Chapter 5 Key Terms

Key Terms

acculturation

the cultural transmission and socialization process that stems from cultural exchange

consumerism

a lifestyle characterized by the acquisition of goods and services

enculturation

the process by which humans learn the rules, customs, skills, and values to participate in a society

humanistic business model

a business model for balancing profitability and responsibility fairly, especially with regard to stakeholders

localization

the process of adapting a product for non-native environments and languages, especially in other nations and cultures

mercantilism

the economic theory that global wealth is static and prosperity comes from the accumulation of wealth through extraction of resources or trade

moral agency

the self-awareness, freedom, and ability to make choices based on one’s perception of right and wrong

universal values

ethical principles that apply everywhere despite differences in time, geography, and culture