WGU D080 Managing in a Global Business Environment 2023/2024 with complete solution Questions
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WGU D080 Managing in a Global Business Environment 2023/2024 with complete solution Questions
What is globalization?
The key element of globalization is interdependence and interconnectedness among companies and countries around the globe. Globalism is characterized by an increasing number of wo...
wgu d080 managing in a global business environment
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WGU D080 Managing in a Global Business
Environment 2023/2024 with complete solution
Questions
What is globalization?
The key element of globalization is interdependence and interconnectedness among companies and
countries around the globe. Globalism is characterized by an increasing number of worldwide
connections, rapid and discontinuous change, an increasing number of diverse participants, and
growing complexity.
What are the economic, political, and cultural effects of globalization?
economic: developed economies integrating with developing countries through foreign direct
investment, lowering the costs of doing business, reducing trade barriers, and, in many cases,
increasing cross-border migration.
political: globalization may ultimately reduce the importance of nation-states.
cultural: The spread of culture has added to processes such as commodity exchange and colonization,
which have a more extended history of carrying cultural meaning around the globe. The circulation of
cultures enables individuals to partake in extended social relations that cross national and regional
borders.
What is nongovernmental organization and how does it impact government public policy across
national boundaries?
any nonprofit, voluntary citizens' groups that are organized on a local, national, or international level
What are the features of international business?
International business encompasses a full range of cross-border exchanges of goods, services, or
resources across two or more nations. These exchanges can go beyond the exchange of money for
physical goods to include international transfers of other resources such as people; intellectual
property such as patents, copyrights, brand trademarks, and data; and contractual assets or liabilities.
Such assets or liabilities include the right to use some foreign asset, provide some future service to
overseas customers, or execute a complex financial instrument. The entities involved in international
business range from large multinational firms with thousands of employees doing business in many
countries to a small one-person company acting as an importer or exporter. This broader definition of
international business also encompasses for-profit, border-crossing transactions as well as
transactions motivated by nonfinancial gains.
What are the different forms of international business? Explain each form.
- Exporting
- franchising
- joint ventures
- home-owned affiliates
- fully global ventures
What are the 5 stages of entering a global market? Explain each stage
1. market entry
2. product specialization
3. value chain disaggregation
4. value chain reengineering
5. creation of new markets
What are the 4 drivers of globalization? Explain
,market, cost, competition, government
What are the benefits and costs of global expansion from MNCs' perspective?
unsaturated demand for new products, lower labor costs, less expensive natural resources, and other
inputs to products.
What are the characteristics of each stage of globalization?
1.0: the first stage of globalism and is pushed forward by nationalism and religion.
2.0: the second stage of globalization and is characterized by advances in methods of transportation.
3.0: the third stage of globalization and is characterized by advancements across the board, especially
technology and communication.
What are the criticisms of globalization?
Ethical issues, governmental policies, and economic restrictions are all likely when a company moves
into an unfamiliar global space. A multinational company may also face infrastructural and
technological challenges in a developing country.
What are different types of governments? Explain
There are more than 13 major types of government, each of which consists of multiple variations. At
one end of the extremes of political ideologies is anarchism, which contends that individuals should
control political activities, and public government is both unnecessary and unwanted. At the other
extreme is totalitarianism, which contends that every aspect of an individual's life should be
controlled and dictated by a strong central government.
Totalitarianism
Authoritarian
Monarchy
Democracy
Oligarchy
Dictatorship
What impacts does a political system have on international trade and business?
Local policies, rules, and regulations can have a significant effect on the success rate of a business.
Depending on how long a company expects to operate in a country and how easy it is for business to
enter and exit, a firm may also assess the country's political risk and stability.
What are the features of industrialized, less-developed, and developing nations?
- Industrialized nations have economies characterized by a healthy climate for private enterprise
(business) and by a consumer orientation, meaning the business climate focuses on meeting
consumers' long-term wants and needs.
- Less-developed nations, also known as least-developed countries (LDCs), have extensive poverty,
low per capita income and standards of living, low literacy rates, and minimal technology.
- Developing nations are those that make the transition from economies based on agricultural and
raw materials production to industrialized economies.
What are different economic systems and how to differentiate them?
- Traditional economies are found in rural countries where the primary occupation is farming.
- In a command economy found in a communist country, most of the economic system is controlled
by a centralized power.
- In a planned economy found in a socialist country, the factors of production are used for the
common good.
,- In an open economy, a democratic method is used to determine how to use the factors of
production.
- A market economy is a decentralized economy in which firms and households determine how
resources are allocated based on how best to satisfy their needs.
