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Global Business Today, 12e Charles Hill (Solution Manual with Test Bank
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Global Business Today, 12e Charles Hill (Solution Manual with Test Bank
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Global Business Today, 12eCharles Hill (Solution Manual
with Test Bank
Globalization of Production - ANSWER-Trend by
individual firms to disperse parts of their productive
processes to different locations around the globe to
take advantage of differences in cost and quality of
factors of production.
Factors of Production - ANSWER-Inputs into the
productive process of a firm, including labor,
management, land, capital, and technological know-
how.
General Agreement on Tariffs and Trade - ANSWER-
International treaty that committed signatories to
lowering barriers to the free flow of goods across
national borders and led to the WTO.
World Trade Organization - ANSWER-The
organization that succeeded the General Agreement
,on Tariffs and Trade (GATT) as a result of the
successful completion of the Uruguay Round of GATT
negotiations.
Foreign Direct Investment - ANSWER-Direct
investment in business operations in a foreign
country
Globalization based on knowledge business more
than product business - ANSWER-.
Multinational Enterprise - ANSWER-A firm that owns
business operations in more than one country.
The global economy of the 21st century - ANSWER-
we trade more freely
Globalization and national sovereignty - ANSWER-pg
27 and 28
Chapter 2 - ANSWER-.
,Political System - ANSWER-System of government in
a nation
Collectivism - ANSWER-A political system that
emphasizes collective goals as opposed to individual
goals.
Individualism - ANSWER-An emphasis on the
importance of guaranteeing individual freedom and
self-expression.
Democracy - ANSWER-Political system in which
government is by the people, exercised either
directly or through elected representatives
Totalitarianism - ANSWER-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.
*Market Economy* - ANSWER-An economic system in
which the interaction of supply and demand
determines the quantity in which goods and services
are produced.
, Command Economy - ANSWER-An economic system
where the allocation of resources, including
determination of what goods and services should be
produced, and in what quantity, is planned by the
government.
Common Law - ANSWER-A system of law based on
tradition, precedent, and custom; when law courts
interpret common law, they do so with regard to
these characteristics.
Civil Law Systems - ANSWER-A system of law based
on a very detailed set of written laws and codes.
Theocratic Law System - ANSWER-A system of law
based on religious teachings
Private Action - ANSWER-The theft, piracy, blackmail,
and the like by private individuals or groups.
Intellectual Property - ANSWER-Products of the mind,
ideas (e.g., books, music, computer software,
designs, technological know-how); intellectual
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