International Business Chapter 1-3

how the political, economic, and legal system of a country are interdependent

The system of government in a nation

stresses the primacy of collective goals over individual goals

Communism or social Democrats

individual should have freedom in his own economic and political pursuits

government is by the people through elected representatives

one person or party has absolute control of all human life and prohibits opposing political parties

an economy where all activities are privately owned

goods and services produced by a country are planned by the government consistent with collectivism

certain sectors of economy are private while other are left to government control

rules regulating by laws enforced to redress grievances

legal system based on tradition, precedent and custom

legal system based on detail set of laws

legal system where law is based on religious teachings

a document that specifies conditions of an exchange and details rights and obligations of involved parties

law that governs contract enforcement

establishes rules for commercial contracts between agencies that have their businesses in different nations

legal right to use a resource and any income from that resource

makes it illegal for US companies to bribe foreign government officials in business

property that is the product of intellectual activity

a shift toward a more integrated and interdependent world

measures the total annual income received by residents of a nation.  Does not figure in black economy transactions.