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| Trend away from distinctly individual markets toward one huge global market. |
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| Trend of national markets to merge into one global market |
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| Globalization of Production |
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| Trend of disperse production to other nations to take advantage of cost differences and other factors of production |
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| Committed to lowering barriers of free trade internationally |
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| Organization after GATT committed to lowering barriers of free trade internationally |
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| International Monetary Fund |
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| International organization set up to maintain order in the international monetary system |
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| international organization set up to promote economic development in poorer nations |
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| international organization created after WWII to promote peace |
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| When a firm exports or imports goods or services to customers of another country |
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| Foreign Direct Investment |
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| Direct investments in business operations in a foreign country |
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| the power of microprocessor technology doubles and its cost of production falls in half every 18 months. |
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| Stock of Foreign Direct Investment |
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| Total cumulative value of foreign-owned assets at a given time |
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| Multinational Enterprises |
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| any business that has productive activities in two or more countries |
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| The political, economic and legal systems of a country |
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| political system the emphasizes collective goals over individual goals |
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| The sale of State-owned enterprises to private investors |
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| emphasis on the importance of guaranteeing individual freedom and self-expression. |
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| Government by the people exercised directly or through representatives |
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| Theocratic Totalitarianism |
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| Political system in which political power is monopolized bt |
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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 parties. |
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| Party or group represents the interests of a particular tribe has most power |
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| An economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced |
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| Economy in which the government plans the goods and services a country will produce and the quantities |
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| System based on traditions, precedent and customs |
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| System of law based on religious teachings |
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| System of law based on a detailed set of written laws and codes |
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| 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 |
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| The bundle of 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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| Foreign Corrupt Practices Act |
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Definition
| US Law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions. |
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Definition
| products of the mind such as computer software, a pay, a book, song. etc. |
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| The exclusive legal rights of authors, composers, artists, to publish and disperse their work as they see fit. |
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| Grants the inventor of a product or process exclusive rights for a defined period of time to manufacture, use, or sell. |
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| Designs and names ofter officially registered by which merchants or manufacturers designate 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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| Set certain safety standards to which a product must adhere. |
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| Involves holding a firm responsible for when a product causes injury, death or damage |
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| The yardstick for measuring the economic activity of a country. It measures the total annual income received by a nations residents. |
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| and attempt by the UN to assess the impact of a number of factors on the quality of human life in a country |
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| The economic and strategic advantages that accrue to early entrants into and industry. |
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| Handicaps experience by being a late entrant into the market. |
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| The likelihood that events including economic mismanagement will cause drastic changes in a countries business environment that hurt the profit and other goals of a particular business. |
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| The likelihood that political forces will cause drastic changes in a countries business environment that will adversely affect company profits or goals. |
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| The likelihood that a trading partner will opportunistically break a contract or expropriate property rights. |
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| An understanding of how cultural differences across and within nations can affect the way business is practiced |
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| A system of values and norms that are shared among a group of people and constitutes a design for living. |
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| Abstract ideas about what a group believes to be good, right, and desirable. |
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| Hierarchical social categories often based on family background occupation and income. |
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| A system of social stratification in which the position a person has by birth can be changes through his or her own achievements or luck. |
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| A tendency for people to perceive themselves in terms of their class background |
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| A set of moral principles or values that are used to guide and shape behavior |
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| Hoftedes 4 Dimensions of Culture |
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Definition
Theory of how a society deals with the fact that people are unequal in physical and intellectual capabilities. High Power Distance= Big difference in power.
Low Power Distance= relatively small inequalities. |
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| Individualism Vs Collectivism |
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Definition
| Theory focusing on the relationship between an individual and his fellow man. Individualistic societies are more loose and more fucos on individual goals. |
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| Extent to which different cultures socialize their members into accepting ambiguous situations and tolerating uncertainty. |
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| Masculinity Vs Femininity |
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Definition
Masculine- differentiated sex roles, masculine values of achievement and effective exercise of power.
Feminine- Less distinguished sex roles and equal woman and male power in jobs. |
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Definition
| Theory that Confucian teachings affect attitudes toward time, persistence, ordering by status, protection of face, respect for tradition, and reciprocation. |
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| The accepted principles of right and wrong governing the conduct of business people |
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| Business Ethical Strategy |
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Definition
| A strategy or course of action that does not violate the accepted principles of right or wrong governing the conduct of business people |
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| Convention on Combat Bribery of Foreign Public Officials in International Business Transactions |
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Definition
| OECD convention that obliges member states to make the bribery of foreign officials a criminal effect. |
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| The idea that businesspeople should consider the social consequences of an economic action when making business decisions. |
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| A situation in which none of the available alternatives seems ethically acceptable. |
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| values and norms shared among an organizations employees. |
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| The belief that ethics are culturally determined and that firms should adopt the ethics of the cultures in which they operate |
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| The belief that a multinational's home country standards of ethics are the appropriate ones for companies to follow in foreign countries. |
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| The belief that people should be treated as ends and never as means |
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| Universal Declaration of Human Rights |
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| a United Nations document that lays down the basic principles of human rights that should be adhered to always. |
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| a distribution of economic goods and services that is considered fair and equitable. |
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| Formal statement of ethical priorities |
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| The individuals or groups that have an interest, stake or claim in the actions and performance of a company. |
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| People who work for or own the business, such as an employee, directors, and stockholders. |
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| The individuals and the groups that have some claim on the firm, such as customers, suppliers, and unions. |
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| The absence of government barriers to the free-flow of good and services between countries |
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| An economic philosophy advocating that countries should simultaneously encourage exports and discourage imports. |
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| A situation in which an economic gain by one country results in an economic loss by another. |
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Definition
| when a country is more efficient than any other country in producing it. |
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Definition
| a nations position in factors of production such as skilled labor or infrastructure necessary |
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Definition
| Cost Advantages associated with large scale production. |
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Term
| Balance-of-payments Accounts |
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Definition
| National Accounts that track both payments to and receipts from foreigners |
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Term
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Definition
| In the Balance of payments, records involving import or export services |
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| Current Accounts Deficits |
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Definition
| When a country's imports more goods, services, and income than it exports |
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Definition
| When a country's exports more goods, services, and income than it Imports |
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Term
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Definition
| Records one-time changes in the stock of assets |
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Term
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Definition
| Records Transactions that involve the purchase or sale of Assets |
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