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39 Cards in this Set
- Front
- Back
worlds largest importer |
usa |
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worlds largest exporter |
china |
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comparative advantage |
Everyone does best when each person (or country) concentrates on the activities for which his or her opportunity cost is lowest.
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differential advantage |
product is more different and consumers want them because they think they cant obtain them anywhere else |
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absolute advantage |
monopoly on producing specific product or produces products more efficiently than others |
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Most important advantage of free trade |
competitive market |
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balance of trade |
difference in value of a nations exports compared to it's imports. Balance of trade is a part of balance of payments |
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balance of payments |
difference between money coming in and money leaving PLUS all other money flows |
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licensing |
buying or renting rights to a company's brand |
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royalties |
franchisees pay franchisor |
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What is foreign corrupt practices act responsible for? |
controlling financial transparency and preventing bribery |
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two provisions under trade protectionism |
quota (amount of import/export values) embargo (total ban on importing) |
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three countries part of the North America Free Trade Agreement (NAFTA) |
Mexico, US, Canada |
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what are the three questions when deciding if a decision is ethical? |
is it legal? is it ethical? is it fair or balanced? how will it make me feel about myself? |
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Compliance based ethics code |
based on rules and punishment |
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integrity based ethics code |
creates environment that supports ethical behavior |
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whistle-blower is |
an insider who reports illegal or unethical behavior |
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most important step in establishing an ethics code in the workplace |
enforcement |
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philanthropy |
charitable donations to nonprofit groups of all kinds |
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social initatives |
more of the company actually doing social work |
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four basic rights proposed by JFK |
right to safety to choose to information to be heard |
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insider trading |
gaining unfair private company info to further ones own fortune |
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social audit |
systematic measurement, understanding, reporting, and ultimately improving company's ehtical and social performance |
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why are labor standards an ethical concern in global trade |
there is no universal law regarding labor standards |
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carbon footprint |
an entity's environmental impact |
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how would a new employee learn the values and culture of a company |
by observing others |
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s corporation |
no more than 100 shareholders. taxed like sole proprietorships |
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c corporation |
no limits on shareholders taxed twice |
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who elects board of directors in organizational structure |
shareholders |
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horizontal |
merger between companies in same industry |
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vertical |
between firms in different stages of production |
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conglomerate |
merger between two firms who make different unrelated products |
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entrepreneur |
takes on risk of starting buisness |
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micropreneur |
starts home based business will remain small |
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intrapreneur |
works ans an entrepreneur within a buisness |
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enterprise zones |
geographic ares where gov't offers lower takes and other government support |
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incubator |
low cost offices and other basic services like management training |
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when the SBA offers you small business loan they need to see |
business plan |
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section of bushiness plan written last but is read first by investors |
executive summary |