Key Concepts in International Business and Law, Quizzes of Introduction to Business Management

Download Key Concepts in International Business and Law and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Theocracy DEFINITION 1 Government that is an expression of the preferred god TERM 2 Criminal Laws DEFINITION 2 Laws that safeguard society by specifying what conduct in acceptable TERM 3 Geocentrism DEFINITION 3 Integrate company practices with hist country practices and some new practices TERM 4 Franchising DEFINITION 4 A mode of business in which one party allows another to use a trademark as TERM 5 Polychronic DEFINITION 5 Multi-tasking, can do multiple tasks at the same time in business TERM 6 Authoritanism DEFINITION 6 Tolerates not deviation from state ideology, only for political power, does not apply to economic or social TERM 7 Totalitarianism DEFINITION 7 System gives power to one person TERM 8 Collectivism DEFINITION 8 The rights of the group or society as a whole TERM 9 Procedural Risk DEFINITION 9 Risks associated with getting goods and services into a country TERM 10 Why companies engage in International Business DEFINITION 10 Increase Sales, Minimize Risk, Acquire Resources TERM 21 Information and task planning DEFINITION 21 Low context- do not mess around straight to business talkHigh context- more small talk, personal TERM 22 Fatalism DEFINITION 22 Believing every event in life is inevitable, do not accept work hard for a reward idea TERM 23 Future Orientation DEFINITION 23 Delaying gratification by investing for the future TERM 24 Uncertainty Avoidance DEFINITION 24 Prefer to stick with the norm, go with the status quo TERM 25 Masculinity-Feminity Index DEFINITION 25 Employees with higher masculinity are more cut throat when it comes to business TERM 26 Acquired Group Memberships DEFINITION 26 Affiliations determined by environment (religion, political, professional) TERM 27 Ascribed Group Memberships DEFINITION 27 Affiliations determined from birth TERM 28 Social Stratification DEFINITION 28 Belief in some countries that some people are better than others TERM 29 Cultural Collision DEFINITION 29 Occurs when differing cultures come in contact TERM 30 Portfolio Investment DEFINITION 30 non-controlling financial interest in another entity TERM 31 Joint Venture DEFINITION 31 When two or more companies share a foreign direct investment TERM 32 Civil Law DEFINITION 32 law based in the systematic codification of statutory laws, codes TERM 33 Mixed Legal DEFINITION 33 When a nation uses 2 or more legal systems TERM 34 Customary Law DEFINITION 34 Based on norms of behavior practiced over long periods TERM 35 Service Import DEFINITION 35 Company that receives and pays for the service TERM 46 Trust-type of risk taking behavior DEFINITION 46 cost of doing business is lower because managers do not always focus on posible contingencies TERM 47 Portfolio DEFINITION 47 Non-controlling financial interest TERM 48 General Relationship between regulation DEFINITION 48 Richer countries regulate lessPoorer countries regulate more TERM 49 How to help inflation? DEFINITION 49 Increase the interest rate, install wage and price controls, enact protective trade policies and currency controls TERM 50 Gross National Income (GNI) DEFINITION 50 income that is generated by both domestic and international business of a country TERM 51 Gross National Product (GNP) DEFINITION 51 Value of all finished goods+ income earned by citizens abroad- income earned by foreigners from own country TERM 52 Gross Domestic Product(GDP) DEFINITION 52 total value of all final goods produced in a country in a given year TERM 53 Tiered Pricing DEFINITION 53 Developing countries pay lower prices for goods like medicine because they are selling generics TERM 54 Clustering DEFINITION 54 Locating a new company in an area where there are competitors and more suppliers TERM 55 Offshoring DEFINITION 55 The process of shifting production to a foreign country. TERM 56 Sovereignty DEFINITION 56 A nation's freedom TERM 57 Turnkey Operations DEFINITION 57 Construction projects that are under contract and are turned over to the owners when functional TERM 58 Culture Shock DEFINITION 58 The frustration of having to absorb a vast array of new cultural cues and expectations, can have reverse when you go back home TERM 59 Power Distance DEFINITION 59 General relationship between superiors and subordinates. Where it is high people prefer little consultation between superiors and subordinates. Low cultures like more consulting between the two. TERM 60 Intellectual Property DEFINITION 60 primary vehicle that grants the registered owner the right to determine the use of their property