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GEB 3375 Midterm: Exam 1 Study Guide CompletePremium

4 pages39 viewsSpring 2019

General Business
Course Code
GEB 3375
Ryan Haney
Study Guide

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Study Guide
1. International Business: any firm that engages in international trade or investment in
more than one country
2. Globalization is the shift toward a more integrated and interdependent world economy;
results in loss of some national sovereignty
3. Globalization of Markets: moving away from an economic system in which national
markets are distinct entities, isolated by trade barriers and barriers of distance, time, and
culture, and toward a system in which national markets are merging into one global
4. Globalization of Production: Trend by individual firms to disperse parts of their
productive processes to different locations around the globe to take advantage of
differences in cost and quality of factors of production
5. Drivers of Globalization: decreasing trade barriers, leading to greater foreign direct
investment (FDI), the role of technological change (microprocessors/telecoms, internet,
transportation technology), and the changing demographics of the global economy (FDI
shifting to developing countries, more mini-multinational firms than MNE’s, Changing
world order)
Global Institutions
1. General Agreement on Tariffs and Trade: International treaty that committed
signatories to lowering barriers to the free flow of goods across national borders and led
to the WTO
2. World Trade Organization (WTO): The organization that succeeded GATT as a result
of the successful completion of the Uruguay round of GATT negotiations
3. International Monetary Fund (IMF): International institution set up to maintain order
in the international monetary system
4. World Bank: International institution set up to promote general economic development
in the world’s poorer nations
5. United Nations: An international organization made up of 193 countries headquartered
in NYC, formed in 1945 to promote, peace, security, and cooperation
Political Systems
1. Collectivism/Totalitarianism (communism): form of government in which one person
or political party exercises absolute control over all spheres of human life and opposing
political parties are prohibited; these types of governments result in command economy
a. Control information from outside the country, claim that everyone is equal (party
members are generally at the top), no middle class, government controls the
economy and people’s lives, human rights & freedom decline and so does human
b. Command Economy: an economic system where the allocation of resources,
including determination of what goods and services should be produced, and in
what quantity, is planned by the government
c. Theocratic totalitarianism: a political system in which political power is
monopolized by a party, group, or individual that governs according to religious
d. Tribal Totalitarianism: a political system in which a party, group, or individual
that represents the interests of a particular tribe (ethnic group) monopolizes
political power
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