Term
| What is buying products from another country called? |
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Term
| What is selling products to another country called? |
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Term
| What is the movement of goods and services among nations without political or economic barriers? |
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Term
| What is a theory that states that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently? |
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Definition
| Comparative advantage theory |
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Term
| What is the advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries? |
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Term
| What is the total value of a nation's exports compared to its imports over a particular period? |
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Term
| What is a favorable balance of trade and it occurs when the value of a country's exports exceeds that of it's imports? |
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Term
| What is an unfavorable balance of trade and occurs when the value of a country's imports exceeds that of its imports? |
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Term
| What is the difference between money coming into a country (from exports) and money leaving the country (from imports) plus money from other factors such as tourism, foreign aid, military expenditures, and foreign investment? |
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Term
| What is selling products in a foreign country at lower prices that those charged in the producing country? |
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Term
| What is a global strategy in which a firm (the licensor) allows a foreign company (the licensee) to produce its product in exchange for a fee (a royalty)? |
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Term
| What is a foreign company's production of private-label goods to which a domestic company then attaches its brand name or trademark? |
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Term
| What is a partnership in which two or more companies (often from different countries) join to undertake a major project? |
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Definition
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Term
| Shared technology and risk, shared marketing and management expertise, and entry into markets where foreign companies are often not allowed unless goods are produced locally are benefits of what type of business? |
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Definition
| International joint ventures |
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Term
| What is a long-term partnership between two or more companies established to help each company build competitive market advantages? |
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Definition
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Term
| What is the buying of permanent property and businesses in foreign nations? |
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Definition
| Foreign direct investment |
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Term
| What is a company owned in a foreign country by another company? Also known as a parent company |
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Term
| What is a business that is taken over by a foreign government? |
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Term
| What is an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management? |
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Definition
| Multinational corporation |
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Term
| What are investment funds controlled by governments holding large stakes in foreign countries? |
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Term
| What is an attitude that your own culture is superior to other cultures? |
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Term
| What is the value of one nation's currency relative to the currencies of other countries? |
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Term
| What is lowering the value of a nation's currency relative to other currencies? |
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Term
| What is a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services? |
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Term
| What is the use of government regulations to limit the import of goods and services? |
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Term
| What is a tax imposed on imports? |
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Definition
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Term
| What is a limit on the number of products in certain categories that a nation can import? |
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Term
| What is a complete ban on the import and export of a certain product, or the stopping of all trade with a particular country? |
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Term
| What type of tariff raises the retail price of imported products so that domestic goods are more competitively priced? |
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Term
| What type of tariffs are designed to raise money for the government? |
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Definition
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Term
| What is a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions? |
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Definition
| General Agreement on Tariffs and Trade (GATT) |
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Term
| What is the international organization that replaced the General Agreement on Tariffs and Trade, and was assigned the duty to mediate trade disputes among nations? |
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Definition
| World Trade Organization (WTO) |
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Term
| What is a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange? Also known as a trading bloc. The EU is an example. |
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Definition
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Term
| What is an agreement that created a free-trade area among the US, Canada, and Mexico? |
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Definition
| North American Free Trade Agreement (NAFTA) |
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Term
| What is the free trade agreement among the United States, Mexico, and Canada that replaced NAFTA in an effort to create more balanced and reciprocal trade? |
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Definition
| United States-Mexico-Canada Agreement (USMCA) |
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Term
| What is contracting with other companies to do some or all of the functions of a firm, like its production or accounting tasks? |
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