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BGE Lessons 2-4
Lessons 2-4
53
Business
10th Grade
02/01/2012

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Term
Developedcountry
Definition
Also known as advanced, these countries are highly industrialized, and their economies are dominated by their service and information technology sectors.
Term
Developingcountry
Definition
A country that has not reached Western-style standards of democratic governments, free market economies, industrialization, social programs, and human rights guarantees.
Term
Driversofglobalization
Definition
The forces behind rapid world-wide economic integration such as reduced trade barriers, Internet and communications technology, and transportation technology.
Term
Exports
Definition
Domestic goods sold to foreign markets.
Term
Globalization
Definition
A movement towards a more integrated and interdependent economy as related to goods, technology, information, labor, and capital; awareness, understanding, and response to global integration.
Term
Globalizationofmarkets
Definition
The process of national markets merging together to form a global market.
Term
Globalizationofproduction
Definition
The process of dispersing a firm’s operations around the globe; includes sourcing and outsourcing.
Term
Internationaltrade
Definition
The process of exporting or importing goods or services.
Term
Market
Definition
A place where an exchange of goods and services takes place between buyers and sellers.
Term
Outsourcing
Definition
Subcontracting a stage of production to a third-party in a different country.
Term
Sourcing
Definition
The process of searching and buying raw materials, final goods, employees, knowledge, innovation, and financing all over the world.
Term
Acculturation
Definition
The process of learning about, accepting, and adopting the traits of another culture.
Term
Aesthetics
Definition
Ideas and feelings about beauty.
Term
Culture
Definition
The combination of learning and experiences that people in the same countries or regions share. Culture consists of the social, organizational, and linguistic traits of a group of people that are passed from generation to generation.
Term
Ethnocentrism
Definition
The belief that one’s own culture is superior to all others.
Term
Etiquette
Definition
The accepted code of behavior among a group of people.
Term
Fluency
Definition
The ability to speak or write a language smoothly, easily, or readily.
Term
Guanxi
Definition
The Chinese concept of relationships built on trust. Guanxi is an essential element of successful business dealings.
Term
in-group
Definition
A group of people with similar attitudes, a community.
Term
Linguistic
Definition
A cultural norm related to language. There are two types of communication: linguistic, which uses language, and nonlinguistic, which uses gestures and expressions.
Term
Nepotism
Definition
The practice of giving a family member instead of a stranger a job or promotion
Term
Norm
Definition
A standard way of behaving as established by culture.
Term
Nonverbalcommunication
Definition
The ways in which people use their bodies to express meaning.
Term
Nuclearfamily
Definition
The mother, father, and children of a family.
Term
Organizational
Definition
A cultural norm related to the way a society is set up.
Term
Proximity
Definition
Nearness, Physical proximity is one of the ways people communicate nonverbally.
Term
Social
Definition
A cultural norm related to the way people act and/or feel.
Term
Values
Definition
The ideals of a society—what the members consider good or bad.
Term
Armistice
Definition
When two countries at war agree to stop fighting without making a formal agreement to end the war. In 1953, North and South Korea declared an armistice, but no peace treaty has been signed yet.
Term
Benefit
Definition
A competitive edge.
Term
Commandeconomy
Definition
An economy in which all production is owned and planned by the government.
Term
Democracy
Definition
A form of government in which citizens have equal access to power and equal freedoms. A democracy is considered the most favorable form of government for business enterprise.
Term
Economicdevelopment
Definition
A nation’s continuous pursuit to improve its economic, political, and social well-being. Factors of economic development include education, life expectancy, and GDP per capita (also called standard of living).
Term
Economicgrowth
Definition
When a nation’s GDP rises.
Term
Economicindicator
Definition
A statistic about the economy.
Term
Embargo
Definition
A protectionist measure a country takes in which it prohibits trade with another country.
Term
GrossDomesticProduct
Definition
The total value of all the goods and services a country produces in one year.
Term
HumanDevelopmentIndex
Definition
A measurement that looks at the life expectancy, knowledge and education, and standard of living (measured by GDP per capita) of a country. An HDI score of 1.0 means that people in that country have the best possible freedoms, care, safety, and options.
Term
Infrastructure
Definition
The energy, transportation, and communication systems of a country.
Term
Intellectualproperty
Definition
The legal right to own an idea, invention, phrase or other intangible concept. Intellectual property rights vary from nation to nation. The weaker a nation’s intellectual property laws are, the more likely piracy will occur there.
Term
InternationalMonetaryFund
Definition
The organization that monitors and creates policies for the global financial system.
Term
Isolationism
Definition
The governmental policy that dictates that a nation should avoid all wars but those in self-defense and implement protectionist economic policies.
Term
Marketeconomy
Definition
An economy in which all production is privately owned, determined by supply and demand.
Term
Politicaleconomy
Definition
The combination of a country’s political, economic, and legal systems. These systems are interdependent.
Term
Propertyrights
Definition
Legal protection for owned resources, including intellectual property.
Term
Purchasingpowerparity
Definition
An adjustment to the per capita GDP measurement that compares the actual cost of goods among nations. One example of the PPP principle is called the “Big Mac Index,” which compares the actual price of a virtually universal good from nation to nation.
Term
Reward
Definition
Something given for service, help, merit, or hardship.
Term
Risk
Definition
The probability of being exposed to danger, injury, or loss.
Term
Quota
Definition
A governmentally determined limit on an import or export.
Term
Standardofliving
Definition
The quality and accessibility of a nation’s goods and services to its citizens. It is measured by per capita GDP.
Term
Subsidy
Definition
A payment or other type of financial assistance to an industry or company to keep it competitive or in business.
Term
Tariff
Definition
A tax on a good moved from one nation to another.
Term
Totalitarianism
Definition
A form of government in which the state controls most or all of the social, technological, economic, and political facets of a nation.
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