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INTB-5 > Mid-Term > Flashcards

Mid-Term Flashcards

1
Q

What are the two eras that support Globalization?

A

(1820) 1850-1914: Industrial Revolution>WW1

(1945) 1980-present: rebuilding of global economy

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2
Q

When did China open up its economy and trade?

A

China was a communist until 2000

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3
Q

What is the sequence of economic trade?

A
  1. Free Trade Area
  2. Customs Union
  3. Common Market
  4. Complete Economic Integration
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4
Q

What is a Free Trade Area?

A

members have free trade among them but have their own restrictions with nonmember

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5
Q

What is a Customs Union?

A

Collaboration that adds external tariffs to the FTA

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6
Q

What is a Common Market?

A

All barriers of trade such as standards, borders and taxes become common

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7
Q

Complete Economic Integration?

A

Economic integration including a high degree of political integration.

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8
Q

When NAFTA launched? and fully integrated?

A

1-1-94

1-1-08

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9
Q

What were NAFTA’s main goals?

A

promoting economic growth by easy movements of goods and services and indirectly addressing immigration issues

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10
Q

What was the precursor of NAFTA?

A

CUSFTA, 5 years later Mexico joined

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11
Q

What were some Stipulations of NAFTA?

A
  • removal of most tariffs
  • agreements on agricultural, textile, automotive, telecommunications and intellectual property, —mobility of workers
  • Environmental policies
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12
Q

What are some concerns for NAFTA?

A
  • US losing manufacturing jobs to Mexico
  • US migration policies
  • High corn subsidies
  • Energy trade policies
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13
Q

What are some Positive NAFTA consequences?

A
  • trade has tripled
  • increase in agriculture trade
  • Increase in FDI
  • Mexico protected from financial instability in SA
  • increase export manufacturing in Mexico
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14
Q

What are some Negative NAFTA consequences?

A
  • reduction in manufacturing jobs in US
  • environmental concerns in Mexico’s industrial areas
  • Mexican productivity vs. real wages
  • Mexico highly eco dependent on us economy
  • Mexican agricultural
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15
Q

What was the main motivation for the creation of EU?

A

Economic concerns, collective security

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16
Q

How did the EU first begin?

A

a Steel and Coal common market: European Coal and Steel Community(ECSC)

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17
Q

Who were the initial 6 members of the EU?

A

Belgium, W. Germany, France, Italy, Luxembourg, and Netherlands

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18
Q

What was established after the ECSC?

A

European Community with a Parliament, Commission, and Council of ministers

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19
Q

When was the European Community established and what 3 areas were integrated?

A

1993; Economic, Foreign policy and domestic affiars

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20
Q

EU went from __ to __ country members

A

6 to 27

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21
Q

What are the 2 houses of Legislation in the EU?

A
  1. European Parliament

2. Council of the EU

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22
Q

What is the European Parliament composed of and is elected from?

A

Citizens; represent the people of Europe; elected from member-states

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23
Q

What does the European Parliament do?

A

Supervises European commission

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24
Q

What is the Council of the EU composed of and represents who?

A

National Governments; represents the member-states;

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25
Q

What does the Council of the EU do?

A

Primary policy-setting institution; appoints European Commission

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26
Q

What is the Executive Branch in the EU?

A

European Commission

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27
Q

What does the European Commission consist of?

A

27 Commissioners, one from each member-nation

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28
Q

What does the European Commission do?

A

Administers daily operations of EU and proposes legislation and budget

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29
Q

What is the European Central Bank?

A

Manages the Euro to ensure price stability, by managing interests rates

30
Q

What is the Judicial Branch in the EU?

A

European Court of Justice

31
Q

What does the European Court of Justice do?

A

rules on issues related to EU policy

32
Q

What are some ways European Union’s impact international Business?

A
  • approx 26% of worlds total outputs
  • Major wold political and economic force
  • cost of doing business has reduced
33
Q

What is Culture?

A

Sum of total beliefs, rules, techniques, institutions, and artifacts that characterize human populations

34
Q

What are the 4 aspects of culture?

A
  1. Culture is Learned
  2. Various aspects are interrelated
  3. Shared, patterned, and mutually constructed through social interaction
  4. Defines boundaries of different groups
35
Q

What are the 5 business functions a culture can affect?

A
  1. Marketing
  2. HR
  3. Production
  4. Accounting and Financing
  5. Preferred Leadership Styles
36
Q

How does culture affect Marketing?

