First Mover Advantages: Advantages accruing to the first to enter a market.

Factor Endowments: A country is endowed with resources such as land, labour and capital.

Absolute Advantage: A country has an absolute advantage in the production of a product when it is more efficient than any other country at producing…

Comparative Advantage: The theory that countries should specialize in the production of goods and services they can produce more efficiently. A country is said to…

Class Consciousness: A tendency for individuals to perceive themselves in terms of their class background.

Class System: A system of social stratification in which social status is determined by the family into which a person is born and by subsequent…

Individualism: An emphasis on the importance of guaranteeing individual freedom and self-expression.

Collectivism: An emphasis on collective goals as opposed to individual goals.

Cross Cultural Literacy: Understanding how the culture of a country affects the way business is practiced.

Culture: The complex whole that includes knowledge, belief, art, morals, law, custom, and other capabilities acquired by a person as a member of society.

State Directed Economy: An economy in which the state plays a proactive role in influencing the direction and magnitude of private sector investments.

Mixed Economy: Certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant government ownership and government…

Command Economy: All economic systems where due allocation of resources, including determination of what goods and services should be produced and in what quantity is…

Market Economy: The allocation of resources is determined by the invisible hand of the price systems.

Political risk: The likelihood that political forces will cause drastic changes in a country's business environment that will adversely affect the profit and other goals…