Globalization Concepts Quiz

Globalization

• The globalization of markets has been made a reality by advancements in technology, particularly in transportation and communication, which have reduced distances and increased connectivity.

Collectivism

• The main characteristic of collectivism is the subordination of individual interests to the needs and goals of the group or community.

Forms of Government

• Totalitarianism is a form of government that exercises absolute control over all spheres of human life.

Facets of Globalization

• The two facets of globalization mentioned are the globalization of markets and the globalization of production.

International Monetary System

• The International Monetary Fund (IMF) was established to maintain order in the international monetary system.

Macro Factors Underlying Globalization

• The macro factors underlying the trend towards greater globalization include the emergence of new technologies, shifts in global economic power, and changes in government policies.

Challenges of International Business

• A key challenge faced by companies going abroad for the first time is navigating unfamiliar cultural and regulatory environments.

Cross-Cultural Literacy

• International businesses can develop cross-cultural literacy by researching and understanding the cultural norms and values of the host country, adapting their business practices accordingly, and providing cultural training to their employees.

Ethical Issues in International Business

• Corruption is not commonly cited as an ethical issue in international business.
• Ethical obligations in international business can be ambiguous due to differences in cultural norms, values, and legal frameworks between countries, making it challenging for businesses to navigate and prioritize their ethical responsibilities.