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MGMT 3P98 Study Guide - Midterm Guide: Absolute Advantage, List Of Auto Parts, Single Market


Department
Business - Management
Course Code
MGMT 3P98
Professor
Marshall Jiang
Study Guide
Midterm

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MGMT 3P98
Midterm Review
Chapter 1 – Globalization
Globalization
Trend away from distinct national economic units and toward one huge global
market
The acceleration and intensification of interaction and integration among the
people, companies, and governments of different nations
Globalization of Markets
The merging of distinctly separate national markets into a global marketplace
Globalization of Production
Refers to sourcing of goods and services from locations around the world to take
advantage of differences in cost or quality of the factors of production (labour,
energy, land, capital)
Emergence of Global Institutions
Globalization has created the need for institutions to help manage, regulate, and
police the global marketplace
GATT
oGeneral Agreement on Tariffs and Trade
WTO
oWorld Trade Organization
IMF
oInternational Monetary Fund
oSet up to maintain order in the international monetary system
World Bank
oSet up to promote general economic development in the world’s poorer
nations
United Nations
oMade up of 192 countries
oHQ in New York City
oFormed in 1945 to promote peace, security, and cooperation
Drivers of Globalization
Declining trade and investment barriers
oDuring the 1920s and ‘30s, formidable barriers to international trade
oGATT after WWII
The role of technology
oLowering trade barriers made globalization possible; technology has made
it a reality
Traveling
Communication
Transportation (containerization)
The Globalization Debate
Pros
oMore choices/availability

Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

oLower prices
oBetter quality, due to increased competition
oMore opportunities in workplace
oIncrease in consumer income
oCountries specialize in production of goods and services that are
produced most efficiently
Cons
oOutsourcing jobs, and some of those people are exploited
oLosing culture
oHarms environment
oShifts power away from national governments
oDestroys manufacturing jobs in wealthy, advanced countries
Chapter 3 – Cultural Differences
What is culture?
Complex whole which includes: (Edward Tylor)
oKnowledge
oBelief
oArt
oMorals
oLaw
oCustom
A system of values and norms that are shared among a group of people; when
taken together constitute a design for living
Values
Abstract ideas about what a society believes to be good, right, and desirable
Norms
Social rules and guidelines that prescribe appropriate behaviour in particular
situations
Society
A group of people who share a common set of values and norms
Folkways
Routine conventions of everyday life
Mores
Norms seen as central to the functioning of a society and its social life
Determinants of Culture
Social Structure
Basic social organization
oIndividuality – the extent to which society is group or individually oriented
oStratification – degree of stratification into castes or classes
Religions
A system of shared beliefs and rituals that are concerned with the realm of the
sacred
oIslam
oChristianity
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