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Questions and Answers
Which system emphasizes collective goals over individual goals?
Which system emphasizes collective goals over individual goals?
- Economic system
- Political system
- Legal system
- Communism (correct)
What is the key difference between democracy and totalitarianism?
What is the key difference between democracy and totalitarianism?
- Degree of economic freedom
- Degree of individualism
- Degree of collectivism
- Degree of government control (correct)
Which two concepts are closely associated with each other in the context of political economy?
Which two concepts are closely associated with each other in the context of political economy?
- Socialism and welfare
- Individualism and totalitarianism
- Communism and individualism
- Collectivism and democracy (correct)
Which of the following is an example of intellectual property?
Which of the following is an example of intellectual property?
Which organization is responsible for protecting intellectual property internationally?
Which organization is responsible for protecting intellectual property internationally?
What are the two broad implications for international business discussed in the text?
What are the two broad implications for international business discussed in the text?
Which type of democracy involves citizens electing individuals to represent them?
Which type of democracy involves citizens electing individuals to represent them?
Which type of totalitarianism is based on religious principles?
Which type of totalitarianism is based on religious principles?
Which economic system is characterized by all productive activities being privately owned and production being determined by supply and demand?
Which economic system is characterized by all productive activities being privately owned and production being determined by supply and demand?
Which legal system is based on tradition, precedent, and custom?
Which legal system is based on tradition, precedent, and custom?
Which political system is assessed according to two dimensions, emphasizing collectivism or individualism and the degree to which they are democratic or totalitarian?
Which political system is assessed according to two dimensions, emphasizing collectivism or individualism and the degree to which they are democratic or totalitarian?
According to Karl Marx, in a capitalist society where individual freedoms are not restricted, who benefits at the expense of the many?
According to Karl Marx, in a capitalist society where individual freedoms are not restricted, who benefits at the expense of the many?
Which two concepts are closely associated with each other in the context of political economy?
Which two concepts are closely associated with each other in the context of political economy?
Which type of legal protection grants exclusive rights to inventors for a defined period?
Which type of legal protection grants exclusive rights to inventors for a defined period?
What do trademarks refer to?
What do trademarks refer to?
What do product safety laws set for a product?
What do product safety laws set for a product?
What raises ethical issues when doing business abroad?
What raises ethical issues when doing business abroad?
Which type of legal system is based on religious teachings?
Which type of legal system is based on religious teachings?
Which type of totalitarianism generally permits individual economic freedom but restricts individual political freedom?
Which type of totalitarianism generally permits individual economic freedom but restricts individual political freedom?
What is the purpose of the Foreign Corrupt Practices Act (FCPA)?
What is the purpose of the Foreign Corrupt Practices Act (FCPA)?
Which two systems are interdependent in political economy?
Which two systems are interdependent in political economy?
What is the key difference between collectivism and individualism?
What is the key difference between collectivism and individualism?
Which two concepts go hand in hand in the context of political economy?
Which two concepts go hand in hand in the context of political economy?
Which of the following legal systems is based on tradition, precedent, and custom?
Which of the following legal systems is based on tradition, precedent, and custom?
What is the purpose of the Foreign Corrupt Practices Act (FCPA)?
What is the purpose of the Foreign Corrupt Practices Act (FCPA)?
Which type of totalitarianism generally permits individual economic freedom but restricts individual political freedom?
Which type of totalitarianism generally permits individual economic freedom but restricts individual political freedom?
Which legal protection grants exclusive rights to authors, composers, playwrights, artists, and publishers?
Which legal protection grants exclusive rights to authors, composers, playwrights, artists, and publishers?
Which international organization is responsible for protecting intellectual property?
Which international organization is responsible for protecting intellectual property?
Which laws set certain safety standards to which a product must adhere?
Which laws set certain safety standards to which a product must adhere?
What raises ethical issues when doing business abroad?
What raises ethical issues when doing business abroad?
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Study Notes
Political Systems
- Collectivism emphasizes collective goals over individual goals.
- Democracy emphasizes individual freedom and totalitarianism emphasizes the state's total control over the lives of citizens.
- Democracy allows citizens to participate in the political process.
- Totalitarianism prohibits individual freedom and opposition.
- Theocratic totalitarianism is based on religious principles.
- Representative democracy involves citizens electing individuals to represent them.
Political Economy
- Political economy encompasses the relationship between political, legal, and economic systems in a country.
- Collectivism and individualism are two key dimensions of political economy.
- Democracy and totalitarianism are the other two dimensions of political economy
Economic Systems
- Capitalism is characterized by private ownership of all productive activities and production determined by supply and demand.
Legal Systems
- Common law legal system is based on tradition, precedent, and custom.
- Civil law legal system is based on a detailed set of written laws.
- Theocratic law legal system is based on religious teachings.
International Business
- Intellectual property refers to creations of the mind.
- Intellectual property rights (IPR) are the legal rights that protect intellectual property.
- The World Intellectual Property Organization (WIPO) is responsible for protecting intellectual property internationally.
Ethics in International Business
- Ethical issues can arise when doing business abroad due to differences in cultural values, business practices, and legal systems.
Business and Society
- Product safety laws set safety standards for products, ensuring consumer safety.
- The Foreign Corrupt Practices Act (FCPA) prohibits companies from bribing foreign government officials to secure business deals.
Key Concepts
- Trademarks refer to designs and names used by businesses to identify their products and services.
- Patents grant exclusive rights to inventors for a defined period.
- Copyrights grant exclusive rights to authors, composers, playwrights, artists, and publishers.
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