WGU D080 Objective Assessment 2023 Questions and Answers (Verified Answers

WGU D080 Objective Assessment 2023 Questions and Answers (Verified Answers) What is globalization? - ANSWER -When international integration arises from the interchange of world views, products, ideas and cultures. What are business opportunities that are presented by globalization? - ANSWER -Trade, transactions, capital and investment movements. The migration and movement of people and the dissemination of knowledge. Culture effects of globalization - ANSWER -Ideas, meanings, values. Decreased uniqueness by once isolated communities. Political effects of globalization - ANSWER -Reduces importance of nation states Economic effects of globalization - ANSWER -International movement of goods, capital, services and technology and information. What are arguments for globalization? - ANSWER -Access to broader market, gains access to cheap labor. What are arguments against globalization? - ANSWER -Needs to understand foreign legal and political policies. Market entry (Five stages of entering a global market) - ANSWER -Companies enter new country's using business models similar to the ones in home market. Production Specialization (Five stages of entering a global market) - ANSWER - Companies transfer the full production process of a product to a single location. Value Chain Desegregation (Five stages of entering a global market) - ANSWER Desegregating the the production process and focus on completing each activity in a better location. (different areas) Value Chain Reengineering (Five stages of entering a global market) - ANSWERCompanies seek to further increase their cost savings by reengineering their production process. Creation of New Markets (Five stages of entering a global market) - ANSWER -Allows companies to lower their sticker prices in both new and old markets. Cost Driver (4 drivers of globalization) - ANSWER -Refers to product development, manufacturing, and sourcing. Competitive Driver (4 drivers of globalization) - ANSWER -New markets, increased level of trade. Market Driver (4 drivers of globalization) - ANSWER -Customer needs. Preferences vary by product. Government Driver (4 drivers of globalization) - ANSWER -Absence or presence of trade policies, technical standards, policies and regulations. Economies of Scale - ANSWER -Refers to the concept that the unit cost to produce a product will decline as the variety increases. Benefits of Global Expansion - ANSWER -More array of products, services technologies, medicines, and knowledge Increased sales and exchanges Growth rate in GDP MNC's Benefits of Global Expansion - ANSWER -Unsaturated demand for new product Lower labor costs Less expensive natural resources Higher revenue or lower structure cost MNC's Cost of Global Expansion - ANSWER -Ethical business practice (labor, safety, environment) Organizational structure (incorporating new regions to the value chain) Public relations Leadership Legal and regulatory structure C (CAGE) - ANSWER -Culture. Shared beliefs, practices, norms. A (CAGE) - ANSWER -Administration. Similar country's trade with each other G (CAGE) - ANSWER -Geography. Location E (CAGE) - ANSWER -Economic. Socioeconomic and demiographic World is flat - ANSWER -events that made the world smaller. Monarchy - ANSWER -A single person ruling until death. (Britain) Oligarchy - ANSWER -Small elite group holds power. (Russia) Dictatorship - ANSWER -One person rules (Hitler) Democracy - ANSWER -Citizens organize political parties. (USA) Traditional Economy - ANSWER -Centers around family (hunt gather & nomadic societies) Relies on bartering Members produce what they need not no surplus Benefits: No friction between members Disadvantages: Mercy of climate Low standard of living Ex: Hati Command Econom y - ANSWER -Devoted to goals passed down from a ruler. Resources and business are owned by the government. Communist societies. Venuzela Market Economy - ANSWER -Decentralized economy. Leaders make decisions on consumer demands. Regulates balance between supply and demand.