Globalization
Ethics and Corporate Social Responsibility
Cultural Differences
Political and Economic Systems
Economic Development
100
What is globalization?
The trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.
100
What is the definition of ethics?
Moral principles of society that govern human behavior and decision-making.
100
What is culture?
Specific, shared learned norms, values, and beliefs of a group of people.
100
What is totalitarianism?
A political system where the government tightly controls every aspect of life.
100
What is gross domestic product (GDP)?
The value of all goods and services produced within a country's borders in one year.
200
What is the main goal of the World Trade Organization (WTO)?
To help free flow of trade, negotiate market openings, and settle trade disputes.
200
What is the utilitarian approach to ethics?
Actions that provide the greatest good or least harm.
200
What is ethnocentrism?
The belief that one’s own culture is superior to others.
200
What is democracy?
A political system in which leaders are elected by the people.
200
What does HDI measure?
Answer: Human Development Index measures health, education, and living standards.
300
What is meant by "globalization of production"?
Dispersing production activities to locations that help minimize cost or maximize quality.
300
What is cultural relativism?
The belief that morality depends on the cultural context.
300
What is a subculture?
Answer: A unique way of life shared by a group within a larger culture.
300
What is socialism?
A system where wealth and production are controlled collectively for societal welfare.
300
What is purchasing power parity (PPP)?
The relative ability of two currencies to buy the same goods.
400
Name two forces that drive globalization.
1. Falling barriers to trade and 2. technological innovation.
400
Name two layers of corporate social responsibility.
400
What is cultural literacy?
Answer: Detailed knowledge about a culture to function effectively within it.
400
What is a mixed economy?
An economy with both private and government ownership of resources.
400
What are developing countries?
Nations with low-quality infrastructure and low incomes.
500
What does the KOF Index measure?
The extent of globalization in a country
https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html
500
What is greenwashing?
Providing false or misleading information to appear environmentally friendly
500
Name one example of cultural diffusion.
(Answer: Blue jeans being adopted globally.)
500
What are the three types of legal systems?
1. Common law,
2. Civil law,
3. Theocratic law.
500
What is an emerging market?
A nation with growing industrial operations and exports.
600
What is a born global firm?
A company that engages in international business from inception
600
What is the rights theory?
Every individual has rights that governments must protect.
600
What is Hofstede's framework?
Answer: A model for assessing cultural differences across dimensions like power distance
600
What is expropriation?
Forced transfer of assets to the government with compensation.
600
What is the shadow economy?
Economic activities not formally registered but with market value.
700
What does "denationalization" refer to in the context of globalization?
National boundaries becoming less relevant
700
What is the primary purpose of a code of ethics?
To guide decision-making within an organization.
700
What does "power distance" refer to in a culture?
Answer: The extent to which less powerful members accept unequal power distribution
700
What is the rule of law?
The principle that laws are transparent and apply equally to everyone.
700
What is economic transition?
Answer: Moving from a centrally planned economy to a free-market economy.
800
Give an example of a challenge posed by globalization
Exploitation of workers in low-wage nations
800
What is a circular economy?
An approach that designs products and components to be reused, minimizing waste.
800
What is the meaning of "guanxi" in China?
Personal relationships and connections in business.
800
What is a coalition government?
When multiple political parties share power.
800
What is the relationship between productivity and economic growth?
Higher productivity increases living standards and economic growth.
900
What is cultural diffusion, and how does it relate to globalization?
The spread of cultural beliefs and activities from one group to another
900
What is the Foreign Corrupt Practices Act (FCPA)?
A U.S. law prohibiting bribery of foreign government officials.
900
What is the difference between folk and popular customs?
Folk customs are practiced by homogenous groups, while popular customs are widespread
900
What is a centrally planned economy?
An economic system where the government controls all economic activity.
900
What is the primary obstacle to economic transition?
Lack of managerial expertise
1000
How does globalization affect national sovereignty?
It can reduce the power of governments to control domestic policies.
1000
How does cultural relativism challenge ethical decision-making in business?
It can justify unethical acts by aligning them with local norms.
1000
What is cultural imperialism?
The replacement of one culture’s traditions with another’s
1000
What is the purpose of antitrust laws?
To prevent monopolies and promote fair competition.
1000
What is nationalization?
Government takeover of an entire industry.