International Business and Ethics Quiz

Unit 6: Key Concepts in International Business

• Cartels: Groups of businesses or countries that collude to control prices and production, thus limiting competition.
• Euro: The official currency of many European Union countries.
• Paris Agreement: A global treaty to reduce greenhouse gas emissions and combat climate change.
• Trade Organizations: Groups promoting and regulating international trade.
• TFWP (Temporary Foreign Worker Program): A program for businesses to temporarily hire foreign workers to fill labor shortages.
• Trade Agreement: Treaties between countries to lower trade barriers and encourage economic exchange.

Unit 7: Business Ethics and Social Responsibility

• Business Ethics: Principles guiding morally right and wrong conduct in business.
• Corporate Corruption: Unethical or illegal actions by businesses for financial gain.
• Corporate Social Responsibility (CSR): Business efforts to benefit society and the environment.
• Cultural Relativism: The belief that ethics and morality vary across cultures.
• Dumping: Selling goods abroad at unfairly low prices.
• Ethical Dilemma: A situation requiring a choice between two options that conflict with ethical principles.
• Ethical Imperialism: Imposing one's own ethical standards on other cultures.
• Microcredit: Small loans given to low-income individuals to start businesses.
• NGOs (Non-Governmental Organizations): Independent groups working for social, environmental, or humanitarian causes.
• Pollution: Release of harmful substances into the environment.
• Predatory Dumping: Selling goods at extremely low prices to eliminate competitors.
• Resource Depletion: Exhaustion of natural resources due to overuse.
• Stakeholders: Individuals or groups affected by a company's actions (e.g., employees, customers, communities).
• Subsidizing: When a government supports businesses or consumers financially to reduce costs.
• Sweatshops: Workplaces with poor working conditions, low wages, and exploitative practices.

Unit 8: Marketing and Business Strategies

• B2B (Business-to-Business): Transactions between businesses.
• B2C (Business-to-Consumer): Transactions between businesses and consumers.
• Centralized Marketing Strategy: Marketing decisions made by a single central team.
• Clickstream Data: Data tracking user online activity across websites.
• Decentralized Marketing Strategy: Marketing decisions made by local or regional teams.
• Demographics: Statistical data about a population (e.g., age, gender, income).
• Discount Pricing: Temporarily lowering prices to attract customers.
• Discretionary Income: Income remaining after essential expenses.
• Disposable Income: Income after taxes, used for essential expenses and savings.
• Ebusiness: Conducting business online (buying, selling, and services).
• Economies of Scale: Cost advantages in larger production volumes.
• Ethnocentrism: The belief in one's culture's superiority.
• Four P's of Marketing: Product, Price, Place, and Promotion.
• Influencers: Online personalities promoting products or services.
• Market Research: Gathering and analyzing data about markets and customers.
• Marketing: Activities to promote and sell products or services.
• Mark-Up: Difference between the cost and selling price of a product.
• Maslow's Hierarchy of Needs: A theory of human needs, with basic needs preceding higher-level ones.
• Penetration Pricing: Initially setting a low price to gain market share.
• Premium Pricing: High pricing to reflect product quality or exclusivity.
• Price Skimming: Starting with a high price and gradually lowering it.
• Primary Research: Collecting firsthand data (e.g., surveys, interviews).
• Psychological Pricing: Pricing influencing customer perception (e.g., $9.99).
• Secondary Research: Analyzing existing data (e.g., reports, studies).
• Target Market: The specific group of customers a business aims to reach.
• Thorndike's Law of Effect: Behaviors followed by rewards are more likely to be repeated.
• Trade Show: Events where businesses display products and services.
• Two C's of Marketing: Customer and Cost.
• Vending Machine: A machine that automatically sells products with payment.

Unit 9: Business Logistics and Supply Chain Management

• Bill of Lading: Document detailing goods shipment, proving receipt and ownership.
• Business Logistics: Managing the flow of goods and services from suppliers to customers.
• Carrier: Company or entity responsible for transporting goods.
• Containerization: Employing standardized containers for shipping efficiency.
• Crowd-Sourced Delivery: Using individuals for delivery services (often through apps).
• Freight Consolidation: Combining multiple shipments into one for lower costs.
• Horizontal Integration: Combining with or acquiring similar industry competitors.
• Inbound Distribution: Receiving goods from suppliers.
• Inshoring: Bringing jobs or operations back to the home country.
• Insourcing: Using internal resources for operations rather than outsourcing.
• Just-in-Time Inventory Systems: Ordering goods only when needed to minimize waste.
• Letter of Credit: Financial document guaranteeing payment upon predefined conditions.
• Logistics: Managing the movement of goods.
• Netsourcing: Employing specialized services/contractors for operations.
• Offshoring: Relocating operations to another country for lower costs.
• Omnichannel: Seamless customer experience across various platforms.
• Optimization: Improving efficiency and effectiveness in processes.
• Outbound Distribution: Delivering products to customers.
• Outsourcing: Hiring external companies for specific tasks/operations.
• Point of Sale Terminal: Device for processing transactions.
• Production Logistics: Managing materials and resources in production.
• Single Window System: Single platform to submit import/export documents.
• Supplier Management: Managing relationships and performance of suppliers.
• Supply Chain: Network of suppliers, manufacturers, and distributors.
• Supply Chain Management: Managing the entire supply chain flow.
• 3PL (Third-Party Logistics): Outsourced logistics services (transportation, warehousing).
• Vertical Integration: Controlling the supply chain by owning or merging with companies across all stages of production.

Test your knowledge on key concepts in international business, including cartels, trade organizations, and the Paris Agreement. Explore the ethical considerations of business practices and corporate social responsibility. This quiz covers essential elements of global commerce and moral practices in the business sector.