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Chapter 4 and 5

Chapter 4/5 Vocabulary World Trade/Business Ownership

TermDefinition
Balance of payments he relationship between the flow of money into and out of a country.
embargo A complete ban on importing certain products
tariff is a tax or surcharge on imports
Exporting selling domestically produced products abroad
Exchange rate based on the rate at which its currency is valued against other currencies.
Balance of trade the relationship between a country’s exports and imports
devaluation. The reduction in value of a country’s currency
quota limits the number of products in certain categories that can be imported
importing Buying foreign goods and raw materials
Governments that control access to foreign currency exchange in accordance with national policy exchange control
North American Free Trade Agreement (NAFTA the accord that removes trade barriers among Canada, Mexico, and the United States.
franchise contractual agreement in which a wholesaler or retailer gains the right to sell another company’s products under that firm’s brand name in compliance with that firm’s operating requirements, common with fast-food firms.
Subcontracting when a firm hires a local company to produce, distribute, or sell a good or service in a foreign market.
foreign licensing agreement A contractual agreement in which one firm allows another to produce or sell its product or use its trademark, patent, or manufacturing processes in a specific geographic area in exchange for royalties
General Agreement on Trade and Tariffs (GATT) an international trade accord to reduce tariffs and standardize trading rules worldwide.
World Bank makes long-term loans for economic development projects
countertrade. International bartering agreements used to facilitate trade
European Union (EU). The federation of European countries that seeks to protect and promote trade among them
World Trade Organization (WTO) the institution that succeeded GATT in monitoring and enforcing trade agreements
joint venture cooperative agreement that allows a company to share risks, costs, profits, and management responsibilities with one or more partners in the host country.
infrastructure. A country’s basic system of communication, transportation, energy and other utility resources is collectively
Franchisors companies that sell franchises to independent business people
limited liability company (LLC) firm is governed under an operating agreement resembling a partnership, except that each partner’s liability for the actions of the other owners is limited.
acquisition occurs when one company buys the assets and assumes the liabilities of another firm.
Microloans small-business loans often used to buy equipment or operate a business
franchisee The purchaser of a franchise
Employee ownership type of business ownership in which workers buy shares of stock in the company that employs them.
Common stock shares that give the owners voting rights but only residual claims on the firm’s assets and income distribution.
home-based business operated from the residence of the business owner, is a widely used and low cost option for new firms.
Small Business Administration (SBA) the principal federal government agency that aids, counsels, and assists small businesses.
conglomerate merger merger between firms whose businesses are unrelated
horizontal merger one firm combines with another firm in the same industry
corporation legal organization whose assets and liabilities are separate from those of its owner(s).
sole proprietorship. A business that is owned by one person
Small business generally defined as any firm that is independently owned and operated, that is not dominant in its market, and that meets a variety of size standards for income and number of employees.
Preferred stock shares that give the owners limited voting rights, and the right to receive dividends or assets before the owners of common stock.
board of directors. The governing authority of a corporation, elected by the common stockholders
S corporations can elect to be taxed as partnership while maintaining the advantages of corporations.
partnership Two or more persons who operate a business as co-owners
Venture capital money invested in a business by another business firm or group of individuals in exchange for an ownership share.
business plan a written document that provides an orderly statement of a company’s goals, the methods by which it intends to achieve those goals, and the standards by which it will measure achievements.
stockholders. Owners of a corporation due to their purchase of stock in the corporation
Franchising a contractual business agreement between a manufacturer or supplier and a dealer.
merger When two or more firms combine to make one company
a vertical merger When firms at different levels in the production and/or marketing process decide to combine into one company
business incubator an organization that provides low-cost common facilities and services to small, start-up businesses.
joint venture. A partnership between companies formed for a specific undertaking
not-for-profit corporation. An organization whose goals do not include pursuing a profit
Created by: tiffanie1719