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Chapter 3 vocab
Peyton / Brokenshaw
| Term | Definition |
|---|---|
| Imports | bring goods services into a country from aboard for sale |
| exports | send goods or services to another country for sale |
| balance of trade | a net exports is the difference between the monetary value of nations . |
| balance of payments | the difference between the amount of money that come into a country and the amount that goes out. |
| exchange i ate | the value of one currency for the purpose of conservation to another. |
| domestic business | the making , buying and selling of goods and services within country. |
| intentional business | business activities needed for activities creating , shipping and selling goods and services across national borders |
| absolute | when a country can produce a good or service a lower cost than other countries . |
| comparative advantage | a situation in which a country specializes in the production of a good or a service at which it is relatively more efficient |
| foreign debt | the amount a country owes to other countries |
| trade surplus | a situation in which country exports more than it imports |
| trade deficit | a situation in which country exports more than it exports |
| infrastructure | a factor that supports international trade in industrialized countries , including nations transportation communication , and utility systems |
| trade barrier | restriction to free trade |
| quota | a government set limit on the quantity of a product that ma be imported or exported within a given period |
| tariff | a tax that a government places on certain imported products . |
| embargo | an action imposed by the government to stop the export of a product completely |
| culture | the accepted behavior custom of values of a society |
| formal trade zone | a selected area where products can be imported duty free and then stored assembled and / or use in manufacturing |
| free trade agreement | an agreement between member country to remove duties and trade barriers on products traded among them |
| common market | a market in which members do away with duties and other trade barriers |
| multinational company | an organization that does business in several countries. It usually consist of a home country and divisions |
| joint venture | a unique business organized by two or more other business to operate for a limited time and for a specific project |
| global strategy | a strategy that use the same product and marketing strategy worldwide. |
| mulinational strategy | a strategy that treats each country market differently . |
| licensing | selling the right to use some intangible property for a free royalty. |
| franchise | the company purchasing the rights to run the business |
Created by:
peyton.nero0826
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