Trade & Economy
This is a tax on imports.
What is a tariff?
When a company assumes its home-country approach will work everywhere.
What is ethnocentricity?
This organization promotes global peace and was created after World War II.
What is the United Nations?
A system where one party or leader has total control.
What is totalitarianism?
This is the most spoken language in the world.
What is Mandarin Chinese?
Prices are set by supply and demand, not the government.
What is a market economy?
This belief assumes each country should be treated as a unique market.
What is a polycentric approach?
This institution provides loans and financial support to countries in need.
What is the World Bank?
A country’s independent authority over its territory.
What is sovereignty?
This country is currently the world’s largest exporter of oil.
What is Saudi Arabia?
Selling products made at home to customers in another country.
What is expotring?
A culture where group success matters more than individual achievement (common in many Asian countries).
What is collectivism?
This organization sets rules for global trade.
What is the World Trade Organization?
The probability that political decisions, events, or instability in a country will negatively affect a company's operations.
What is political risk?
This company produces about 20% of South Korea’s GDP.
What is Samsung?
This advantage exists when a country can produce something at a lower opportunity cost.
What is comparative advantage?
In these cultures, communication is indirect and relies heavily on context and nonverbal cues.
What is high-context culture?
This economic alliance currently includes 27 member countries.
What is the European Union?
When a government takes private property for public use and provides compensation.
What is expropriation?
This logo is recognized by about 94% of the world.
What is Coca-Cola?
High inflation combined with slow economic growth and rising unemployment defines this economic condition.
What is stagflation?
In these cultures, employees expect clear rules and feel uncomfortable with ambiguity and risk.
What is high uncertainty avoidance?
The principal judicial organ of the United Nations established in 1945 and located at the Peace Palace in The Hague.
What is the International Court of Justice?
This Hungarian political leader was elected in 2026 replacing Victor Orban
Who is Péter Magyar?
This country has the highest GDP per capita in the world.
What is Luxembourg?