Political
type of economy is the majority of a nation's land, factories, and other economic resources privately owned, either by
businesses or by individuals
Market economy
Countries that are highly industrialized and highly efficient, and whose people enjoy a high quality of life are called
developed countries
The value of all goods and services produced within the borders of the nation over a one-year period
gross domestic product (GDP)
forced transfer of assets from a company to the government without compensation
Confiscation
philosophies of business ethics and social responsibility support the view that a company's sole responsibility
is to maximize profits for its owners (or shareholders) while operating within the law
Freidman view
legal system reflects interpretation of the law with reference to these three characteristics: tradition, precedent, and usage
Common law
countries that have recently increased the portion of their national production and exports derived from industrial
operations
Newly industrialized countries
measures the quality of life in different countries
HDI
laws of the foreign country stipulate a specified amount of goods or services be supplied by
produce in the domestic market
Local content requirements
The well-publicized Enron corporation case is an example of
corruption
a legal tradition based on religious teachings
theocratic legal system
According to your textbook, Brazil, India, China, and South Korea are classified as
newly industrialized countries
Using gross product figures to compare production across countries does not account for the different cost of living in each country.
Which one of the following indicators helps in adjusting the GDP to reflect the cost of living in each country?
Purchasing power parity
When local social unrest in a country causes disturbances that impair a company's ability to manufacture and distribute products, obtain
materials and equipment, and threatens the lives of its employees
conflict and violence
means incorporating risk into business strategies, often with the help of local officials
Adaptation