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MNGT 420 – Chapter 1 – 3 Exam Review

Multinational corporation (MNC)
Operations in more than one country
International sales
Nationality mix of managers and owners
International Management
Applying management concepts and techniques in a multinational environment
Adapting management practices to different economic, political, and cultural environments
Globalization
Process of political, economic, socio-cultural, technological, environmental, and legal (PESTEL) integration among countries around the world.
Offshoring
Process by which companies undertake some activities at offshore locations instead of their countries of origin
Outsourcing
Subcontracting or contracting out of activities to external organizations that had previously been performed by the firm.
Foreign direct investment (FDI)
Investment in property, plant, or equipment in another country either by buying another company in the target country or by expanding operations of an existing business in that country.
Market Economy
An economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
Demand Economy
An economy in which production, investment, prices, and incomes are determined centrally by a government.
Mixed Economy
An economic system combining private and public enterprise.
World Trade Organization (WTO)
the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
North American Free Trade Agreement (NAFTA)
Creating one of the world’s largest free trade zones and laying the foundations for strong economic growth and rising prosperity for Canada, the United States, and Mexico.
European Union (EU)
A politico-economic union of 28 member states that are primarily located in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states.
Association of Southeast Asian Nations (ASEAN)
An alliance promoting economic and political cooperation by fostering dialogue among its ten members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Emerging Markets
Are developing economies, many of which are experiencing rapid growth and industrialization. These countries possess securities markets that are progressing toward, but have not yet reached, the standards of developed nations.
Internationalization
the designing and re-engineering of a product so that it can be localized easily for global markets.
Antiglobalization
opposition to the increase in the global power and influence of businesses, especially multinational corporations.
Objectives of EU
an area of freedom, security and justice without internal frontiers ;
an internal market where competition is free and undistorted;
sustainable development, based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;
the promotion of scientific and technological advance;
the combating of social exclusion and discrimination, and the promotion of social justice and protection, equality between women and men, solidarity between generations and protection of the rights of the child;
the promotion of economic, social and territorial cohesion, and solidarity among Member States.
Qualities of MNCs
Large scale of business, productive organization, global operation
Individualism
People should be free to pursue economic and political endeavors without constraint.
Capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
Collectivism
the political philosophy that views the needs or goals of society as a whole as more important than individual desires
Communism
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Socialism
a moderate form of collectivism in which there is government ownership of institutions, and profit is not the ultimate goal.
Democracy
system in which government is controlled by citizens either directly or through elections
Totalitarianism
only one representative party which exhibits control over every facet of political and human life.
Doctrine of Comity:
the doctrine of comity holds that there must be mutual respect for the laws, institutions, and government of other countries in the matter of jurisdiction over their citizens
Foreign Corrupt Practices Act
Illegal to influence foreign officials through
Personal payment
Political contribution
Defining Characteristics of Fascism
Powerful and continuing nationalism, disdain for the recognition of human rights, identification of enemies/scapegoats as unifying cause, supremacy of the military, rampant sexism, controlled mass media, obsession with national security, religion and government are intertwined, corporate power is protected, labor power is suppressed, disdain for intellectuals and the arts, obsession with crime and punishment , rampant cronyism and corruption, fraudulent elections
Kantian philosophical traditions
Individuals have responsibilities based on a core set of moral principles that go beyond those of narrow self-interest
Utilitarianism
Favors the greatest good for the greatest number of people under a given set of constraints
Crony Capitalism
describes business practices in countries with weak, concentrated corporate governance
Islamic Law
derived from the Quern and the regulations dictate many behaviors in personal life
Socialist law
origins in Marxist social system, requires most property to be owned by the country
Common law
past decisions establish precedent for future cases
Civil or Code law
detailed list of laws or codes detailing proper legal appearance
Nationality Principl
the country has jurisdiction over its citizens wherever they are
Territoriality Principle
the country has jurisdiction over its citizens when they are within the country borders
Protective Principle
the country has jurisdiction over its citizens when their actions adversely impact the country

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