Exam 4: Economic Systems and Development

Scenario: Globetrotter Sam Johnson Sam Johnson is an individual who accepts risks and opportunities involved in creating and operating new business ventures worldwide. He has been considering China, France, or Vietnam for his next venture. -Sam can be described as a(n) ________.

________ is the exchange of goods and services for other goods instead of money.

Unstable economies are often characterized by ________.

Scenario: Cleanshot USA in Russia When Cleanshot USA, a photography products company, decided to enter the international arena it chose Russia as its main market. Although Russia has been in transition for years, Cleanshot believes it has tremendous opportunities there. -If Cleanshot wants to avoid the headaches of dealing with economies in transition and wants to deal with countries that are highly industrialized, efficient, and whose people enjoy a high quality of life, they should explore opportunities in ________.

Discuss the four factors that contributed to the collapse of centrally planned economies.

________ is the quantity of a good or service that buyers are willing to purchase at a specific selling price.

Fiscal policies deal directly with ________.

Scenario: Globetrotter Sam Johnson Sam Johnson is an individual who accepts risks and opportunities involved in creating and operating new business ventures worldwide. He has been considering China, France, or Vietnam for his next venture. -If Sam selects France for his venture, he should know that France is a(n) ________.

Governments of transition economies must spend a great deal of money in all the following areas EXCEPT ________.

Discuss the varied roles of government in a market economy.

The main goal of privatization is to increase ________, boost ________, and raise ________.

A company that is able to control a product's supply and, therefore, its price is considered a(n) ________.

When we combine newly industrialized countries with countries that have the potential to become newly industrialized, we arrive at a category called ________.

Like privatized companies, government-owned companies seldom produce competitive products at fair prices.

North Korea follows an economic policy of ________.

Inflation can be controlled through ________.

________ is rooted in the ideology that the welfare of the group is more important than individual well-being.

Scenario: Cleanshot USA in Russia When Cleanshot USA, a photography products company, decided to enter the international arena it chose Russia as its main market. Although Russia has been in transition for years, Cleanshot believes it has tremendous opportunities there. -Cleanshot will face which of these obstacle(s) in doing business in Russia, given the economic transition?