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Marketing Chapter 9
Term | Definition |
---|---|
Gross domestic product (GDP) | The market value of a nation's total output of goods and services for a given period; an overall measure of economic standing |
Import Tariff | A duty levied by a nation on goods bought outside its borders and brought into the country |
quota | A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time |
embargo | a government's suspension of trade in a particular product or with a given country |
exchange controls | government restrictions on the amount of a particular currency that can be bought or sold |
balance of trade | the difference in value between a nation's exports and its imports |
North American Free Trade Agreement (NAFTA) | An alliance that merges Canada, Mexico, and the United States into a single market |
dumping | Selling products at unfairly low prices |
importing | The purchase of products from a foreign source |
exporting | The sale of products to foreign markets |
Globalization | The development of marketing strategies that treat the entire world (or its major regions) as a single entity |