First-mover advantages are gained by those companies that are the early entrants to an industry or market.

The utilitarian approach to ethics is based on the idea that the moral worth of actions is determined by their ultimate consequences.

The term political economy is used to stress the fact that the political, economic, and legal systems of a country are independent of each other and do not influence one another.

To support his idea that the world is “semi-globalized,” _______ points to the fact that FDI represents less than 10 percent of gross fixed capital formation in most countries rather than 80 or 90 percent.

One common measure of economic development is a country’s _________.

Speed money, grease payments, or facilitating payments are monies paid to:

A(n) ________ is considered an external stakeholder of an organization.

In the “Big Thinkers” video about whether the world is flat, Indian technology entrepreneur Nandan Nilekani cites the case of Pizza Hut in India as proof that globalization is leading to the homogenization of cultural tastes and preferences.

David Ricardo’s theory of comparative advantage attempts to rationalize why some countries export automobiles, consumer electronics, and machine tools, while other countries export chemicals, watches, and jewelry. This rationalization is best explained in terms of

A firm must become a multinational enterprise to engage in international business.