Chapter 2 PPT: Political Economy

This set of flashcards covers key concepts related to International Business, including political, economic, and legal systems, as well as important definitions and distinctions.

International business is __ than domestic business.

More complicated

The political, economic, and legal systems are collectively referred to as __.

Political economy

Collectivism emphasizes the primacy of __ goals over individual goals.

Collective

Socialists advocate for __ ownership of the means of production.

Public

Communists believed socialism could only be achieved through __.

Violent revolution

Individualism suggests that individuals should have freedom over __ and political pursuits.

Economic

Democracy is characterized by a government that is __ by the people.

Exercised

Totalitarianism is a form of government where one person or party has __ control.

Absolute

A __ economy is determined by supply and demand in the marketplace.

Market

In a __ economy, the government plans the production and pricing of goods and services.

Command

A mixed economy includes elements of both __ and __ economies.

Market, command

Common law is based on tradition, __, and custom.

Precedent

The __ Convention on Contracts for the International Sales of Goods establishes rules for commercial contracts.

United Nations

Intellectual property includes patents, copyrights, and __.

Trademarks

Foreign Corrupt Practices Act prohibits __ foreign government officials.

Bribing

In countries with high levels of corruption, there are reductions in __ direct investment.

Foreign

Product liability holds a firm responsible when a product causes __, death, or damage.

Injury