practices act
Definition
– a us law regulating behavior regarding the conduct of international business in the taking of brides and other unethical actions
Term
Convention on combating bribery of foreign public officials in international business transactions –
Definition
OCED convention that obliges member states to make the bribery of foreign public officals a criminal offense
Term
Ethical dilemmas
Definition
a situation in which none of the available alternatives seems ethically acceptable
Term
Cultural relativism
Definition
– the belief that ethics are culturally determined and that firms should adopt the ethics of the cultures in which they operate
Term
Righteous moralism
Definition
– the belief that a multinational home country standards of ethics are the appropriate ones for companies to follow in foreign countries
Term
Naïve immoralism
Definition
– the belief that if a manager of a multinational sees that firms from other nations are not following ethical norms in a host nation that manager should not either.
Term
Utilitarian approaches
Definition
– these approaches to ethics hold that the moral worth of actions or practices is determined by their consequences
Term
Kantian ethics
Definition
– the belief that people should be treated as end and never as means to the ends of others
Term
Globalization
Definition
– trend away from distinct national economic units and towards one huge global market
Term
Globalization of markets
Definition
– moving away from an economic system in which national markets are distinct entities isolated by trade barriers and barriers of distance, time, and culture, and toward a system in which national markets are merging into one global market.
Term
Globalization of production
Definition
trend by individual firms to disperse parts of the productive processes to different lcations around the globe to take advantage of national differences in the cost and quality of factors of production
Term
General agreement on tariffs and trade (GATT)
Definition
– international treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO
Term
World trade organization (WTO)
Definition
– organization that succeeded the GATT as a result of the successful completion of the Uruguay round of GATT negotiations
Term
International monetary fund (IMF)
Definition
– international institution set up to maintain order in the international monetary system
Term
United nations
Definition
- an international organization made up of 191 countries and headquartered in new York city formed in 1945 to promote peace security and cooperation
Term
Foreign direct investment FDI
Definition
direct investment in business operations in a foreign country
Term
Multinational enterprise
Definition
a firm that owns business operations in more than one country
Term
Acculturation
Definition
Modification of an individual due to contact to a different culture
Term
Confucianism
Definition
The official ethical system in china
Term
Factors which accelerate globalization
Definition
Decline in trade barriers
Changes in communications, information, and transportation
Term
G20
Definition
Epitomizes the finance ministers and a central bank that governs the 19 largest economies in the world.
Term
Hinduism
Definition
Began in the Indus valley in India, it’s the world’s oldest religion, they believe the cow is a sacred animal.
Term
Islam
Definition
Second largest religion in the world, dates back to 610 AD by the profit Mohamed. Monotheistic religion central principal of slam is that is their only omnipotent god.
Term
Latin America
Definition
Most of Latin Americas debt and inflation are down.
Term
Rawls's veil of ignorance
Definition
Conceptual tool that contributes to the moral compass that managers can use to navigate through difficult ethical dilemmas.
Term
Bribes
Definition
- to give somebody money or some other incentive to do something, especially something illegal or dishonest
Term
Buddhism
Definition
- a world religion or philosophy based on the teaching of the Buddha and holding that a state of enlightenment can be attained by suppressing worldly desires
Term
Capitalism
Definition
- an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit
Term
Christianity
Definition
- the religion based on the life, teachings, and example of Jesus Christ
Term
Commons
Definition
- the politicians who are elected to the lower houses of the U.K. and Canadian parliaments and represent all the people
Term
Communism
Definition
- the Marxist-Leninist version of a classless society in which capitalism is overthrown by a working-class revolution that gives ownership and control of wealth and property to the state
Term
Containerization
Definition
- to convert a port, transport system, or industry so that it can handle standard-sized freight containers
Term
Corruption
Definition
- dishonest exploitation of power for personal gain
Term
Entrepreneurship
Definition
- somebody who initiates or finances new commercial enterprises
Term
Ethics
Definition
- the study of moral standards and how they affect conduct
Term
Ethnocentricity
Definition
- a belief in or assumption of the superiority of the social or cultural group that a person belongs to
Term
Femininity
Definition
- the quality of looking and behaving in ways conventionally thought to be appropriate for a woman or girl
Term
GDP
Definition
- the total value of all goods and services produced within a country in a year, minus net income from investments in other countries
Term
masculine
Definition
- having traits or qualities traditionally associated with men or boys rather than women or girls
Term
Microprocessor
Definition
- the central processing unit that performs the basic operations in a microcomputer, consisting of an integrated circuit contained on a single chip
Term
Nationalization
Definition
- to transfer a business, property, or industry from private to governmental control or ownership
Term
Outsourcing
Definition
- the purchase by a company of labor or parts from a source outside the company rather than using the company's staff or plant.
Term
Privatization
Definition
- to transfer to private ownership an economic enterprise or public utility that has been under state ownership
Term
Protectionism
Definition
- the system of imposing duties on imports into a country in order to protect domestic industries
Term
Socialism
Definition
- a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles
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