D080 EXAM LATEST UPDATE 100% PASS
Traditional Economy - ANSWER An economy in which production is based on customs
and traditions and economic roles are typically passed down from one generation to the
next.
command economy - ANSWER An economic system in which the government controls a
country's economy.
Pro's
Organizations can mobilize large amounts of resources without fear of lawsuits or
environmental regulatory issues. Therefore, large projects can more easily be
undertaken.
Con's
Following the rules, not innovation, is rewarded.
The economy is less flexible and slower to react to change
market economy - ANSWER an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in markets for
goods and services
Seek to maximize profits
Minimum government control
The market controls the distribution of resources
Pro's
Innovation is encouraged and rewarded.
Consumers pay for the things they want the most, and businesses produce the goods
and services that will earn them a profit.
Con's
Not all can reach their full potential due to their inability to access education and obtain
means to improve skills.
There is a significant divide between the privileged and the underprivileged
Culture Globalization - ANSWER cultural globalization refers to the transmission of
ideas, meanings, and values around the world in such a way that extends and intensifies
social relations.
,Political Globalization - ANSWER the process by which political decisions and actions
are becoming increasingly international
Economic Globalization - ANSWER the widespread, international movement of goods,
capital, services, technology, and information
comprises the globalization of production, finance, markets, technology, organizational
regimes, institutions, corporations, and labor.
Four industry globalization drivers - ANSWER Market
Cost
Competition
Government
Government Drivers - ANSWER favorable trade policies, compatible technical
standards, and common marketing regulations
Competitive Drivers - ANSWER New competitors from developing nations, entry of
foreign firms into a company's home market, access to supplies, and entry into
downstream activities to preserve markets for product.
cost driver - ANSWER A factor, such as machine-hours, beds occupied, computer time,
or flight-hours, that causes overhead costs.
Market Drivers of Globalization - ANSWER
Economic Globalization Pro's - ANSWER More Trade
Investment
information
tech
Economic Globalization Con's - ANSWER Unethical Practices of labor
Environmental damage
Manufacturing job loss
Benefits the rich
Political Globalization Pros - ANSWER More cooperation among countries
NGO's (non government )
customary law - ANSWER law based on tradition and the customary practices of
traditional societies; usually passed on orally between generations
, mixed economy - ANSWER has less government intervention than a command economy.
Supply and demand control the economy, and ideally, the government steps in when
needed.
The market is the major determining power
advantages
mirror those of the market economy in that goods and services are distributed where
they are most needed.
Prices are set by supply and demand,
innovation is encouraged,
capital is allocated to the businesses that are the most innovative and efficient.
disadvantages
having a more significant role for government intervention in the market.
Civil Law - ANSWER The judge applies law code and hardly uses the jury
Common Law - ANSWER A legal system based on custom and court rulings
The judge interprets the law and uses the jury
Religious Law - ANSWER Bases on religious guidelines
Talmudic Law - ANSWER sources of law in this system are the written and oral Torah
and the Talmud. The Talmudic legal system relies on the written opinions of those well
trained in law (Justice).
Jew Law
International Monetary Fund (IMF) - ANSWER an international organization that acts as a
lender of last resort, providing loans to troubled nations, and also works to promote
trade through financial cooperation
Current Goal:
Monitor the exchange rate system and stabilize exchange rates
Correct Debt Issues (Short Term)
Only serves member nations
World Bank - ANSWER a United Nations agency created to assist developing nations by
Traditional Economy - ANSWER An economy in which production is based on customs
and traditions and economic roles are typically passed down from one generation to the
next.
command economy - ANSWER An economic system in which the government controls a
country's economy.
Pro's
Organizations can mobilize large amounts of resources without fear of lawsuits or
environmental regulatory issues. Therefore, large projects can more easily be
undertaken.
Con's
Following the rules, not innovation, is rewarded.
The economy is less flexible and slower to react to change
market economy - ANSWER an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in markets for
goods and services
Seek to maximize profits
Minimum government control
The market controls the distribution of resources
Pro's
Innovation is encouraged and rewarded.
Consumers pay for the things they want the most, and businesses produce the goods
and services that will earn them a profit.
Con's
Not all can reach their full potential due to their inability to access education and obtain
means to improve skills.
There is a significant divide between the privileged and the underprivileged
Culture Globalization - ANSWER cultural globalization refers to the transmission of
ideas, meanings, and values around the world in such a way that extends and intensifies
social relations.
,Political Globalization - ANSWER the process by which political decisions and actions
are becoming increasingly international
Economic Globalization - ANSWER the widespread, international movement of goods,
capital, services, technology, and information
comprises the globalization of production, finance, markets, technology, organizational
regimes, institutions, corporations, and labor.
Four industry globalization drivers - ANSWER Market
Cost
Competition
Government
Government Drivers - ANSWER favorable trade policies, compatible technical
standards, and common marketing regulations
Competitive Drivers - ANSWER New competitors from developing nations, entry of
foreign firms into a company's home market, access to supplies, and entry into
downstream activities to preserve markets for product.
cost driver - ANSWER A factor, such as machine-hours, beds occupied, computer time,
or flight-hours, that causes overhead costs.
Market Drivers of Globalization - ANSWER
Economic Globalization Pro's - ANSWER More Trade
Investment
information
tech
Economic Globalization Con's - ANSWER Unethical Practices of labor
Environmental damage
Manufacturing job loss
Benefits the rich
Political Globalization Pros - ANSWER More cooperation among countries
NGO's (non government )
customary law - ANSWER law based on tradition and the customary practices of
traditional societies; usually passed on orally between generations
, mixed economy - ANSWER has less government intervention than a command economy.
Supply and demand control the economy, and ideally, the government steps in when
needed.
The market is the major determining power
advantages
mirror those of the market economy in that goods and services are distributed where
they are most needed.
Prices are set by supply and demand,
innovation is encouraged,
capital is allocated to the businesses that are the most innovative and efficient.
disadvantages
having a more significant role for government intervention in the market.
Civil Law - ANSWER The judge applies law code and hardly uses the jury
Common Law - ANSWER A legal system based on custom and court rulings
The judge interprets the law and uses the jury
Religious Law - ANSWER Bases on religious guidelines
Talmudic Law - ANSWER sources of law in this system are the written and oral Torah
and the Talmud. The Talmudic legal system relies on the written opinions of those well
trained in law (Justice).
Jew Law
International Monetary Fund (IMF) - ANSWER an international organization that acts as a
lender of last resort, providing loans to troubled nations, and also works to promote
trade through financial cooperation
Current Goal:
Monitor the exchange rate system and stabilize exchange rates
Correct Debt Issues (Short Term)
Only serves member nations
World Bank - ANSWER a United Nations agency created to assist developing nations by
