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International intro

TermDefinition
Adaptation The process of adjusting to environmental stimuli such that the stimuli become less noticed.
Balance of Trade The difference between exports and imports
Contract Manufacturing A joint venture method by which work is contracted to a qualified manufacturer to produce the product(s)
Customization Tailoring the product to the special and unique needs of the customer. Each buyer is potentially a unique segment.
Embargo The prohibition of shipment of goods or services to designated countries.
European Union (EU) Free trade among European nations, all using the euro.
Exports good and services sold to other countries.
Foreign Direct Investment (FDI) Investing in a country with control of influence over the direction of the investment.
Free Trade The area of jurisdiction encompassing a group of countries that ha have agreed to abolish all internal barriers to trade between the member countries.
Globalization When a business sells the same product to other countries without any customization.
Imports goods and services purchased from other countries.
International Trade the exchange of goods and services among nations.
Joint Venture A form of participation in foreign markets by means of alliance with a local partner.
Licensing An agreement between two companies in which the licenser grants the right to the licensee to sell a patented product in specified markets for an agreed-upon fee
North American Free Trade Agreement trade agreement between Canada, the United States, and Mexico.
Protectionism The use of legal controls of protect domestic businesses and industries from foreign competition.
Quota A trade term that denotes a specific numerical or value limit applied to a particular type of good either in the case of exports or imports of goods.
Tariff A published set of rates for transportation and distribution services.
World Trade Organization (WTO) a global group of nations that make the rules governing international trade.
Created by: Justin Jackson
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