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Chapter 7

Balance of trade Difference in value between exports and imports of a nation
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
multi-nationals large corporations that have operations in several countries
mini-nationals midsized and smaller companies that have operations in foreign countries
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
joint ventures partnerships between foreign and domestic firms, frequently used or required to conduct business abroad
custom brokers import specialists licensed by the U.S. Treasury Department
letter of credit guarantee of payment obtained by 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; essentials a promise to pay in the future
nationalize to take ownership by government action and without compensation
most-favored-nation status (MFNS) status the United States grants to countries with which it wants to encourage trade
foreign trade zones designated areas of a country where foreign businesses benefit from reduced tariffs
Export-Import Bank (Eximbank) Independent agency of the U.S. government whose purpose is to foster trade between the United States and others countries
international monetary fund (IMF) Multinational agency whose purpose is to help stabilize exchange rates among the currencies of its member nations
general agreement on tariffs and trade (GATT) 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 (NAFTA) international trade among the United States, Canada and Mexico
European Union (EA) Europe's trading bloc; intended as a political as well as economic union
Created by: olongboat18