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the political, economic, and legal systems of a country
they are interdependent; interacting and influencing one another->they effect the level of economic well-being |
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| the system of government in a nation |
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| a political system that stresses the primacy of collective goals over individual goals |
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-manage state owned enterprise to benefit society as a whole, rather than individual capitalist
A political philosophy advocating substantial public involvement, through government ownership, in the means of production and distribution |
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| those who believe socialism can be achieved only through violent revolution and totalitarian dictatorship |
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| those committed to achieving socialism by democratic means, turning their backs on violent revolution and dictatorship |
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| the sale of state-owned enterprise to private investors |
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a philosophy that an individual should have freedom in his or her economic and political pursuits
-stresses the interest of the individual should take precedence over the interests of the state |
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| political system in which government is by the people, exercised either directly or through elected representatives |
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| form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties |
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| a political system in which citizens periodically elect individuals to represent them |
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| communist totalitarianism* |
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| A version of collectivism advocating that socialism can be achieved only through totalitarian dictatorship |
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| theocratic totalitarianism |
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| a political system in which political power is monopolized by a party, group, or individual that governs according to religious principals |
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| a political system in which a party, group, or individual that represents the interest of a particular tribe (ethnic group) monopolizes political power |
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| right-wing totalitarianism |
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political system: generally permits some individual economic freedom but restricts individual political freedom, frequently on the grounds that it would lead tot he rise of communism
(many backed by the military) |
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| all productive activities are privately owned. production is determined by the interaction of supply and demand and signaled to producers through the price system |
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| the government plans the goods and services that a country produces, the quantity in which they are produced and the price at which they are sold |
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| rules, or laws that regulate behavior along with the processes by which the laws are enforced and through which redress of grievances is obtained |
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based on tradition, precedent, and custom
tradition=country's legal history
precedent=cases that have come before courts in the past
custom=the ways in which laws are applied to specific situations |
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| a system of law based on a detailed set of laws organized into codes |
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| a system of law based on religious teachings |
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| a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved |
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| the body of law that governs contract enforcement |
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| United Nations Convention on Contracts for the International Sale of Goods (CIGS) |
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| established a set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations |
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| 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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| the theft, piracy, blackmail, and the like by private individuals or groups |
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| the extortion of income or resources of property holders by public officials such as politicians and government bureaucrats |
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| Foreign Corrupt Practices Act |
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| U.S. law makes it illegal to bribe a foreign official to obtain or maintain businesses over which that foreign official has authority, and it requires all publicly traded companies to keep detailed records that would reveal whether a violation of the act has occured |
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refers to property that is the product of intellectual activity. (computer software, a screenplay, a music score, or the chemical formula for a new drug)
-can be protected by patents, copyrights and trademarks |
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| grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use or sale of that invention |
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| the exclusive legal rights to authors, composers, playwrights, artists and publishers to publish and disperse their work as they see fit |
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| designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products |
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| World intellectual property organization |
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| an international organization whose members sign treaties designed to protect intellectual property |
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| paris convention for the protection of industrial property |
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international agreement to protect intellectual property; dates to 1883 and has been signed by some 170 nations
-weak enforcement protects the piracy of intellectual property |
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| set of certain safety standards to which a product must adhere |
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| involves holding a firm and its officers responsible when a product causes injury, death or damages. |
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| gross national income (GNI) |
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measurement of economic development (per head of population)
the yardstick for measuring the economic activity of a country; it measures the total annual income recieved by a nations residents |
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| purchasing power parity (PPP) |
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allows for a direct comparison of the living standards in different countries
an adjustment in gross domestic product per capita to reflect differences in the cost of living |
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measures the quality of human life in different nations.
based on 3 measures:
1.life expectancy at birth
2.educational attainment
3.whether average incomes are sufficient enough to meet basic needs of life in a country |
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| development of new products, processes, organizations, management practices and strategies |
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those who first commercialize innovations of new products and processes.
-provides much of the dynamism in an economy |
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| REMOVING legal restrictions to the free play of markets, the establishment of private enterprises, and the manner in which most command economies exercised tight control over prices and output, setting both through detailed state planning |
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| advantages that accrue to the first to enter a market |
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| handicaps experienced by being a late entrant into a market |
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| the likelihood that political forces will cause drastic changes in a country's business environment that will adversely affect the profit and other goals of a business enterprise |
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| the lillihood that economic mismanagement will cause drastic changes in a country's business environment that hurt the profit and other goals of a particular business enterprise |
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| the likelihood that a trading partner will opportunistically break a contract or expropriate property rights |
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