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BA= Ch4
Business Admin Chapter 4
| Question | Answer |
|---|---|
| Globalization | process by which the world economy is becoming a single interdependent system. |
| Import | product made or grown abroad but sold domestically |
| Export | product made or grown domestically but shipped and sold abroad |
| North American Free Trade Agreement (NAFTA) | agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico |
| European Union (EU) | Organization for economic, social, and security cooperation among European Nations |
| Association of Southeast Asian Nations (ASEAN) | Organiziation for economic, political, social, and cultural cooperation among Southeast Asian Nations |
| General Agreement on Tariffs and Trade (GATT) | International trade agreement to encourage the multilateral reduction or elimination of trade barriers |
| World Trade Organization (WTO) | Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices |
| Balance of Trade | Economic value of all products a country exports minus the economic value of all products it imports |
| Trade Deficit | Situation in which a country's imports exceed its exports, creating a negative balance of trade |
| Trade Surplus | Situation in which a countrys exports exceed its imports, creating a positive alliance of trade |
| Balance of Payments | Flow of all money into or out of a country |
| Exchange Rate | Rate at which the currency of one nation can be exchanged for a the currency of another nation |
| Euro | Common currency shared among most of the members of the European Union |
| Absolute Advantage | Ability to produce something more efficiently than any other country |
| Comparative Advantage | Ability to produce some products more efficiently than others |
| National Competitive Advantage | International Competitive Advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm straggles, structures, and rivalries |
| Outsourcing | Practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services |
| Offshoring | practice of outsourcing to foreign countries |
| Exporter | firm that distributes and sells products to one or more foreign countries |
| Importer | Firm that buys products in foreign markets and then imports them for resale in its home country |
| International Firm | Firm that conducts a significant portion of its business in foreign countries |
| Multinational Firm | Firm that designs, produces, and markets products in many nations |
| Independent Agent | Foreign individual or organization thats agrees to represent an exporter's interests |
| Licensing Arrangement | Arrangement in which firms choose foreign individuals or organization to manufacture or market their product in another country |
| Branch Office | Foreign office set up by an international or multinational firm |
| Strategic Alliance (Joint Venture) | Arrangement in which a company finds a foreign partner to contribute approximately half of the resources needed to establish and operate a new business in the partner's country |
| Tariff | Tax levied on imported products |
| Subsidy | Government payment to help domestic business compete with foreign firms |
| Protectionism | practice of protecting domestic business against foreign competition |
| Local Content Law | Law requiring that products sold in particular country be at least partly made there |
| Business Practice Law | Law or regulation governing business practices in given countries |
| Cartel | Association of producers whose purpose is to control supple and prices |
Created by:
TeganV
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