WGU Global Business Chp 6 Exam | Questions
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Terms in this set (23)
Democracy Greek for "rule by the people"; form of government
in which all citizens have a right to vote.
socialism an economic ideology where the govt/state plays a
strong role in the economy and may own stakes in
certain businesses (not aspiring to be classless)
communism an economic ideology where govt/state basically
owns and controls all major factors of production
and is a philosophically and economically classless
society. (China)
Athenian Democracy a pure form of democracy, in which all adult
citizens vote directly on matters affecting the
community (doesn't work in large countries)
represenative democracy form of govt in which citizens vote to elect given
individuals to serve as representatives for a period
of time.
Capitalism an economic ideology where businesses are
privately owned, strong individual incentives exist,
and govt plays very little role in the economy
, Terrorism Insurance Act of 2002 A US law that after a certain deductible provides
US business govt insurance coverage for the risk of
terrorism
Overseas Private Investment a U.S. government agency that sells political risk
Corporation (OPIC) insurance to U.S. businesses operating in countries
with which the United States has a bilateral
investment treaty
Foreign Corrupt Practices Act U.S. law that prohibits any U.S.-based company
from bribing or otherwise corrupting foreign govt
officials in order to win foreign govt contracts or
obtain other foreign govt assistance for their
business
common law legal system a legal system where legislative bodies generally
enact less specific legal rules giving judges or
courts considerable authority in interpreting these
rules based on precedent and other factors
theocratic law legal system a legal system based on a religious document and
religious teachings
antitrust laws laws that promote fair competition among
businesses
patent the right granted to an inventor of a product or
process that excludes others from selling, making,
or using the invention for a certain period of time
(5-20 yrs) example: RX Drug
and Answers | Verified Solutions | 2026 Edition |
Pass Guaranteed
Save
Terms in this set (23)
Democracy Greek for "rule by the people"; form of government
in which all citizens have a right to vote.
socialism an economic ideology where the govt/state plays a
strong role in the economy and may own stakes in
certain businesses (not aspiring to be classless)
communism an economic ideology where govt/state basically
owns and controls all major factors of production
and is a philosophically and economically classless
society. (China)
Athenian Democracy a pure form of democracy, in which all adult
citizens vote directly on matters affecting the
community (doesn't work in large countries)
represenative democracy form of govt in which citizens vote to elect given
individuals to serve as representatives for a period
of time.
Capitalism an economic ideology where businesses are
privately owned, strong individual incentives exist,
and govt plays very little role in the economy
, Terrorism Insurance Act of 2002 A US law that after a certain deductible provides
US business govt insurance coverage for the risk of
terrorism
Overseas Private Investment a U.S. government agency that sells political risk
Corporation (OPIC) insurance to U.S. businesses operating in countries
with which the United States has a bilateral
investment treaty
Foreign Corrupt Practices Act U.S. law that prohibits any U.S.-based company
from bribing or otherwise corrupting foreign govt
officials in order to win foreign govt contracts or
obtain other foreign govt assistance for their
business
common law legal system a legal system where legislative bodies generally
enact less specific legal rules giving judges or
courts considerable authority in interpreting these
rules based on precedent and other factors
theocratic law legal system a legal system based on a religious document and
religious teachings
antitrust laws laws that promote fair competition among
businesses
patent the right granted to an inventor of a product or
process that excludes others from selling, making,
or using the invention for a certain period of time
(5-20 yrs) example: RX Drug
