2.04 Fashion Merchandising

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Balance of Trade

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Relationship between the values of a country's imports and exports, described as being a deficit of a surplus

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comparative advantage

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ability of one nation to producecertain goods or services better than other nations because of specificcircumstances

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culture

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a set of social norms or values

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dumping

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selling of goods at lower pricesin foreign markets than in the home market.

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economic climate

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a country’s purchasing power,standard of living, and relative costs of doing business.

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export salesagent

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Foreign natives who representselected manufacturers but do not maintain a wholesale inventory.

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franchising

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business arrangement where a firm grants a retailer the right to use a famousor established name and trademarked merchandise in return for a certain amountof money

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full package production

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designthrough distribution contracting, which focuses on supplying design and samplework, fabrics/findings/trims, all parts of construction, as well as packing andtransportation arrangements.

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globalization

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rapid growth of internationalcommerce and communications that makes national boundaries less important,especially in economic matters

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import commission house

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brokerage between domestic buyersand foreign sources.

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import merchants

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individuals or companies that buyand import particular classifications or categories of goods.

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import penetration

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percentage of imports in acountry’s total market consumption, which measures foreign against domesticgoods

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Infrastructure

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acountry’s existence and condition of roads, transportation systems,electricity, telephones, and mail delivery.

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international retailing

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retail operations of a companythat serve customers in multiple countries.

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joint venture

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agreement that brings necessaryskills or products of two companies together for added strength.

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licensing agreements

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arrangement where a manufactureris given the exclusive right to produce and market goods that bear the famousname of someone who, in return, receives a percentage of wholesale sales

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market disruption

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situation,usually caused by too many imports, that threatens a particular industry withproducts that are in direct competition with that industry.

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multinational corporations (MNCs)

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companies that operate globallywith direct investment in several different countries.

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North AmericanFree Trade Agreement (NAFTA)

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tradingbloc that includes the US, Canada, and Mexico.

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parity

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equalmonetary value or treatment by the law

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political stability

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the degree to which a country’slaws and regulations are subject to change and are enforced

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resident salesagent

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representative in a country whoconnects buyers of other countries with local manufacturers of particular typesof goods

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structural adjustments

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processof industries and economies adapting to long-term shirts in competitiveness.

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trade deficit

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the amount by which the value ofimports exceeds exports

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trade surplus

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the amount by which the value ofexports exceeds imports

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value added

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otheincrease in worth of products as a result of a particular work activity

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World TradeOrganization (WTO)

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ointernationaltrade accord that reduces tariffs, quotas, and other trade barriers around theworld. It regulated trade globally for the countries that join and conductsglobal trade by WTO regulations.