INB 300 UNCW Chapters 1,2,3 – Flashcards
51 test answers
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Emerging economy (or emerging market)
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a developing country
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Group of 20 (G-20)
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The group of 19 major countries plus the European Union (EU) whose leaders meet on a regular basis to solve global economic problems
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Gross domestic product (Gdp)
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The sum of value added by resident firms, households, and gov- ernments operating in an economy
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Purchasing power parity (ppp)
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A conversion that determines the equivalent amount of goods and services different currencies can purchase. This conversion is usually used to capture the differences in cost of living in differ- ent countries
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Triad
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Three regions of developed economies (North America, West- ern Europe, and Japan).
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Base of the pyramid
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The vast majority of humanity, about five billion people, who make less than $2,000 a year on a per capita basis
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Institution-based view
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A leading perspective in global business that suggests that firm performance is, at least in part, determined by the institutional frameworks governing firm behavior around the world
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Institutional framework
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Formal and informal institutions that govern individual and firm behavior
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Formal institutions
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Institutions such as laws, regulations, and rules
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Informal institutions
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Institutions such as norms, culture, and ethics
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Resource based view
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A leading perspective in global business that suggests that firm performance is, at least in part, determined by its internal resources and capabilities
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Liability of foreignness
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The inherent disadvantage that foreign firms experience in host countries because of their non-native status
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Globalization
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The close integration of countries and peoples of the world
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BRIC
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Emerging economies of Brazil, Russia, India, and China
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Semigloabalization
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A perspective that suggests that barriers to market integration at borders are high but not high enough to completely insulate countries from each other
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Nongovernmental Organization (NGO)
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Organizations that are not affiliated with governments. Such organizations include environmentalist groups, human rights activists, and consumer groups
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Institutional transitions
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Fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players
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Regulatory pillar
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The coercive power of governments exercised through laws, reg- ulations, and rules
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Normative pillar
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The mechanisms through which norms influence individual and firm behavior
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Cognitive pillar
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The internalized, taken-for-granted values and beliefs that guide individual and firm behavior
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Political risk
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Risk associated with political changes that may negatively im- pact domestic and foreign firms
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Civil law
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A legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgments
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Common law
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A legal tradition that is shaped by precedents from previous judicial decisions
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Theocratic law
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A legal system based on religious teachings
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Intellectual property rights (Ipr)
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Legal rights associated with the ownership of intellectual property
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Patents
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Exclusive legal rights of inventors to derive income from their inventions through activities such as manufacturing, licensing, or selling
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Copyrights
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Exclusive legal rights of authors and publishers to publish and disseminate their work
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Trademarks
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Exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others
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Market economy
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An economy that is characterized by the "invisible hand" of market forces
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Command economy
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An economy in which theoretically all factors of production are state-owned and state-controlled, and all supply, demand, and pricing are planned by the government
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Washington Consensus
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A view centered on the unquestioned belief in the superiority of private ownership over state ownership in economic policy making, which is often spearheaded by two Washington-based international organizations: the International Monetary Fund and the World Bank
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Ethnocentrism
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A self-centered mentality held by a group of people who per- ceive their own culture, ethics, and norms as natural, rational, and morally right
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Lingua franca
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A global business language
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Cluster
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A group of countries that have similar cultures
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Power distance
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The extent to which less powerful members within a culture expect and accept that power is distributed unequally
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Long-term orientation
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A perspective that emphasizes perseverance and savings for future betterment
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Ethics
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The principles, standards, and norms of conduct that govern individual and firm behavior
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Ethical imperialism
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The absolute belief that "there is only one set of Ethics (with a capital E), and we have it"
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Norms
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The prevailing practices of relevant players that affect the focal individuals and firms
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Reactive Strategy
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A response to an ethical challenge that often involves denial and belated action to correct problems
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Defensive Strategy
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A response to an ethical challenge that focuses on regulatory compliance
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Accommodative strategy
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A response to an ethical challenge that involves accepting responsibility
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Proactive strategy
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A strategy that anticipates ethical challenges and addresses them before they happen
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Cultural intelligence
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An individual's ability to understand and adjust to new cultures
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Formal institutions
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regulatory (coercive) examples- laws, regulations, rules
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Informal institutions
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Normative Cognitive examples- norms, culture, ethics
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Opportunism
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the act of seeking self-interest with guile (cheating, trickery)
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