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Marketing Chapter 9

TermDefinition
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
Created by: lilready44
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