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ch 3 vocab
| Term | Definition |
|---|---|
| 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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