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| the ability to recognize and react to international businesses opportunities, be aware of threats from foreign competition, and effectively use international distribution networks and move finished products to customers. |
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| Goods and services produced in one country and sold to other countries |
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| goods and services that are bought from other countries |
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| the difference btwn the value of a countrys exports and the value of its imports during a specific time. |
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| a favorable balance of trade that occurs when a country exports more than it imports |
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| an unfavorable balance of trade when a country imports more than it exports |
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| a summary of a countrys intenational financial transactions showing the difference btwn the countrys total payments to and its total recipts from other countries. |
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| a system in which prices of currencies move up and down based on the demand for and supply of the various currencies. |
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| a lowering of the value of a nations currency relative to other currencies. |
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| the situation when a country can produce and sell a product at a lower cost than any other country or when its the only one that can provide the product. |
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| principle of comparative advantage |
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| the concept that each country should specialize in the products that it can produce most readily and cheaply and trade those products for those that other countries can produce more easily and readily. |
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| a form of trade in which part or all of the payment for goods or services is in the form of other goods and services (Russian Vodka) |
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| the policy permitting the people and business of a country to buy and sell where they please without restricions |
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| the policy of protecting home industries from outside competition by establishing artificial barriers such as tarrifs and quotas |
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| sending work functions to another country resulting in domestic workers losing their jobs |
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| a tax imposed on IMPORTED goods |
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| tarriffs that are imposed to make imports less attractive to buyers than domestic products are |
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| a limit on the quantity of a certain good that can be imported. |
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| a total ban on imports of exports of a product |
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| Government rules that give special privleges to domestic manufactures and retailers |
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| Laws that require a company earning foreign exchange (foreign currency) from its exports to sell the foreign exchange to a control agency such as a centeral bank |
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| the practice of charging lower prices for a product in foreign markets than in the firms home market. (japans dumping crazy underpriced TVs in America, putting American TV producers out of business :[ ) |
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| a 1994 agreement by 153 nations to lower trade barriers worldwide |
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| World Trade Organization (WTO) |
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Definition
| an organization established by the Uruguay Round in 1994 to oversee international trade reduce trade barriers, and resolve disputes among member nations |
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| an international bank that offers low-interest loans, as well as advice and information, to developing nations |
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| international monetary fund (IMF) |
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| an international organization, founded in 1945, that promotes trade, makes short-term loans to member nations, and acts as a lender of last resort for troubled nations |
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| a tariff that is lower for some nations than for others |
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| an area where the natins allow free, or almost free, trade among each other while imposing tariffs on goods of nations outside the zone |
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| North American Free Trade Agreement (NAFTA) |
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| 1993 agreement creating a free trade zone including Canada, Mexico and the U.S |
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| Trade agreement btwn Peru, Brazil, Argentina, Uruguay, and Paraguay |
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| Trade agreement among 27 European nations |
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| the delegation of limited sovereignty by European union member states to the EU so that common laws and policies can be created at the European level. |
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| the practic in which a foreign firm manufactures private-label goods under a domestic firm's brand name |
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| direct foreign investment |
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| active ownership of a foreign company or of manufacturing or marketing facilities in a foreign country |
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| a sense of national conciousness that boosts the culture and interests of one country over those of all other countries |
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| the basic institutions and public facilities on which an economy's development depends. |
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| multinational corporations |
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| corporations that move resources, goods, services, and skills across national boundaries w/o regard to the country in which their headquarters are located. |
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