Glossary

a legal system based on a procedure where parties in dispute are responsible for findind and presenting evidence

the decline in the number of young adults and the rising rate of people growing older

an agreement between two or more parties enforceable by law

a documented strategy that highlights business's goals and lists processes and resources required to achieve those goals

includes different types of distance: cultural, administrative/political, geographic, and economic

a legal system that is governed by statute and relies on comprehensive legal codes

an economy where economic decisions are passed down from government authority and where the government owns the resources

a law system that is based precendents — the past decisions made by judges

form of totalitarianism in communist states such as Soviet Union and Eastern Europe, where the state takes away all individual rights

a measure of inflation that government statisticians calculate based on the price level from a fixed basket of goods and services that represents the average consumer's purchases

the relationship between price and the quantity demanded of a certain good or service, assuming other influences on demand remain constant

a political system in which the people choose the government leaders

economic growth that is the result of changes in age structure of a country's population

when people make their own decisions about policies and issues

a concept, process, product, service, or business model that creates a new value field

costs associated with delivering the product from the manufacturer's location to the buyer's location

reasonable steps taken by a person or an organization in order to satisfy a legal requirement

fixed fees that government of a country put on all products imported from other countries

refund of duties, taxes, and fees paid on certain product categories of goods imported to a country

entering a market before other foreign firms

the possibility that changes in macroeconomic factors will negatively impact a company or an investment

reduction in the long-run average cost of production that occurs as total output increases

a way of thinking, the ability to transform and a holistic approach to turning innovation into a successful business

is a state institution that implements laws passed by legislature

consist of extra costs associated with packaging, labelling, marking boxes or cases, and strapping

the resources such as labour, materials, and machinery that are used to produce goods and services; also called inputs

refers to the competitive benefits gained by a company that first introduces a product or a service to a specific market

are unwritten routine conventions of everyday life which are learned through socialization

the market in which people or firms use one currency to purchase another currency

is an economic system, where factors of production are privately owned and production of goods and services is determined by the interaction of the two market forces: supply and demand

refers to freedom of economic activities with no governement intervention or regulations

are intermediaries between manufacturers and shipping companies

measure of the size of total production of goods and services in an economy in a single year

bundles of resources, capabilities, and competencies that are unique and different from other rivals

a measure of growth in qualitative factors of human life

when resources cannot move easily from company to company

a greater access to talent and diverse skills

a general and ongoing rise in price levels in an economy

legal system in which the court, or part of the court, is actively involved in investigating the facts of the case

resources that are invisible and have no physical attributes such as culture, knowledge, brand, or reputation; also includes intellectual property as identified in patent, designs, copyrights, trademarks, and trade secrets

a term used for intangible assets owned by a company and legally protected by the company from outside use, without authorization

a country's court system and the judges responsible for interpreting and applying a country's laws; usually independent of the legislature or executive

entering a market after other international firms have already established their operations

a group of elected representatives that propose and pass legislation

state institution that passes laws of the country, also a legislative body

factors that impact wide range of population rather than small range of individuals

economy in which some sectors are owned by the state and some are left to private ownership

a situation in which one firm produces all of the output in a market and other entities cannot compete

are written rules which support social institutions such as public schools, healthcare system, military, etc.

total income a person earns with no adjustments for inflation

prices of products and or services that are not adjusted for inflation

the interest rate before the adjustment for inflation rate

social rules and guidlines that define appropriate behaviour in a specific situation

labour force of a country, employed or in search of a job

set by central banks and used by financial institutions among themselves for one day lending transactions; also known as overnight rate

the study of interrelationship between political, economic, and legal systems of a country

the rate at which one country's currency is exchanged for the currency of another to purchase the same basket of goods and services

past decisions made by judges

consists of raw materials, labour, manufacturing overhead costs, administration costs, etc.

a measure of the value of goods and services produced in an economy when it is adjusted for price changes, i.e. inflation or deflation, in a specific time period

income that is adjusted for inflation

the nominal rate minus inflation rate

when people elect officials to represent them in the government

an approach that uses internal resources in new ways to exploit external opportunities rather than acquiring new skills or resources

a process where a product is deconstructed for the purpose of enhancing its performance or duplication

also known as fascism, where individuals have some economic freedom, but the government restricts most civil rights and controls culture

the official right to ownership of tangible and intangible property that can be used, controlled, and transferred or passed as an inheritance

means the ability of individuals to change positions within a social stratification system

the design of social relations, the way people and groups treat each other and interact with each other

a written law passed by a legislative body

a commitment that has a long-term impact and is difficult to reverse

the relationship between price and the quantity supplied of a certain good or service

continuous improvement to the product over a long period of time

resources that have physical attributes

fees imposed by governments at a give time on certain imported products or categories of products to protect domestic industries

fees applied to all products sold in a country

the law system that is based on religious teaching

a type of political system where the state controls all aspects of a society and takes away individual rights and freedom for the benefit of the state

price charged for goods and services between affiliated companies; legislation requires that the price is determined under arm's length terms

the percentage of the labour force that is unemployed

shared ideas of what a group considers good or bad, right or wrong

a model identifying the firm’s internal resources and capabilities for sustainable competitive advantage by value, rarity, initimability, and organization

official working age population of a country, include both economically active and inactive

is lead by the rise of fertility rate and the decline in mortality rate