ethics
the principles of right and wrong that guide an individual in making decisions
ethical strategy
a course of action that does not violate a company's business ethics
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ethics - ANSWER- the principles of right and wrong that guide an individual in
making decisions
ethical strategy - ANSWER- a course of action that does not violate a company's
business ethics
Friedman Doctrine - ANSWER- the only social responsibility of business is to
increase profits, so long as the company stays within the rules of law
Culturual Relativism - ANSWER- belief that cultures should be judged by their
own standards
Utilitarian Approach - ANSWER- guided by what will result in the greatest good
for the greatest number of people
john rawls - ANSWER- veil of ignorance
a class system is more or less rigid than a caste - ANSWER- less
Max Weber - ANSWER- The Protestant Ethic and the Spirit of Capitalism
buddhism does not support - ANSWER- the caste system
tragedy of the commons - ANSWER- people acting individually and in their own
interest use up commonly available but limited resources
facilitating payments - ANSWER- Payments made to foreign officials to ensure
that there is no obstruction to the transaction.
, Noblese Oblige - ANSWER- idea that they upper classes have the
responsibility/right to take care of those under them
free trade - ANSWER- international trade left to its natural course without tariffs,
quotas, or other restrictions.
david ricardo - ANSWER- theory of comparative advantage
heckscher ohlin - ANSWER- export goods that make intensive use of factors that
are locally abundant
raymond vernon - ANSWER- Product life cycle theory
new trade theory - ANSWER- countries specialize because in certain industries
the world market can only support a limited number of firms (entering the market
early is better)
Mercantilism - ANSWER- max exports min imports (ZERO-SUM GAME)
absolute advantage creator - ANSWER- adam smith
when is ppf a straight line - ANSWER- constant return to specialization
diminishing returns - ANSWER- benefit from an extra unit of an input declines as
the quantity of the input increases
Product Life Cycle Theory - ANSWER- observation that most new world products
are from the U.S.
economies of scale - ANSWER- unit cost reductions associated with a large scale
of output (reduced ability to make variety)
Porter's Theory of National Competitive Advantage - ANSWER- -factor
endowments
-demand conditions
-related and supporting industries
-firm strategy, structure, and rivalry
firms involved with international trade influence - ANSWER- government policy
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