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ch 3 vocab

TermDefinition
imports are items bought from other countries
exports goods and services sold to other countries
balance of trade countries total exports and total imports
balance of payments is the difference between the amount of money that comes into a country
exchange rate is the value of a currency in one country
infrastructure refers to a nations transportation
trade barrier are formal trade barriers
quota to regulate international trade governments set a limit on the quality
tariff a tax that a government places on certain imports products
embargo stop exports or imports of a product completely
multinational company is an organization that does business in several countries
joint venture is an agreement between 2 or more companies to share a business project
domestic business has the advantage of only having to deal with its local currency, customs, culture, regulations and tax system.
international business as commercial transactions that occur across country borders. When a company sells products
absolute advantage the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
comparative advantage the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
foreign debt n outstanding loan or set of loans that one country owes to another country or institutions within that country
trade surplus the amount by which the value of a country's exports exceeds the cost of its imports.
trade deficit the amount by which the cost of a country's imports exceeds the value of its exports.
culture the arts and other manifestations of human intellectual achievement regarded collectively.
formal trade barrier are generally classified as. import policies reflected in tariffs and other import charges, quotas, import licensing, customs practices, standards, testing, labeling, and various types of certification
informal trade barrier are varied in form but generally impact on trade indirectly
free-trade zone a specific class of special economic zone
free-trade agreement regulate tariffs and other trade restrictions between two or more countries
common market a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
global strategy in business terms is an organization's strategic guide to globalization
multinational strategy marketing is the process of advertising and selling products and services to customers around the world.
licensing grant a license to permit the use of something or to allow an activity to take place.
franchise an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
Created by: DanielRuthe
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