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Marketing Chapter 7
| Term | Definition |
|---|---|
| balance of trade | the net flows of currency in international markets. |
| imports | Imports are goods or services of foreign origin that importers bring into a country. |
| exports | exporting goods to other countries of the world. |
| absolute advantage | a capacity of an individual, a business, a region, or a country to produce a higher quantity of product or service with lower or the same costs/resources that its competitor. |
| comparative advantage | Competitive advantage refers to a company's ability to outperform its competitors. |
| multinationals | l if it functions in its country of origin and has a branch in at least one foreign country. |
| mini-nationals | Midsize or smaller companies that have operations in foreign countries |
| tariff | a type of tax a government charges to international buyers for a product or service. |
| quota | . A restriction that the government imposes on imports. |
| embargo | A ban on the import of a certain product |
| joint ventures | , a strategic business partnership |
| customs brokers | key component in logistics and supply chain management |
| letter of credit | certification to maintain the authentication and proper relationship between buyers and sellers. |
| draft | A draft, also called a bill of exchange, may be payable to a named person or his order (order draft), or to bearer (bearer draft). |
| time draft | document acknowledging a promise to make a payment after a specific period. |
| nationalize | to invest control or ownership of in the national government |
| most-favored-nation status (MFNS) | economic position in which a country enjoys the best trade terms given by its trading partner (s). |
| foreign trade zones | A foreign-trade zone is a designated location in the United States where companies can use special procedures that help encourage U.S. activity. |
| eximbank | are government or semi government agencies that ensure the safety and growth of a country’s foreign trade |
| international monetary fund (IMF) | an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty. |
| General Agreement on tariffs and trade (GATT) | a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. |
| North American Free Trade Agreement (NAFTA) | an agreement that brought together three North American countries |
| European Union (EU) | for a particular Product, receipt of both (i) Marketing Approval from the EMA (or, in the case of the United Kingdom, MHRA) |
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Skelly2331
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