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31 Cards in this Set
- Front
- Back
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A political system is
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the system of government in a nation
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Political systems can be assessed using 2 sets of opposing ideas.
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collectivism as opposed to individualism
democratic or totalitarian |
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Collectivism
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refers to a system that stresses the primacy of collective goals over individual goals
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Individuals who believe socialism can be achieved only through revolutions and totalitarian dictatorship are called:
A) Social democrats B) Communists C) Individualists D) Representative democrats |
B) Communists
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Privatization
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is the movement toward free market economies by selling state-owned enterprises to private investors
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Individualism
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is a political philosophy that an individual should have freedom over his or her economic and political pursuits
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Democracy
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is a political system in which government is by the people, exercised either directly or through elected representatives
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Totalitarianism
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is a form of government in which one person or political party exercises absolute control over all spheres of human life, and opposing political parties are prohibited
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The most common form of democracy today is
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representative democracy
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representative democracy
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where elected representatives vote on behalf of constituents
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The 4 major forms of totalitarianism are:
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1) communist totalitarianism
2) theocratic totalitarianism 3) tribal totalitarianism 4) right wing totalitarianism |
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Which system emphasizes individual freedom and self-expression?
a) Individualism b) Collectivism c) Theocratic totalitarianism d) Tribal totalitarianism |
a) Individualism
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3 broad types of economic systems
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1) market economy
2) command economy 3) mixed economy. |
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market economy
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the goods and services that a country produces, and the quantity in which they are produced is determined by supply and demand
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command economy
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the goods and services that a country produces, the quantity in which they are produced, and the price at which they are sold are all planned by the government
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A mixed economy
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includes some elements of a market economy and some elements of a command economy
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The common law system
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(based on tradition, precedent, and custom) is found in most of Great Britain’s former colonies, including the United States
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The civil law system
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is based on a very detailed set of laws organized into codes and is found in over 80 countries, including Germany, France, Japan, and Russia
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Islamic law
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the most widely practiced theocratic law system
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theocratic law system
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based on religious teachings
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United Nations Convention in Contracts for the International Sales of Goods (CIGS)
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establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations
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Paris Convention for the Protection of Industrial Property
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is an agreement signed by 96 countries to protect intellectual property rights
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Trade Related Aspects of Intellectual Property Rights (TRIPS)
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requires WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years
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purchasing power parity (PPP) adjustment
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allows for a more direct comparison of living standards in different countries
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One common measure of economic development is
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a country’s gross national income per head of population (GNI)
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Deregulation
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involves removing restrictions on the free operation of markets
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Privatization
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transfers the ownership of state property into the hands of private investors
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Political risk
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is the likelihood that political forces will cause drastic changes in a country's business environment that adversely affects the profit and other goals of a business enterprise
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Economic risk
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is the likelihood that economic mismanagement will cause drastic changes in a country's business environment that adversely affects the profit and other goals of a business enterprise
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Legal risk
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is the likelihood that a trading partner will opportunistically break a contract or expropriate property rights
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Which type of risk involves the likelihood that a trading partner will opportunistically break a contract or expropriate intellectual property rights?
a) Contract risk b) Economic risk c) Legal risk d) Political risk |
c) Legal risk
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