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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.

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

During the 1970s, a group of economists pointed out the ability of firms to attain economies of scale that could have important implications for international trade. Their thinking became known as ________.

According to _______, subsidies can help a firm achieve a first-mover advantage in an emerging industry.

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

According to critics of globalization, the fact that young people the world over eat McDonald’s hamburgers, wear clothing made by Spanish company Zara, and listen to pop stars like Drake (Canadian) and Rihanna (Barbadian) on their iPhones shows that consumer tastes are becoming _______.

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

Some opponents of globalization argue that it is enriching elites while impoverishing working class people, who suffer when factories are closed and jobs are shipped abroad. In other words, that it is causing _______.

Privatization occurs when state-owned property is transferred into the hands of individual investors.

The phrase “when in Rome, do as the Romans” is associated with