International Business Chapter 1-3

  1. how the political, economic, and legal system of a country are interdependent
    Political Economy
  2. The system of government in a nation
    political system
  3. stresses the primacy of collective goals over individual goals
  4. Communism or social Democrats
  5. individual should have freedom in his own economic and political pursuits
  6. government is by the people through elected representatives
  7. one person or party has absolute control of all human life and prohibits opposing political parties
  8. an economy where all activities are privately owned
    market economy
  9. goods and services produced by a country are planned by the government consistent with collectivism
    command economy
  10. certain sectors of economy are private while other are left to government control
    mixed economy
  11. rules regulating by laws enforced to redress grievances
    legal system
  12. legal system based on tradition, precedent and custom
    common law
  13. legal system based on detail set of laws
    Civic law
  14. legal system where law is based on religious teachings
    Theocratic law
  15. a document that specifies conditions of an exchange and details rights and obligations of involved parties
  16. law that governs contract enforcement
    contract law
  17. establishes rules for commercial contracts between agencies that have their businesses in different nations
    United nations convention on contracts for the Internation sale of goods (CIGS)
  18. legal right to use a resource and any income from that resource
    property rights
  19. makes it illegal for US companies to bribe foreign government officials in business
    Foreign Corrupt Practices Act
  20. property that is the product of intellectual activity
    intellectual property
  21. a shift toward a more integrated and interdependent world
  22. measures the total annual income received by residents of a nation.  Does not figure in black economy transactions.
    GNI  (Gross national income)
Card Set
International Business Chapter 1-3
International Business