A

wide variations of cultures in attitudes and values requires different marketing mixes

37
Q

How does culture affect HR?

A

Sociocultural values key role in motivation and employee evaluation as well as Social Status

38
Q

How does culture affect Production?

A

attitudes toward change, working in groups,..

39
Q

How does culture affect Accounting and Finance?

A

perception of trust in people
Formal: compliance through rules and sanctions
Informal: compliance through social norms

40
Q

How does culture affect Preferred Leadership Styles?

A

leadership traits varies by culture. the relationship between leader and followers

41
Q

What is context?

A

relevant environment beyond explicit communication

42
Q

What are some High Context Cultures?

A
  • Indirect communication, inferred
  • Multi-tasking (polychronic)
  • Long term relationships
43
Q

What are some Low Context Cultures?

A
  • direct and to the point communication
  • Sequence (Monochronic)
  • more interpersonal connection for shorter duration
44
Q

Who are primarily High Context Cultures?

A

Asia, Latin America, Middle East

45
Q

Who is primarily Low Context Cultures?

A

North America

46
Q

What are some HC Occupations?

A

HR, Marketing, Managment

47
Q

What are some LC Occupations?

A

Finance, Engineers, IT

48
Q

What are the 7 dimensions of culture?

A
  1. Universal vs. Particularism
  2. Individualism vs. Communitarianism
  3. Neutral vs. Affective
  4. Specific vs. Diffuse
  5. Achievement vs. Ascription
  6. Attitudes towards time
  7. Attitudes towards Environment
49
Q

What is Universal vs. Particularism?

A

Universalist: Rules apply to Everyone
Particularist: Context determines which rules apply to whom

50
Q

What is Individualism vs. Communitarianism?

A

Individualism: benefit for themselves
Communitarianism: group benefits

51
Q

What is Neutral vs. Affective?

A

Display of emotion
Neutral: unemotional
Affective: emotional

52
Q

What is Specific vs. Diffuse?

A

Specific: small private life, large public life
Diffuse: Large private life, smaller public life

53
Q

What is Achievement vs. Ascription?

A

Social status based on What a person does or who a person is…

54
Q

What is Attitude towards time?

A

focus on past, present or future

55
Q

What is Attitude towards environment?

A

Either in harmony with Nature or try to control nature

56
Q

What are elements of geography managers consider?

A

Location, Topography, climate, and natural resources

57
Q

What 2 countries have poor natural resources but specialized in production of value added goods?

A

Japan and switzerland

58
Q

What is the resource curse?

A

Many countries that are rich in natural resources or politically unstable and economically underdeveloped due to different groups in society fight each other for control

59
Q

What are the four categories in Porters Diamond?

A

Factor conditions
Related and supporting industries
Demand conditions
Firm strategy, structure, and Rivalry

60
Q

What are Factor Conditions and what can they affect?

A

geographical characteristics that are uncontrollable; can affect the economic, social, cultural environment, and chances of business success

61
Q

How does location affect globalization?

A

Builds political and trade relationships

62
Q

What is an example that took advantage of their location?

A

Australia by increasing trade with the East, becoming the principal financial intermediary, and regional headquarters for international business

63
Q

How does topography affect globalization?

A

creates differences in economies, cultures, politics, social structures

64
Q

Topography can both ___ and ___ physical distribution

A

Hinderd and Aid

65
Q

What are the 2 main Topographies?

A

Mountains: barriers that separate and impede exchange and interactions
Bodies of Water: attract people and facilitate transportation

66
Q

How has mountains affected Afghanistan?

A

dominated by mountains has created at least 10 major ethnic groups and 33 languages

67
Q

How has mountains affected Spain?

A

Catalonia and Basque country have seperate languages; companies prepare material in Euskara, Catalan and Spanish

68
Q

What is an Inland Waterway?

A

waterway that provides access to interior regions

69
Q

Which is the Worlds most important inland waterway system?

A

Europe’s Rhine Waterway

70
Q

How does Climate affect globalization?

A

limits what people can do physically and economically; and explain differences in human and economic development
harsh climate=few settlements permissive climate= population density

71
Q

What are the 3 meteorological conditions?

A

Temperature, Precipitation and Wind

72
Q

What does the North-South Divide suggest?

A

greatest economic and intellectual development occurs in temperate climates of North Europe and US because of less temperate climates limit human energy and mental powers

INTB-5 (4 decks)

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