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BUSN-1010 Conroy 4
Chapter 4
Question | Answer |
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Balance of Trade | The value of a country's exports compared to the value of its imports as measured over a particular period of time. |
Common Market | Also known as an economic community or a trading bloc, a group of nations within a geographical region that have agreed to remove trade barriers with each other. |
Dumping | The practice of a foreign company exporting products abroad at a lower price than the price in the home market--or even below the costs of production---in order to drive down the price of the domestic product. |
Exporting | When a company produces goods domestically and sells them outside the country. |
Free Trade | The movement of goods and services among nations without political or economic restrictions. |
Importing | When a company buys goods outside the country and resells them domestically. |
Tariff | A trade barrier in the form of a customs duty, or tax, levied mainly on imports. |
Trade Deficit | An unfavorable balance of trade, which exists when the value of a country's total imports exceeds the value of its total exports. |