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JA Terms

TermDefinition
Appreciate To gain value.
Bilateral Agreement An agreement between two nations.
Business Practice A usual way of doing business.
Capital Resource A good used to make a finished product.
Consumer A person who buys products or services.
Culture The way of life of a group of people who share traditions, interests, beliefs, and everyday activities.
Currency A nation's money.
Delegation A group of people sent to speak and act for others.
Depreciate To lose value.
Dispute An argument, debate, or quarrel.
Domestic Trade An exchange of goods or services with people and businesses in your own country.
Economy How a country manages its resources to produce and distribute products.
Embargo A ban on trade with another country for one or all of its goods.
Emigrate To permanently leave one country for another; people who emigrate are emigrants.
Entrepreneur A person who starts his or her own business in hope of earning a profit.
Ethics A code of conduct that helps determine what is good, right, and proper.
Exchange rate The price of one nation's currency in terms of another nation's currency.
Export A good or service sold to another country.
Franchise A special right given to a businessperson to sell a company's product.
Free trade A belief that products should be free to move from country to country without barriers.
General Agreement on Tariffs and Trade (GATT) The basic law of international trade; countries that are members of the World Trade Organization (WTO) agree to obey GATT rules.
Global trade Occurs when goods or services are marketed around the world.
Good An item that can be bought and sold.
Human Resource A person who works at company, business, or organization.
Immigrate To permanently enter a new country from another; people who immigrate are immigrants.
Import A good or service bought from another country.
Input The number of workers, their resources, and the length of time worked to produce a product.
Intellectual Property Any product of the human intellect that is unique, novel, and marketable. Examples include: an idea, invention, literary or musical creation, name, business method, industrial process, chemical formula, or computer program process.
International Trade An exchange of goods or services with people and businesses in other countries.
Manufacture To make products by hand or machinery.
Market A place where trade occurs.
Multilateral Agreement An agreement between more than two nations.
Natural Resource The raw material necessary to make a finished product.
Negotiate To discuss a deal or problem in hope of reaching an agreement.
North American Free Trade Agreement (NAFTA) An agreement between the governments of the United States, Mexico, and Canada to lower trade barriers on one another's products.
Output The amount of a good produced.
Producer A person who makes or produces a good and/or service.
Productivity The amount of a good produced (output) by a certain number of workers, their resources, and the length of time worked (Input).
Quota A control on the amount of a product that can be imported into a country.
Resource Something of value that can be useful (Natural, human, capital).
Respect To feel or show honor for a person, her or his rights, and way of life.
Restrict To keep within bounds or to set limits.
Service Work done by someone for someone else.
Standard A requirement that stops or limits the sale of a product not meeting certain specifications.
Subsidy A government action that decreases an Industry's productions costs, which also decreases the price of the industry's good(s).
Supply and Demand The amount of a good or service available and the desire of buyers for it.
Tariff A tax on a good imported into a country.
Technology To accomplish a task using specialized tools, methods, or knowledge.
Trade An exchange of a good or service.
Trade Barrier A regulation or law that slows or percents trading with other nations.
World Trade Organization (WTO) An organization acting as a court to hear and settle trade disputes among its member nations.
Created by: Dludden03