Business Environment and Economic Development Flashcards

Vocabulary flashcards covering international business cultural dimensions, local Philippine business environment etiquette, and the four phases of economic development.

Power Distance

A cultural dimension in Geert Hofstede's 1928 model defined as the degree of inequality among people which the population of a country considers normal.

Low Power Distance Culture

A cultural orientation where bosses and employees treat one another as equals with equal rights, subordinates expect to be consulted, the ideal boss is a democrat, and social interaction is less formal.

High Power Distance Culture

A cultural orientation where employees respect managers and managers expect obedience, subordinates expect to be told what to do, the ideal boss is an autocrat, and social interaction is formal.

Individualism vs Collectivism

A cultural dimension defined as the degree to which people in a country prefer to act as individuals or as members of a group.

Masculinity vs. Femininity

A cultural dimension defined as the degree to which assertiveness and achievement values are used to guide decisions versus values like quality of life, warm personal relationships, service, and solidarity.

Go-between

Someone with previous connections to an office who can make an introduction on behalf of a requesting party when setting up business appointments in the Philippines.

Loss of Face

Public humiliation that Filipinos strive to avoid by maintaining an atmosphere of calm and restraint, including conducting reprimands and feedback in private.

Taglish

A combination of Tagalog—a regional dialect from which the Filipino language is largely based—and English, commonly spoken during informal business conversations in the Philippines.

Barong Tagalog

A native Filipino garment that is acceptable alongside a 2-piece suit as standard, ordinary business attire for men.

Standard Philippine Business Hours

Office hours for business firms and the Philippine government normally run from $8:00\text{am} - 5:00\text{pm}$ with a one-hour lunch break, while most banks open from $9:00\text{am} - 3:00\text{pm}$.

Economic Development

The continuous, intensive actions of policy makers and communities to advance the standard of living and economic health of a particular area.

Subsistence Economy

Phase 1 of economic development, defined as an economy wholly dependent on self-provisioning of the community where goods are produced to satisfy immediate needs rather than to sell for profit.

Commercial Economy

Phase 2 of economic development, where output is more than needed to survive, enabling a surplus of wealth for health, education, and labor specialization.

Emerging Market Economy

Phase 3 of economic development, where a nation's economy is making headway toward becoming advanced, supported by sophisticated infrastructure, extensive secondary education, rising literacy, and basic healthcare.

Technology Based Economy

Phase 4 of economic development, where inventions are commercialized to create new enterprises, supported by a college-educated workforce in high-skilled jobs and advanced medical and technological networks.

Q: Score

A technological measurement tool used in a technology-based economy that indicates the likelihood that a skin growth is cancerous.