Organisation and Management – An International Approach – 3rd edition 2015
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Harmonisation
The directing of an organisation taking the surroundings into consideration.
Surroundings
The local community or society, consisting of individuals and interested parties.
External factors
Environmental factors that organisations can influence to a lesser extent.
Customs union
A free trade zone in which a common trade policy is followed.
Economic union
Occurs when member countries transfer their economic and political sovereignty to common institutions. Economic union is a form of integration whereby monetary administration and financial policies are harmonised, as well as there being a common market.
Common market
A customs union where restrictions on production location within the market have been removed.
Political and economic union
Union where member states have joined together completely (e.g. the United States of America).
Free trade zone
A form of economic integration where mutual trade barriers have been abolished by the participating countries but trade has not been completely harmonised.
Sustainable business
Sustainable business derives from the notion of sustainable development. There will be an added benefit for society (as well as for the business itself) if businesses make a conscious decision to act in a socially responsible way that goes further than the law requires. Sustainable business is also known as corporate social responsibility.
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