MANA 1301 EXAM 1 STUDY GUIDE
Globalization – answer socioeconomic reform process of eliminating trade, investment,
cultural, information technology, and political barriers across countries.
emerging economies – answer implementing more open trade and free market policies
Decoupling – answer global shift where industrialized developing economies grow
based on their own economic strength rather than from highly-developed countries
multipolar world – answer a world economy compromised of industrialized and
emerging market economies
institutions – answer the rules, enforcement mechanisms, and organizations that
support market transactions
economic reforms – answer economic policy changes that promote private sector
development, competitive markets, market-pricing, freer trade, and deregulation
capital markets – answer a stock exchange where long-term financial instruments such
as stocks and bonds can be bought and sold
adaptive institutions - answergovernment organizations that create strong incentives for
private investment and operate under a system of checks and balances
antitrust laws - answernational laws aimed at maintaining competition in all sectors of
the economy and preventing monopolistic behavior of firms
sustainable development - answereconomic development that meets the needs of
people today without limiting the ability of future generations to meet their needs
Globalization leads to - answerincreased economic growth and geopolitical integration
BRIC economies - answerBrazil, Russia, India, China
3 international trade organizations that facilitate globalization: - answer-International
Money Fund [provides financial stability]
-The World Bank [global integration through trade]
-World Trade Organization [settle trade disputes and review trade policies]
Impact of Globalization (4): - answer-transparency (from political institutions)
-adaptive institutions (societal stability and incentives)
-accountability (from those who govern)
Globalization – answer socioeconomic reform process of eliminating trade, investment,
cultural, information technology, and political barriers across countries.
emerging economies – answer implementing more open trade and free market policies
Decoupling – answer global shift where industrialized developing economies grow
based on their own economic strength rather than from highly-developed countries
multipolar world – answer a world economy compromised of industrialized and
emerging market economies
institutions – answer the rules, enforcement mechanisms, and organizations that
support market transactions
economic reforms – answer economic policy changes that promote private sector
development, competitive markets, market-pricing, freer trade, and deregulation
capital markets – answer a stock exchange where long-term financial instruments such
as stocks and bonds can be bought and sold
adaptive institutions - answergovernment organizations that create strong incentives for
private investment and operate under a system of checks and balances
antitrust laws - answernational laws aimed at maintaining competition in all sectors of
the economy and preventing monopolistic behavior of firms
sustainable development - answereconomic development that meets the needs of
people today without limiting the ability of future generations to meet their needs
Globalization leads to - answerincreased economic growth and geopolitical integration
BRIC economies - answerBrazil, Russia, India, China
3 international trade organizations that facilitate globalization: - answer-International
Money Fund [provides financial stability]
-The World Bank [global integration through trade]
-World Trade Organization [settle trade disputes and review trade policies]
Impact of Globalization (4): - answer-transparency (from political institutions)
-adaptive institutions (societal stability and incentives)
-accountability (from those who govern)
