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Description
Flashcards by Jonas Klint Westermann, updated more than 1 year ago
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Created by Jonas Klint Westermann
almost 10 years ago
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| Question | Answer |
| What is the difference between legislation and regulation | Legislation: Directive proposed by legislative body (the commission). More broad. Regulation: Specific requirement within legislation. Details how legislation is enforced. |
| Walzer's thick and thin cultures. | Thin culture: Cultural commonalities, i.e., preoccupations (environment, terrorism, etc) Thick culture: Cultural diversity, i.e. languages, history, work/eating habits (socialization continues a lifetime, however more influenced the younger you are) |
| Hofstede's model. | PIMUL: Power Distance Individualism Masculinity Uncertainty Avoidance Long term (Indulgence vs constraint) |
| Definition of Europeanization | Basically: Globalization on a European scale. Integration of economies, development of common policies |
| Impacts of Europeanization. | - Increase of business opportunities. - More competition, new markets. - Lower costs of business (centralized decision making, simplification due to harmonization) - Increased circulation (4 freedoms of movement) |
| Adam Smith's Absolute Advantage. | Produce more than competitors using same amount of resources. A country should produce what they do best, and import the rest. |
| Comparative Advantage. | Produce a good with lower opportunity costs than competitors. Specialize production and import the rest. |
| New trade theory. | Criticism of international free trade. Protectionism until an industry has become strong enough to face free competition. Subsidies to help develop market. |
| Theory of international investment. | FDI in foreign country helps develop host country's economy. Principle which drives economic integration in the EU. |
| EU Competition Policy aim. | Regulation Aim: Ensure competition in internal market is not distorted. Produce high quality goods, investment in technological developments. |
| EU Competition Policy instruments. | Main legal instruments: - Antitrust provisions - Anti-state aid provisions - Merger control Law instrument: - Commision regulations |
| Negative integration. | Remove barriers, laws, etc. that 'prohibit' integration, i.e. national barriers. |
| Positive integration. | Modification of instruments, allowing for further integration. |
| Formal integration. | Laws, regulations etc. become the same. |
| Informal integration. | More dependant on each member state economically, i.e. imports/exports. |
| Internationalization. | Increasing importance of relations between nations. Nations remain sovereign. |
| Definition of Globalization. | Global economic integration, removal of national barriers, economic disintegration. |
| Negative consequences of Globalization. | - Standards lowering competition (race to the bottom) - Rise of mergers, monopolies - Excessive national specialization (range of choice of living narrowed) |
| Free trade argues. | Economic well-being measured by standard of living. Pro comparative advantage, as standard of living higher when countries specialize. |
| Gains from Free Trade. | Does NOT create jobs. - Income (reallocation of resources from high to low productivity sectors) - International capital - Labor mobility (leaves low wage, labor abundant economies to high wage, labor scarce economies) |
| Consequences of tariffs. | • Tariff —> Not enough export to e.g. U.S. —> Unable to find jobs in home country —> Labor inflow due to immigrants seeking jobs in U.S. • To stop labor inflow: Reduce welfare state, follow free trade policy |
| Information research in marketing. | Internal data: annual reports, sales. External data: - Primary: Information needed to assess business opportunities, marketing strategy. - Secondary: Information helping to analyze market conditions (i.e. quantative: surveys, statistics or qualitative: observation, interview) |
| The 4 Ps. | Placement Product Promotion Price |
| The 3 service Ps. | Person Process Physical evidence |
| Market segmentation. | Subdividing a market into segments in which they behave the same way (demography, geography, psychology, etc) |
| Market conditions. | Political, legal conditions. Demographic: Children segment, male segment, etc. Socio-cultural, historical: Ways of thinking, preferences. |
| Integration theory: Functionalism. | Each state remains a high level of sovereignty. No deeper EU political integration. Market ruled by invisible hand. Endorsed by: UK, Scandinavia. |
| Integration theory: Neo-functionalism. | Integration inevitable. Primary endorser: Jean Monnet. |
| Integration theory: Federalism. | Basis of EU treaties. Believes in common currency, common policies, etc. Main endorser: Germany. |
| Integration theories: Intergovernmentalism. | More power to council of ministers, European council. |
| The EU Commission. | Represents the interests' of the EU. Proposes new laws. President: Juncker. Commissioner from each MS (chosen by national government) Executive branch. |
| The European Parliament. | Represents EU citizens. President: Martin Schultz. Members decided by EU citizens. Legislative branch. |
| The Council. | Represents the interests of the member states. Ministers from each member state. Legislative and budgetary functions (together with parliament) Uses qualified majority voting sin treaty of Lisbon. Legislative branch. |
| The Court of Justice. | Judicial branch. |
| The European Council. | Heads of state and president of European Council (Donald Tusk) Decides the future and political direction of the EU. |
| Single European Act. | 1986 Increased role for Parliament. More policy competences for commission. Set out to create single market. |
| Maastricht Treaty. | 1992. European citizenship. EMU - the Euro. Accepted in DK after ratifications. |
| Amsterdam Treaty. | 1997. Increase of power to Parliament. |
| Nice Treaty. | 2001. QMV extended. More co-decision. |
| Treaty of Lisbon. | 2007. More democracy, transparency. More QMV. Promote EU as global actor. |
| Copenhagen Criteria. | Requirements for membership of the EU. |
| Convergance Criteria. | Requirements for membership of the Euro. |
| Treaty of Rome. | 1957. European Economic Community. Less centralization, more economic integration. |
| Porters Five Forces. | Buyer power. Supplier power. New Entry. Competitive Rivalry. Substitution. |
| Porter's Diamond. | National advantage. Factor conditions (factors created by own government, e.g. skilled resources). Demand conditions. Related/supporting industries. Firm strategy, structure, rivalry. |
| Simple majority. | The biggest share. |
| Absolute majority. | 50% + 1 vote |
| Qualified Majority Voting. | Higher majority than absolute majority. |
| Double majority. | 55% of member states, 65% of EU population. |
| Difference between market-making and market-shaping. | Market-making: Emphasis on market competition and market efficiency. Market-shaping: Emphasis on consumer protection and financial protection. Preferred by the EU. |
| European Central Bank Quantitative Easing. | Low/negative inflation -> low growth, unemployment. ECB invest in market -> Devaluation of euro -> more investment from US, benefits EU competitive position. ECB invest in bonds -> Lower interest rates -> Investments/Spends money -> Growth |
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