WGU C201

Economics A social science that analyzes the choices people and governments make in allocating scarce resources. Microeconomics Study of small economics units, such as an individual consumers, families, and businesses. Demand The willingness and ability of buyers to purchase goods and services at different prices. Supply The willingness and ability of sellers to provide goods and services for sale at different prices. Factors driving demand A demand curve is a graph of the amount of a pr...

Views on Globalization New, Evolutionary, and Pendulum "New" view on globalization A force sweeping through the world in recent times. "Evolutionary" view on globalization A long-run historical evolution since the dawn of human history "Pendulum" view on globalization One that swings from one extreme to another from time to time Foreign Direct Investment Direct investment in, control, and management of value-added activities in other countries Political views on FDI Radical View, F...

The resource-based view of global business differs from the institution-based view of global business in that the resource-based view _____. focuses on the internal strengths on the firm The _____ of globalization suggests that globalization is neither recent nor one-directional. pendulum view Globalization can be viewed as: ALL OF THESE ANSWERS - a new force sweeping through the world in recent times; a long-run historical evolution since the dawn of human history; a pendulum that swings ...

Globalization The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning A technique to prepare and plan for multiple scenarios (either high or low risk). Risk management The identification and assessment of risks and the preparation to minimize the impact of high-risk , unfortunate events. Gross National Income (GNI) GDP + inco...

What is the change in total cost equal to in the marginal cost equation? Marginal cost multiplied by change in quantity. Fixed costs equal: Total costs minus variable costs Economic profit is distinct from accounting profit because: Economic profit incorporates both explicit and implicit costs. Total costs include: Variable costs plus fixed costs. Marginal costs consider: The increase in total cost arising from an extra unit of production. What response best describes the relationship bet...

Views of globalization (Chp 1.4) 1. It's a new phenomenom, starting in the late 20th century. 2. It's a long term part of human history. 3. Neither recent nor one directional, it's a pendulum that swings back and forth. Location specific advantage of Natural resource—seeking Strategic goal - Possession of natural resources and related transport and communication infrastructure Location specific advantage of Market-seeking Strategic goal - Abundance of strong market demand and customer...

ability-to-pay principle the idea that taxes should be levied on a person according to how well that person can shoulder the burden absolute advantage The economic advantage one nation enjoys that is absolutely superior to other nations. absorptive capacity The ability to recognize the value of new information, assimilate it, and apply it. accommodative strategy A strategy characterized by some support from top managers, who may increasingly view CSR as a worthwhile endeavor. accounting ...

view that claims phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through MNE's new view that claims globalization is a long-run historical evolution since the dawn of humanity. Says it is nothing new and that it will always exist evolutionary view that claims globalization is swinging from one extreme to another from time to time pendulum investment in, controlling, and managing value-added activities in other countries foreign d...

Globalization The close integration of countries and peoples of the world Purchasing power parity (PPP) A conversion that determines the equivalent amount of goods and services that different currencies can purchase Scenario planning A technique to prepare and plan for multiple scenarios (either high or low risk) Risk management The identification and assessment of risks and the preparation to minimize the impact of high-risk unfortunate events Gross national income GDP plus income from n...

Views of globalization (Chp 1.4) 1. It's a new phenomenom, starting in the late 20th century. 2. It's a long term part of human history. 3. Neither recent nor one directional, it's a pendulum that swings back and forth. Strategic goal = Natural resource—seeking Location specific advantage = Possession of natural resources and related transport and communication infrastructure Strategic goal = Market-seeking Location specific advantage = Abundance of strong market demand and customers ...

Which view claims that the phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through multinational enterprises? The new-force view Economic gains come from international trade because one country's exported goods, services, or other items are unique, valuable, and difficult to duplicate to the importing countries Resource- based view What is the aggregation of importing and exporting that leads to the country-level trade surplus or ...

Which definition is used for quality, evaluates how well a product performs its intended function? Fitness for use 14 points for quality improvement Which total quality management (TQM) process was developed to stress management's responsibility for quality? ISO 9000 Set of international standards on quality management and quality assurance, critical to international business -TQM process consists of 13 published standards and guidelines -Like when joint commission shows up at the hospit...

Which definition is used for quality evaluates how well a product performs its intended function? Fitness for use Which total quality management (TQM) process was developed to stress management's responsibility for quality? 14 points for quality improvement Which total quality management (TQM) process consists of 13 published standards and guidelines? ISO 9000 A company manufactures shoes using a quality management system. The company needs to put a process in place to measure any defect...

Advertising revenue model Provides users with information on services and products and provides an opportunity for suppliers to advertise Affiliate revenue model Companies receive a referral fee for directing business to an affiliate Appraisal cost The cost associated with uncovering defects Automated order entry systems A method using telephone models to send digital orders to suppliers. Backwards integration Owning or controlling sources of raw materials and components. Benchmarking Stu...

Which definition is used for quality evaluates how well a product performs its intended function? -Statistical Quality Control Charts -Fitness quality for use -Product design quality -14 points for quality improvement Fitness for use Which total quality management (TQM) process was developed to stress management's responsibility for quality? -Statistical Quality Control Charts -Fitness quality for use -Product design quality -14 points for quality improvement 14 points for quality imp...

1. customer focus 2. continuous improvement 3. employee empowerment 4. use of quality tools 5. product design 6. process management 7. managing supplier quality Total Quality Management (TQM) Philosophy Basic function of Six Sigma. Measures the process potential and performance of processes. The higher the range of Cpk, the improved is the ability of the process to complete its necessities. Uses both the process variability and the process specifications to determine whether the process...

Which definition used for quality evaluates how well a product performs its intended function? Fitness for use Support services Value for price paid Psychological criteria Fitness for use Which total quality management (TQM) process was developed to stress management's responsibility for quality? Statistical quality control charts Fitness quality for use 14 points for quality improvement Product design quality 14 points for quality improvement Which total quality management (TQM) pro...

Which definition used for quality evaluates how well a product performs its intended function? Fitness for use Which total quality management (TQM) process was developed to stress management's responsibility for quality? 14 points for quality improvement Which total quality management (TQM) process consists of 13 published standards and guidelines? ISO 9000 A company manufactures shoes using a quality management system. The company needs to put a process in place to measure any defects. ...

ABC Classification a method for determining level of control and frequency of review of inventory items Acceptable Quality Level (AQL) The small percentage of defects that consumers are willing to accept. Acceptable Sampling The process of randomly inspecting a sample of goods and deciding whether to accept the entire lot based on the results Action Bucket The current time period Action Notices Output from an MRP system that identifies the need for an action to be taken. Activity-on-node...

Total Quality Management (TQM) Philosophy 1. customer focus 2. continuous improvement 3. employee empowerment 4. use of quality tools 5. product design 6. process management 7. managing supplier quality Process Capability Index (Cpk) Basic function of Six Sigma. Measures the process potential and performance of processes. The higher the range of Cpk, the improved is the ability of the process to complete its necessities. Uses both the process variability and the process specifications ...