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31 Cards in this Set
- Front
- Back
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two ways to understand the economic environment |
the overall level of development of a country and the current stage of its business cycle |
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Gross Domestic Product (GDP) |
The most commonly used measure of a country's economic health |
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per capita GDP |
a good indicator of a country's economic health because which is adjusted for the population size of each country |
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economic infrastructure |
The measurable quality of a country's distribution, financial, and communication systems |
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foreign exchange rate |
the price of a nation's currency in terms of another currency. |
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standard of living |
the average quality and quantity of goods and services consumed within the country |
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least developed country (LDC) |
It has an economy based on agriculture |
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a developing country |
has a significant middle class |
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the BRIC countries 金砖四国 |
These countries have masses of consumers who are not yet wealthy but are quickly moving to economic prosperity. |
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A severe recession is a depression, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This is a part of_____ |
The business cycle |
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inflation |
when prices and the cost of living rise while money loses its purchasing power |
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competitive intelligence activities |
a firm gathers and analyzes publicly available information about rivals. |
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Discretionary income |
the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food, and clothing |
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Product competition |
competitors offer different goods and services that attempt to satisfy the same consumers'needs and wants. |
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brand competition |
try to attract customers to buy their fitness center services. |
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monopoly structure |
one seller controls a market |
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oligopoly structure |
there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers. |
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monopolistic competition structure |
many sellers, each having slightly different products and each having only a small share of the market. |
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perfect competition structure |
many small sellers, each having similar products, and each unable to have a significant impact on the quality, price, or supply of a product. |
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political and legal environment |
the local, state, national, and global laws and regulations that affect businesses. |
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Expropriation |
a government takes over a foreign operation and provides the seized operation with no reimbursement |
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Nationalization |
a government reimburses a foreign company for its assets after taking over the company |
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protectionism |
local content rules |
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Through the U.S. Generalized System of Preferences (GSP), developing countries may export goods duty-free to the United States if they_____ |
demonstrate progress toward improving the rights of their workers |
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sociocultural environment |
the characteristics of a society, the people who live in the society, and the culture that reflects the values and beliefs of the society |
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Demographics |
statistics that measure aspects of population, such as size, age, and gender |
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cultural values |
a set of deeply held beliefs about right and wrong ways to live (marriage is important) |
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collectivist culture |
people tend to subordinate their personal goals to those of a stable community. |
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individualist culture |
people tend to attach more importance to personal goals than to the needs of the larger community. |
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social norms |
Specific rules that dictate what is acceptable or unacceptable within a society |
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Consumer ethnocentrism |
the belief that the products made in one's own country are superior to those from other countries. |
