INTB 1203 UPDATED SETS ANSWERS AND
QUESTIONS SET A+
✔✔Deomocracy - ✔✔government is by the people, exercised directly or through elected
representatives
✔✔Totalitarianism - ✔✔one person or political party exercises absolute control over all
spheres of human life and opposing political parties are prohibited
✔✔Democracy - ✔✔a political system which periodically elects individuals to represent
them in government
✔✔Market Economy - ✔✔economic system in which the interaction of supply and
demand determines the quantity of goods and services produced
✔✔Command Economy - ✔✔allocation of resources, and quantity of goods and
services produced is controlled by government
✔✔Legal System - ✔✔system of rules that regulate behavior and the processes by
which the laws of a country are enforced and grievances redressed
✔✔Common Law - ✔✔system of law based on tradition, precedent, and customs
(British colonies and US)
✔✔Civil Law - ✔✔a system of law based on a very detailed set of written laws and
orders (Germany, France, Japan)
✔✔Theocratic Law System - ✔✔law based on religious teachings
✔✔Contract - ✔✔document that specifies the conditions under which an exchange is to
occur and details the rights and obligations of the parties involved
✔✔Contract Law - ✔✔the body of law that governs contract enforcement
, ✔✔CIGS - ✔✔United Nations Convention of Contracts for the International Sale of
Goods
✔✔CIGS (definition) - ✔✔set of rules governing certain aspects of contract agreements
between firms of different nations
✔✔Property Rights - ✔✔bundle of legal rights granting right of income from a specific
resource
✔✔Private Action - ✔✔the theft, piracy, and blackmail, by private individuals or groups
✔✔Public Action - ✔✔the extortion of income by public officials, such as politicians
✔✔Foreign Corrupt Practices Act - ✔✔U.S. law regulating bribes and unethical actions
in international trade
✔✔Intellectual Property (IP) - ✔✔ideas (music, books, art, designs) that can be
protected by patents, copyrights, and trademarks
✔✔Patent - ✔✔grants inventor exclusive rights of new product or process to
manufacture, use, or sell that invention
✔✔Copyrights - ✔✔gives authors exclusive legal rights to publish, disperse and sell
written work
✔✔Trademarks - ✔✔designs and names officially registered that designate a firm or its
products
✔✔World Intellectual Property Orginization - ✔✔int. org. who sign treaties to agree to
protect IP
✔✔Paris Convention for the Protection of Industrial Property - ✔✔int. agreement to
protect intellectual property
✔✔Product Safety Laws - ✔✔set certain standards to which a product must adhere
✔✔Product Liability - ✔✔involves holding a firm accountable when their product causes
injury, death, or damage
✔✔Culture - ✔✔a system of values and norms that are shared among a group of
people - together they constitute a design for living
✔✔Values - ✔✔Abstract ideas about what a society believes to be good, right, and
desirable
QUESTIONS SET A+
✔✔Deomocracy - ✔✔government is by the people, exercised directly or through elected
representatives
✔✔Totalitarianism - ✔✔one person or political party exercises absolute control over all
spheres of human life and opposing political parties are prohibited
✔✔Democracy - ✔✔a political system which periodically elects individuals to represent
them in government
✔✔Market Economy - ✔✔economic system in which the interaction of supply and
demand determines the quantity of goods and services produced
✔✔Command Economy - ✔✔allocation of resources, and quantity of goods and
services produced is controlled by government
✔✔Legal System - ✔✔system of rules that regulate behavior and the processes by
which the laws of a country are enforced and grievances redressed
✔✔Common Law - ✔✔system of law based on tradition, precedent, and customs
(British colonies and US)
✔✔Civil Law - ✔✔a system of law based on a very detailed set of written laws and
orders (Germany, France, Japan)
✔✔Theocratic Law System - ✔✔law based on religious teachings
✔✔Contract - ✔✔document that specifies the conditions under which an exchange is to
occur and details the rights and obligations of the parties involved
✔✔Contract Law - ✔✔the body of law that governs contract enforcement
, ✔✔CIGS - ✔✔United Nations Convention of Contracts for the International Sale of
Goods
✔✔CIGS (definition) - ✔✔set of rules governing certain aspects of contract agreements
between firms of different nations
✔✔Property Rights - ✔✔bundle of legal rights granting right of income from a specific
resource
✔✔Private Action - ✔✔the theft, piracy, and blackmail, by private individuals or groups
✔✔Public Action - ✔✔the extortion of income by public officials, such as politicians
✔✔Foreign Corrupt Practices Act - ✔✔U.S. law regulating bribes and unethical actions
in international trade
✔✔Intellectual Property (IP) - ✔✔ideas (music, books, art, designs) that can be
protected by patents, copyrights, and trademarks
✔✔Patent - ✔✔grants inventor exclusive rights of new product or process to
manufacture, use, or sell that invention
✔✔Copyrights - ✔✔gives authors exclusive legal rights to publish, disperse and sell
written work
✔✔Trademarks - ✔✔designs and names officially registered that designate a firm or its
products
✔✔World Intellectual Property Orginization - ✔✔int. org. who sign treaties to agree to
protect IP
✔✔Paris Convention for the Protection of Industrial Property - ✔✔int. agreement to
protect intellectual property
✔✔Product Safety Laws - ✔✔set certain standards to which a product must adhere
✔✔Product Liability - ✔✔involves holding a firm accountable when their product causes
injury, death, or damage
✔✔Culture - ✔✔a system of values and norms that are shared among a group of
people - together they constitute a design for living
✔✔Values - ✔✔Abstract ideas about what a society believes to be good, right, and
desirable
