BUSI 303 – Chapter 3 – Flashcards
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Ownership Risk
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risk of a claim from a previously disposed owner and risk that the current owner will be disposed
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Mixed economy
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system that allows for the simultaneous operation of public/private owned enterprises
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Common Law
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used as a means of compensating someone for wrongful acts known as torts
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WTO
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created to monitor trade around the world
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Centrally planned economy
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comprehensive control/regulation by a government in accordance with the plan of economic development
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Local content requirement
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governments block open trade within a country's borders
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Civil Law
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is the predominant system of law in the world
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Human Development Index (HDI)
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Assessment of nations based upon certain achievements
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Quotas
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Quantitative restrictions
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Transfer risk
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occurs when debtors in a country are unable to ensure timely payments
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Big Mac Index
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used as an example of PPP in that a product is the same wherever you are in the world
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Administrative delays
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impose a waiting period between the determination of a product's quality and when it can be sold
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Gross domestic product (GDP)
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total market value of goods/services produced within a nation in a year
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Buyer's credit
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closely associated with long-term loans
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Theocentric law
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refers to law which are derived from religion
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Protectionism
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a nation reducing number of imports it receives
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Supplier's credit
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loan: exporter is covered; value of cover
