Bus 10 Exam 1 Study Guide Essay

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Being Ethical & Socially Responsibl Rushmore Kidder’s - 5 core moral values: Honesty, Respect, Responsibility, Fairness, Compassion
> Ethical Issues, Fairness & honesty, Organizational relationships, Conflict of interest, Communications
> Factors Affecting Ethical Behavior- 3 general sets of factors appear to influence the standards of behavior in an organization: Individual factors, Social factors, Opportunity
Encouraging Ethical Behavior - External to specific organization, w/in an organization: Code of ethics, Organizational environ; Whistle-blowing
Guidelines for Making Ethical Decisions
> Social Responsibility & recognition that bznz activities have impact on society & consideration of that impact in bznz decision making;
International business - All business activities that involve exchanges across national boundaries
Absolute advantage - The ability to produce a specific product more efficiently than any other nation
Comparative advantage - The ability to produce a specific product more efficiently than any other product
G&S are produced more efficiently when ea country specializes in the products for which it has a comparative advantage
Countries trade when they each have a surplus of the product they specialize in & want a product the other country specializes in Exporting - Selling and shipping raw materials or products to other nations Importing - Purchasing raw materials or products in other nations and bringing them into one’s own country
Restrictions to International Business > The reasons for restricting trade range from internal political & economic pressures to mistrust of other nations. > Nations are eager to export products to provide markets for industries & develop a favorable balance of trade. > Most trade restrictions are applied to imports from other nations.
Types of Trade Restrictions
Import duty (tariff) - A tax levied on a particular foreign product entering a country
Revenue tariffs imposed to generate income for the government
Protective tariffs to protect domestic industry frm competit by keepin prices of imports at/above price of domestic product
Dumping - The exportation of large quantities of a product at a price lower than that of same product in the home market
Nontariff barriers > Nontax measures imposed by a government to favor domestic over foreign suppliers > Import quota—a limit on the amount of a particular good that may be imported during a given time > Embargo—a complete halt to trading with a particular nation or in a particular product > Foreign exchange control—restriction on amount of foreign currency that can be purchased or sold > Currency devaluation—reduction of the value of a nation’s currency relative to the currencies of other countries > Bureaucratic red tape—subtly imposes unnecessarily & complex stand & requirements for imported goods > Cultural attitudes—can impede acceptance of products in foreign countries
World Econ Outlook for Trade - Economic performance among nations is not =; growth in advanced countries slowed, stopped in 2009, while emerging & developing economies continue to grow rapidly
> Canada & Western Europe - Canada show growth, Euro area expect to grow, UK & smaller Euro countries expect to exp recession
> Mex & Lat Amer - Mex expected to show growth, Lat Amer &Carib economies are recovering at a robust pace
> Japan - Projected to show growth; Other Asian Countries - Lead by China emerging as a global economic power, strong growth;
> Emerging Europe - Growth has been faster than in western Europe and continued growth is expected. It has slowed down recently.; Commonwealth of Independent States - Projected to show growth; W collapse of communism, trade bt US & central & Eastern Europe expanded substantially
> Exports & US Econ-2008, exports as a %age of GDP reached its highest lvl since 1916; In past 50 yrs, exports have become increasingly important to the U.S. economy
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