INBU-3301 MIDTERM REVIEW |VERIFIED ACCURATE
STUDY GUIDE
Civil Law - Answers - Based on tradition, precedent, and customs
Civic Law - Answers - Based on detailed set of law organized into codes
Theocratic Law - Answers - Law based on religious teachings
Market Economy - Answers - All productive activities are privately owned and
production is determined by the interaction of S&D
Mixed Economy - Answers - Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership
Legal Systems - Answers - The rules that regulate behaviour along with the processes
by which the laws are enforced through. Very important in international business, a
countries laws regulate business practice.
Political Systems - Answers - The system of government in a nation. Assessed
according to the degree which the country emphasizes Collectivism vs. Individualism,
and Democratic vs. Totalitarian.
Collectivism - Answers - Stresses the primary of collective goals, the needs of a society
Individualism - Answers - The philosophy that an individual should have freedom in his
own economic and political pursuits
Democracy - Answers - A political system in which government is for the people
Totalitarianism - Answers - Form of government in which one person or political party
exercises absolute control over all spheres of human life
Command Economies - Answers - Government plans the goods and services, the
quantity, and the prices that country produces. All businesses are state owned
Political Economy - Answers - Of a nation- how the political, economic, and legal
systems of a country are interdependent. They interact and influence each other. They
affect the level on economic well-being in the nation
GNI (relationship with PPP) - Answers - GNI measures the total annual income receive
by the residents of a nation. Can be misleading because it does not consider the
differences in the cost of living, need to adjust GNI figures using PPP
STUDY GUIDE
Civil Law - Answers - Based on tradition, precedent, and customs
Civic Law - Answers - Based on detailed set of law organized into codes
Theocratic Law - Answers - Law based on religious teachings
Market Economy - Answers - All productive activities are privately owned and
production is determined by the interaction of S&D
Mixed Economy - Answers - Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership
Legal Systems - Answers - The rules that regulate behaviour along with the processes
by which the laws are enforced through. Very important in international business, a
countries laws regulate business practice.
Political Systems - Answers - The system of government in a nation. Assessed
according to the degree which the country emphasizes Collectivism vs. Individualism,
and Democratic vs. Totalitarian.
Collectivism - Answers - Stresses the primary of collective goals, the needs of a society
Individualism - Answers - The philosophy that an individual should have freedom in his
own economic and political pursuits
Democracy - Answers - A political system in which government is for the people
Totalitarianism - Answers - Form of government in which one person or political party
exercises absolute control over all spheres of human life
Command Economies - Answers - Government plans the goods and services, the
quantity, and the prices that country produces. All businesses are state owned
Political Economy - Answers - Of a nation- how the political, economic, and legal
systems of a country are interdependent. They interact and influence each other. They
affect the level on economic well-being in the nation
GNI (relationship with PPP) - Answers - GNI measures the total annual income receive
by the residents of a nation. Can be misleading because it does not consider the
differences in the cost of living, need to adjust GNI figures using PPP
