Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing Chapter 7
Marketing Chapter 7 Vocab Review
| Term | Definition |
|---|---|
| international trade | International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. |
| balance of trade | the difference in value between a country's imports and exports. |
| imports | An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade |
| exports | send (goods or services) to another country for sale |
| 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 (such as making a specific product) more efficiently than another activity. |
| multinationals | a company operating in several countries |
| mini-nationals | Mini-Nationals. These are midsize or smaller companies that have operations in foreign countries. |
| trade concerns | Trading concern means a company or vehicle whose main activity is the carrying on of a trade, profession or vocation. |
| tariff | a tax or duty to be paid on a particular class of imports or exports. |
| quota | fixed share of something that a person or group is entitled to receive or is bound to contribute |
| embargo | an official ban on trade or other commercial activity with a particular country |
| joint ventures | A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task |
| customs brokers | An individual or firm licensed by US Customs and Border Protection (CBP) to act as an intermediary for importers and exporters in handling the sequence of customs formalities involved in the customs clearance and importing/importation of goods. |
| letter of credit | A letter of credit, or a credit letter, is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. If the buyer is unable to make a payment on the purchase... |
| time draft | A time draft is a type of payment document whereby a buyer accepts shipped goods and agrees to pay the seller at a specified future date. It is a type of short-term credit used to finance international transactions |
| nationalize | transfer (a major branch of industry or commerce) from private to state ownership or control |
Created by:
mgrisanti24
Popular Marketing sets