INTB 200 MIDTERM STUDY GUIDE
Globalization - Answers - The shift towards a more integrated and interdependent world
economy
Globalization of Markets - Answers - The merging of historically distinct and separate
national markets into one huge marketplace
World Trade Organization (WTO) - Answers - Polices the world trading system,
promotes lower barriers to trade and investment
International Monetary Fund (IMF) - Answers - Maintains order in the international
monetary system, lends money only in times of crisis
World Bank - Answers - Promotes economic development via low interest loans for
infrastructure projects
Foreign Direct Investment (FDI) - Answers - Occurs when a firm invests resources in
business activities outside its home country
Political System - Answers - The system of government in a nation
Collectivism - Answers - Stresses the primacy of collective goals over individual goals,
Totalitarian
Communism - Answers - Socialism can only be achieved through violent revolution and
totalitarian dictatorship
Social Democrats - Answers - Socialism is achieved through democratic means (ex.
Sweden, Bernie Sanders)
Individualism - Answers - Philosophy that an individual should have freedom in his own
economic and political pursuits
Democracy - Answers - Political system in which government is by the people,
exercised either directly or through elected representatives
Totalitarianism - Answers - Form of government in which one person or political party
exercises absolute control over all spheres of human life and prohibits opposing political
parties
Communist Totalitarianism - Answers - Found in states where the communist part
monopolizes power
, Theocratic Totalitarianism - Answers - Found in states where political power is
monopolized by a party, group, or individual that governs according to religious
principles
Tribal Totalitarianism - Answers - Found in states where a political party that represents
the interests of a particular tribe monopolizes power
Right-wing Totalitarianism - Answers - Permits some individual economic freedom, but
restricts individual political freedom
Market Economies - Answers - All productive activities are privately owned and
production is determined by the interaction of supply and demand
Command Economies - Answers - Government plans the goods and services that a
country produces, the quantity that is produced, and the prices as which they are sold
(everything state owned)
Mixed Economies - Answers - Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership and government planning
Common Law - Answers - Based on tradition, precedent, and custom (Flexible)
Civic Law - Answers - Based on a detailed set of laws organized into codes (less need
for lawyers)
Theocratic Law - Answers - Law is based on religious teachings (Sharia)
United Nations Convention on Contracts for the International Sale of Goods (CIGS) -
Answers - Establishes a uniform set of rules governing certain aspects of the making
and performance of everyday commercial contracts between buyers and sellers (ratified
by 70 countries)
Patent - Answers - Exclusive rights for a defined period to the manufacture, use, or sale
of that invention
Copyrights - Answers - The exclusive legal rights of authors, composers, playwrights,
artists, and publishers to publish and disperse their work as they see fit
Trademarks - Answers - Design and names by which merchants or manufacturers
designate and differentiate their products
Culture - Answers - A system of values and norms that are shared among a group of
people and that when taken together constitute a design for living
Folkways - Answers - The routine conventions of everyday life
Globalization - Answers - The shift towards a more integrated and interdependent world
economy
Globalization of Markets - Answers - The merging of historically distinct and separate
national markets into one huge marketplace
World Trade Organization (WTO) - Answers - Polices the world trading system,
promotes lower barriers to trade and investment
International Monetary Fund (IMF) - Answers - Maintains order in the international
monetary system, lends money only in times of crisis
World Bank - Answers - Promotes economic development via low interest loans for
infrastructure projects
Foreign Direct Investment (FDI) - Answers - Occurs when a firm invests resources in
business activities outside its home country
Political System - Answers - The system of government in a nation
Collectivism - Answers - Stresses the primacy of collective goals over individual goals,
Totalitarian
Communism - Answers - Socialism can only be achieved through violent revolution and
totalitarian dictatorship
Social Democrats - Answers - Socialism is achieved through democratic means (ex.
Sweden, Bernie Sanders)
Individualism - Answers - Philosophy that an individual should have freedom in his own
economic and political pursuits
Democracy - Answers - Political system in which government is by the people,
exercised either directly or through elected representatives
Totalitarianism - Answers - Form of government in which one person or political party
exercises absolute control over all spheres of human life and prohibits opposing political
parties
Communist Totalitarianism - Answers - Found in states where the communist part
monopolizes power
, Theocratic Totalitarianism - Answers - Found in states where political power is
monopolized by a party, group, or individual that governs according to religious
principles
Tribal Totalitarianism - Answers - Found in states where a political party that represents
the interests of a particular tribe monopolizes power
Right-wing Totalitarianism - Answers - Permits some individual economic freedom, but
restricts individual political freedom
Market Economies - Answers - All productive activities are privately owned and
production is determined by the interaction of supply and demand
Command Economies - Answers - Government plans the goods and services that a
country produces, the quantity that is produced, and the prices as which they are sold
(everything state owned)
Mixed Economies - Answers - Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership and government planning
Common Law - Answers - Based on tradition, precedent, and custom (Flexible)
Civic Law - Answers - Based on a detailed set of laws organized into codes (less need
for lawyers)
Theocratic Law - Answers - Law is based on religious teachings (Sharia)
United Nations Convention on Contracts for the International Sale of Goods (CIGS) -
Answers - Establishes a uniform set of rules governing certain aspects of the making
and performance of everyday commercial contracts between buyers and sellers (ratified
by 70 countries)
Patent - Answers - Exclusive rights for a defined period to the manufacture, use, or sale
of that invention
Copyrights - Answers - The exclusive legal rights of authors, composers, playwrights,
artists, and publishers to publish and disperse their work as they see fit
Trademarks - Answers - Design and names by which merchants or manufacturers
designate and differentiate their products
Culture - Answers - A system of values and norms that are shared among a group of
people and that when taken together constitute a design for living
Folkways - Answers - The routine conventions of everyday life
