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Chapter 4- vocab
Chapter 4- Global A
| Term | Definition |
|---|---|
| International Trade | The exchange of goods and services among nations |
| Imports | Goods and services purchased from other countries |
| Exports | Goods and services sold to other countries |
| Balance of Trade | The difference in value between exports and imports of a nation |
| Free Trade | Commercial exchange between nations that is conducted on free market principals without restrictive regulations. |
| Tariff | A tax on imports |
| Quota | Limits either the quantity or the monetary value of a product that may be imported |
| Embargo | a total ban on specific goods coming into and leaving the country. |
| Protectionism | A governments establishment of economic policies that systematically restrict imports in order to protect domestic industries |
| World Trade Organization | A coalition of nations that make rules governing international trade |
| North American Free Trade Agreement (NAFTA) | an international trade agreement among the United States, Canada, and Mexico. |
| European Union(EU) | The European trading bloc |
| Licensing | Involves letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty |
| Contract Manufacturing | Involves hiring a foreign manufacturer to make your products |
| Joint Venture | a business enterprise that companies set up together. |
| Foreign Direct Investment (FDI) | The establishment of a business in a foreign country |
| Multinationals | Large corporations that have operations in several countries |
| Mini- nationals | are midsize or smaller companies that have operations in foreign countries |
| Globalization | Selling the same product and using the same promotion methods in all countries |
| Adaption | A companies use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region |
| Customization | Creating specific designed products or promotions for certain countries or regions. |
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82RaiTur
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