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Globalization
The shift toward a more integrated and interdependent world economy.
Globalization of Production
The sourcing of goods and services from different locations around the globe to reduce production costs.
Moore's Law
The power of microprocessor technology doubles while the costs of production fall in half every 18 months.
Chip Performance
The capability of chips to double in performance for the same price every eighteen months.
Global Institution
Organizations that monitor, manage, and deal with disputes involving companies and governments.
World Trade Organization (WTO)
The organization that succeeded the General Agreement on Tariffs and Trade (GATT) to deal with trade disputes between countries.
International Monetary Fund (IMF)
An international institution set up to maintain order in the international monetary system.
General Agreement on Tariffs and Trade (GATT)
An international treaty aimed at lowering barriers to the free flow of goods across national borders.
Foreign Corrupt Practices Act
A law making it illegal to bribe a foreign government official to secure business.
Patent
A grant of exclusive rights for a defined period to the inventor for the manufacture, use, or sale of their invention.
Copyright
The exclusive legal rights of authors, composers, and artists to publish and distribute their work.
Gross National Income (GNI)
Measures the total annual income received by residents of a nation.
Purchasing Power Parity (PPP)
An adjustment in GDP per capita to reflect differences in the cost of living.
Human Development Index (HDI)
An index used by the United Nations to assess the quality of human life based on life expectancy, education, and income.
Totalitarianism
A political system where the state holds total authority over the society and seeks to control all aspects of public and private life.
Common Law
A legal system based on tradition and judicial decisions.
Civil Law
A legal system based on statutes and codified laws.
Theocratic Law
A legal system based on religious laws and beliefs.
Social Mobility
The ability of individuals to move up or down the social hierarchy.
Caste System
A social stratification where one's social position is determined by the family into which a person is born.
Class System
A social stratification where individuals can change their social position based on achievements or luck.
Hofstede's Dimensions
A framework for assessing cultural differences based on several dimensions, including power distance and individualism.
Consequentialism
A moral philosophy stating that the morality of an action is judged based on its outcomes.
Egoism
An ethical theory that focuses on the consequences for the individual.
Utilitarianism
An ethical approach that seeks the greatest good for the greatest number.
Relativism
The belief that ethics are culturally determined and vary between societies.
Moral Absolutism
The belief that there are universal ethical standards that apply across all cultures.
Tariffs
Taxes placed on imports that raise the cost of imported products relative to domestic products.
Subsidies
Government payments to domestic producers to help them compete against foreign imports.
Import Quotas
Direct restrictions on the quantity of a good that can be imported into a country.
Dumping
Selling goods in a foreign market at a price below their cost of production or fair market value.