- A mixed economy has less government intervention than a command economy. Supply and demand
control the economy, and ideally, the government steps in when needed.
What is communism, socialism, and capitalism?
- Communisim is a system in which all property is publicly owned and the government controls global
trade
- Social ownership, central control of the means of production, and a cooperative approach toward
management of the economy are hallmarks of socialism.
- Capitalism is generally considered to be an economic system based on private ownership of the
means of production and on the creation of goods or services for profit by privately owned business
enterprises.
Explain and differentiate common, civil, and theocratic legal systems.
- civil law system is an inquisitorial system where the investigating judge investigates the facts of the
case. It is the most widespread legal system in the world.
- Common law is based on traditions and precedence and can be traced to the English monarchy. In
common law systems, judges interpret the law, and judicial rulings can set precedent.
- Religious law is also known as theocratic law and is based on religious guidelines.
Identify and differentiate the IMF, the World Bank, and the WTO's major functions and conditionality.
Explain criticisms of each international organization.
- The IMF helps maintain liquidity of global funding by providing a straight-forward method for
nations to borrow and loan to each other through a mechanism called the special drawing right.
- The World Bank's priorities are to help build sustainable economic growth, invest in people, and
build resilience for shocks and threats.
- WTO reviews the trade policies of all nations to ensure that each country is treated fairly and equally
under the most favored nation requirement.
- Criticisms are similar: a lack of transparency; neglect for considering the environment when making
decisions; and policies in favor of more affluent, developed countries at the expense of poorer nations
List and explain each international trade theory. Focus on the features of each theory.
- mercantilism, a zero-sum theory advocating for each country to maintain a trade surplus.
- Adam Smith's absolute advantage in which a country exports the goods it can make more efficiently
or more cheaply.
- Ricardo's comparative advantage which extends the theory to show benefits as long as each country
exports the product it is comparatively more efficient at or can produce more cheaply and imports the
others
- Heckscher-Ohlin which states that competitive advantage comes from differences in natural
resources.
-Leontief Paradox
- Country Similarity Theory
- Global Strategic Rivalry Theory
What are the two mechanisms to increase productivity? Explain.
Technology and trade are two mechanisms to increase productivity, which lead to more products and
ultimately to lower prices.
it takes fewer resources to produce a product.
a good can be produced at a lower cost in terms of other goods.
, What are the criticisms of comparative advantage theory?
- many assumptions are made in this theory.
- The benefits of specialization may be overstated if the transportation costs are not taken into
account.
- There is an increasing opportunity cost with increased specialization as less than ideal conditions or
natural resources must be used.
- Unemployment may be higher with complete specialization because it would be difficult for workers
to transfer from one role to another.
- Organizations may not recognize that their comparative advantage has changed over time as
conditions change.
- technology may make it possible for countries to produce many or even most products using an
economy of scale, which makes comparative advantage an obsolete concept
What is specialization and what is the impact of it?
By specializing, countries would generate efficiencies because their labor force would become more
skilled by doing the same tasks repeatedly. Production would also become more efficient because
there would be an incentive to create faster and better production methods to increase the benefit
from specialization. Specialization leads to increased productivity, which can in turn lead to increased
unemployment.
What is the definition and impact of the economies of scale?
Economies of scale increase the available variety of goods for consumers and decrease the average
cost of these goods. Economies of scale can result from the ability to divide labor into smaller parts,
which allows for increased specialization.
Define exporting and importing
- Export refers to the selling of goods and services produced in the home country to other markets.
- Imports are defined as purchases of goods or services by a domestic economy from a foreign
economy.
List and explain types of tariffs.
- Import tariffs are taxes on goods that are imported into a country.
- Export tariffs are taxes on goods that are leaving a country. Taxing exports may be implemented to
raise tariff revenue or restrict the world supply of a good.
- Protective tariffs are tariffs levied to reduce imports of a product and protect domestic industries.
- Revenue tariffs are tariffs levied to raise revenue for the government.
- Specific tariffs are tariffs that levy a flat rate on each item imported.
- Ad valorem tariffs are tariffs based on a percentage of the value of each item.
- Compound tariffs are tariffs that are a combination of specific tariffs and ad valorem tariffs.
How does tariff impact the price of imported product, consumers, domestic businesses, and the
government?
If foreign goods can be sold at a lower price than domestic goods, consumer demand will go up, but
the domestic price will do down. The decrease in price drives down the profit margin for domestic
suppliers. With tariffs, domestic producers and the government gain and consumers and foreign
producers lose overall
What are the types of quotas?
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