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Chapter 5

Vocab

TermDefinition
Globalization Connections made among nations when economies freely move goods, labor, and money across borders
Culture Shared beliefs, customs, practices, and social behavior of a particular group or nation.
Trade Buying an selling of goods and services across national borders.
Exports Goods and services that are produced within a country's borders and sold in another country
Imports Goods, services and capital that are brought into a country from outside its borders
Balance of Trade Difference between a nation's exports and its imports
Foreign Exchange Rate Cost to convert one currency into another
Embargo Government order that prohibits trade with a foreign country
Tariff Governmental tax on imported goods
Quota Limit on the amount of a product imported into a country during a specific period of time
Logistics Planning and managing the flow of goods, services and people to a destination.
Diversity Having people from different backgrounds, cultures, or demographics coming together in a group
Intercultural Communication Process of sending and receiving messages between people of various cultures
ESL Known as English as a second Language
Multinational Corporation Business that operates in more than one country
Licensing When a business sells the right to manufacture its products or use its trademark
Franchise Right to sell a company's goods or services in a specific area
Franchisor Parent company that owns the chain or the brand
Franchisee Person or company that buys the rights to use the brand
Joint Venture Partnership of two or more companies that work together for a specific business purpose.
Created by: bwilber
Popular Business sets

 

 



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