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This 3 page Study Guide was uploaded by Hali Nepsha on Sunday October 2, 2016. The Study Guide belongs to BUSM 380 at Purdue University Calumet taught by Dr. Charles A. Rarick in Fall 2016. Since its upload, it has received 10 views. For similar materials see International Business in Business at Purdue University Calumet.
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Date Created: 10/02/16
BUSM 380 EXAM 1 STUDY GUID 1. International business is more difficult than domestic. Why? 2. Why are there more challenges when managing an international business? 3. The three types of economic systems in the world are? 4. What is capitalism, socialism, communism, totalitarianism and theocratic? 5. The U.S share of the world output has declined over the past 50 years. Why? 6. There are two major trends in international business. What are they? 7. What are the main concerns concerning globalization? 8. What is the Human development index and what does it do? 9. Collective programing of the mind, and shared values and norms of a group of people are all characteristics of what? 10. What are the differences between norms, folkways, and mores? 11. Define cast system and where it is found. 12. Power distance, individualism, uncertainty avoidance masculinity vs. femininity, and confusion dynamism are all dimensions in what cultural model? 13. Example each the dimension in the Hofstede cultural model. 14. What can be determined by the studies of Hofstede? 15. What is an example of high and low context culture? 16. What affect would religion have on workplace practices? 17. The World Trade Organization is responsible for what? 18. Unofficial bribery in foreign activity is prohibited by what act? 19. What makes a country attractive for international business? 20. Ethnocentric, polycentric and geocentric are different in what ways? 1. Big part of it is different cultures (religion), different governmental and political structures, and language barriers. Each country sets its own rules and regulations. Have to follow the home country rules and regs and the foreign. Different currencies (exchange rate). You’re operating in these multiple enviro that are different than ours. 2. It’s a cultural issue. US is low power and most other places are high power.. Cultural diff. and the structures that function in that realm. Foreign more familiar with us than us with them. 3. Market, command, mixed (the differences being market is free trade and not regulated (les fair) not gov owned more common in eurp., command gov. regs trade, gov. owned ie north korea, mixed is in between more gov ownership, gov quicker to step in than in market econ.) 4. Capitalism: more profit motivated, not as much gov influ., prices set by sup. And demand, let the market decide, driven by self-interest, wide divide between rich and poor. Socialism: more like a command econ, taking care of each other i.e. everyone should have health care. Communism: political realm, gov is basically non democratic you cant elect own officials. Totalitarianism: one person party absolute control of system. 5. The rest of the world is catching up ..global world more competitive. 6. Globalization of markets and production is global 7. Loss of culture/identity, loss of jobs, severity 8. The UN measure of quality of life. The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions. The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. 9. Culture 10. Norms: standards of expectable behavior . Folkways: less serious, the routine conventions of life. Mores fundamental conventions and customs of a community 11. A culture with a rigid class structure which allows no mobility. Found in India related to Hindu belief 12. Hofstede cultural model 13. Power distance: (high power :those who have power should use it and look the part) Individualism, uncertainty avoidance , masculinity vs femininity , confusion dynamism 14. Adopt to culture you are in 15.The U.S is low … when we communicate we don’t worry about the context we worry about the msg…what you say and what you write is what you mean in high you have to look at the content the msg is not what it is . 16.A lot of practical practices 17. International organization is responsible for policing the world trading system 18. Foreign Corrupt Practices Act 19.High growth prospect, market econ, high hum devl index, protection intellectual prop esp in US. 20.Ethno, believe in superiority of your home culture, poly when in Rome do as the roman, geo a mix you adapt to local culture ,,,geo is best
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