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Chapter 5
Exam 3
| Term | Definition |
|---|---|
| gross domestic product (GDP) | the total market value of all final goods and services produced in a country for a given time period |
| job outsourcing | sending U.S. jobs abroad |
| multinational corporation | a company that is heavily engaged in international trade, beyond exporting and importing |
| capital intensive | using more capital than labor in the production process |
| global marketing standardization | production of uniform products that can be sold the same way all over the world |
| multidomestic strategy | when multinational firms enabled individual subsidiaries to compete independently in domestic markets |
| Mercosur | the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela |
| Uruguay Round | an agreement to dramatically lower trade barriers worldwide, created the World Trade Organization |
| World Trade Organization (WTO) | a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT) |
| General Agreement on Tariffs and Trade (GATT) | a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements |
| North American Free Trade Agreement (NAFTA) | an agreement between Canada, the U.S., and Mexico that created the world's then-largest free trade zone |
| Central America Free Trade Agreement (CAFTA) | a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the U.S. |
| European Union (EU) | a free trade zone encompassing 27 European countries |
| World Bank | an international bank that offers low-interest loans, advice, and information to developing nations |
| International Monetary Fund (IMF) | an international organization that acts as lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation |
| Group of Twenty (G-20) | a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability |
| exporting | selling domestically produced products to buyers in other countries |
| buyer for export | an intermediary in the global market who assumes all ownership risks and sells globally for its own account |
| export broker | an intermediary who plays the traditional broker's role by bringing buyer and seller together |
| export agent | an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market |
| licensing | the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge |
| contract manufacturing | private label manufacturing by a foreign company |
| joint venture | when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity |
| direct foreign investment | active ownership of a foreign company or of overseas manufacturing or marketing facilities |
| floating exchange rates | a system in which prices of different currencies move up and down based on the demand for and the supply of each currency |
| dumping | the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter |
| countertrade | a form of trade in which all or part of the payment for goods or services is in the form of other goods or services |
| blog | a publicly accessible Web page that functions as an interactive journal, where readers can post comments on the author's entries |
Created by:
bdavid16
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