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Marketing Ch 7
♪ Nya nya nyan`•.,¸,.•*¯`•.(=^◕ω◕^) nyan nyan nanyan nya ♪
| Question | Answer |
|---|---|
| International trade | Exchange of goods and services between nations |
| Imports | Goods and services purchased from other countries |
| Exports | Goods and services sold to other countries |
| Absolute Advantage | Advantage a nation has when it possesses natural resources or capabilities that allow it to produce a given commodity at a lower cost than any other nation in the world |
| Comparative Advantage | Advantage a nation gains by selling the goods it produces more efficiently than other goods |
| Balance of trade | Difference in value between exports and imports of a nation |
| Tariff | A tax on imports; also called a duty |
| Quota | Limit on either the quantity or monetary value of a product that may be imported |
| Embargo | Total ban on specific goods coming into and leaving a country |
| Most-Favored-Nation Status (MFNS) | Status the United States grants to countries with which it wants to encourage trade |
| Foreign Trade Zone | Designated areas of a country where foreign businesses benefit from reduced tariffs |
| Export-Import Bank | Independent agency of the U.S. government whose purpose is to foster trade between the United States and other countries |
| International Monetary Fund | Multinational agency whose purpose is to help stabilize exchange rates among the currencies of its member nations |
| General Agreement of Tariffs and Trade | International trade agreement designed to promote global free trade through the reduction of tariffs and the use of a common set of rules for trading |
| North American Free Trade Agreement | International trade agreement among the United States, Canadia, and Mexico |
| European Union | Europe's trading bloc;intended as a political as well as an economic union |
| Customs Brokers | Import specialists licensed by the U.S. Treasury Department |
| Letter of Credit | Guarantee of payment obtained by a foreign customer that allows a U.S. exporter to be paid by a U.S. bank as soon as goods have been shipped |
| Draft | Exporter's authorization to a foreign bank to collect money owed for a shipment and release shipping documents to a foreign customer once payment is made |
| Time draft | Document that allows a foreign customer to take delivery of goods without payment; essentially a promise to pay in the future |
| Multinationals | Large corporations that have operations in several countries |
| Mini-Nationals | Midsized and smaller companies that have operations in foreign countries |
| Joint Ventures | Partnerships between foreign and domestic firms, frequently used or required to conduct business abroad |
| Nationalize | To take ownership by government action and without compensation |
Created by:
Stephen.P
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