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BUSI 303 Satterlee Exam 1: Globalization, Political Economy, and Legal Systems 2025-2026 exam questions with correct answers
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What was the Verse used in Chapter 1?
Genesis 21:8- 19
How many employees does GM have?
180K
What are car dealerships being known as?
Dinosaurs
Globalization
Shift toward a more integrated and interdependent world economy.
Two key facets of globalization
Integration of Globalization includes what?
Societies, not just Economies
Glocalization
Most global of markets are for industrial goods and materials that serve universal needs around the world.
Factors of Production
labor, energy, land, and capital
Barriers to Globalization
Transportation costs, political barriers to trade (tariffs, subsidies)
Polices world trading system
Maintains order in the international monetary system
World Bank
Promotes economic development using low-interest loans
Collectivism
A system that stresses the primacy of collective goals over individual goals
Socialism
Advocates state ownership of basic means of production, distribution, and exchange.
Who refined Individualism in their work?
David Hume, Adam Smith, and John Stuart Mill
What does Individualism stress?
individual freedom and self expression
letting people pursue their own self-interests to achieve the best overall good for society
democratic systems and free markets
Totalitarianism
Form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited
Many nations
Lie between pure democracy and complete totalitarianism
Three types of economic systems
Market economy, command economy, mixed economy
Legal System (of a country)
Refers to the system of rules, or laws, that regulate behavior, along with the processes by which the laws of a country are enforced and through which redress for grievances is obtained.
Common Law
Based on tradition, precedent, and custom
Civil Law
Based on detailed set of laws organized into codes
Theocratic Law
Based on religious teachings
In a common law state
Contracts are very detailed
Patents
Give the inventor exclusive rights to the manufacture, use, or sale of that invention
Copyrights
The exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit
Trademark
Designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products
Product Safety Laws
Set certain safety standards to which a product must adhere
Product Liability
Holding a firm and its officers responsible when a product causes injury, death, or damage
Culture
The set of shared attitudes, values, goals, and practices that characterizes an institution or organization
Culture is
The who, what, when, where, why, and how of any particular group of people
Religion
A system of shared beliefs and rituals that are concerned with the realm of the sacred
Ethical System
A set of moral principles, or values, that are used to guide and shape behavior
What religion has the greatest following?
Christianity (2.20 Billion)
Ethics
The discipline dealing with what is good and bad and with moral duty and obligation
Edward T. Hall
Beyond Culture
What are the 9 GLOBE cultural dimensions?
1). Performance Orientation 2). Assertiveness Orientation 3). Future Orientation 4). Human Orientation 5). Collectivism I: Institutional Collectivism 6). Collectivism II: Group Collectivism 7). Gender Egalitarianism 8). Power Distance 9). Uncertainty Avoidance
International Trade
Occurs when a firm exports goods or services to consumers in another country
Foreign Direct Investment (FDI)
Occurs when a firm invests resources in business activities outside its home country
Multinational Enterprise (MNE)
Any business that has productive activities in two or more countries
