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Understanding Bus3

Chapter 3

QuestionAnswer
Buying products from another country Importing
Selling products to another country Exporting
The US is the _______ importing nation and the ________ exporting nation? highest and second highest
The movement of goods and services among nations without political or economic barriers free trade
A country should sell to other countries those products that it produces most effectively and efficiently and buy what other countries produce effectively and efficiently comparative advantage
A country that has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries absolute advantage
the total value of a nations exports compared to its imports measured over a particular period of time balance of trade
A company exports exceeds their imports trade surplus
The difference between money coming into a country and money leaving the country plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment balance of payments
Having more money flowing into a country than out of the country favorable balance of trade
Having more money flowing out of a country than in trade deficit
selling products in a foreign country at lower prices than those charged in the producing country dumping
A firm allows a foreign company to produce its product in exchange for a fee or royalty licensing
Giving the rights to use the business name and sell a product or service in a given territory Franchising
A foreign company produces private-label goods to which a domestic company then attaches its own brand name or trademark contract manufacturing
A partnership in which two or more companies join to undertake a major project joint venture
a long term partnership between two or more companies established to help each company build competitive market advantages strategic alliances
the buying of permanent property and businesses in foreign nations foreign direct investment
a company owned in a foreign country by another company (parent company) foreign subsidiary
an organization that manufactures and markets products in man different countries and has multinational stock ownership and multinational management multinational corporation
investment funds controlled by governments holding large stakes in foreign companies sovereign wealth funds
lowering the value of a nation's currency relative to other currencies devaluation
a complex form of bartering in which several countries may be involved each trading goods for goods or services for services countertrading
the use of government regulations to limit the imports of goods and services trrade protectionism
believing that a nation must export more than they import mercantilism
taxes on imports tariffs
omits the number of product in certain categories a nation can import import quota
a complete ban on the import or export of a certain product or the stopping of all trade in a country embargo
1948 agreement that established an inter nation forum for negotiating mutual reductions in trade restrictions GATT general agreement on tariffs and trade
international organization that replaced GATT and assigned the duty to mediate trade disputes among nations WTO World trade organizations
A regional group of countries with a common external tariff, no internal tariffs, and coordinated laws to facilitate exchange among members common markets
agreement that created free trade between the US, canada, and mexico NAFTA
agreement that created free trade with Costa Rica, the Dominican Republic, El Salvador, Guatamala, Honduras, and Nicaragua CAFTA
Less-strategic tasks can be sent elsewhere so the company can focus on growing more efficient consumers benefit from lower prices pros of offshore outsourcing
jobs are lost permanently reduces product quality communication challenges cons of offshore outsourcing
Created by: kellyderbes
 

 



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