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IMS 3310 Chapter 2
IMS 3310 Chapter 2 Terms
| Question | Answer |
|---|---|
| Institutional Transitions | Fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players. |
| Regulatory Pillar | The coercive power of governments exercised through laws, regulations, and rules. |
| Normative Pillar | The mechanisms through which norms influence individual and firm behavior. |
| Cognitive Pillar | The internalized, taken-for-granted values and beliefs that guide individual and firm behavior. |
| Transaction Costs | The costs associated with economic transactions or, more broadly, the costs of doing business. |
| Opportunism | The act of self-interest with guile. |
| Political System | The rules of the game on how a country is governed politically. |
| Democracy | A political system in which citizens elect representatives to govern the country on their behalf. |
| Totalitarianism (or Dictatorship) | A political system in which one person or party exercises absolute political control over the population. |
| Political Risk | Risk associated with political changes that may negatively impact domestic and foreign firms. |
| Legal System | The rules of the game on how a country's laws are enacted and enforced. |
| Civil Law | A legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgments. |
| Common Law | A legal tradition that is shaped by precedents from previous judicial decisions. |
| Theocratic Law | A legal system based on religious teachings. |
| Property Rights | Legal rights to use an economic property (resource) and to derive income and benefits from it. |
| Intellectual Property | Intangible property that results from intellectual activity (such as the content of books, videos, and websites). |
| Intellectual Property Rights (IPR) | Legal rights associated with the ownership of intellectual property. |
| Patents | Exclusive legal rights of inventors to derive income from their inventions through activities such as manufacturing, licensing, or selling. |
| Copyrights | Exclusive legal rights of authors and publishers to publish and disseminate their work. |
| Trademarks | Exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others. |
| Piracy | The unauthorized use of intellectual property rights. |
| Economic System | The rules of the game on how a country is governed economically. |
| Market Economy | An economy that is characterized by the "invisible hand" of market forces. |
| Command Economy | An economy in which theoretically all factors of production are state-owned and state-controlled, and all supply, demand,and pricing are planned by the governments. |
| Mixed Economy | An economy that has elements of both a market economy and a command economy. |
| Washington Consensus | A view centered on the unquestioned belief in the superiority of private ownership over state ownership in economic policy making, which is often spearheaded by two Washington-based international organizations: The IMF and World Bank. |
| Moral Hazard | Recklessness when people and organizations (including firms and governments) do not have to face the full consequences of their actions. |
Created by:
Desy91
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