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23 Cards in this Set

  • Front
  • Back
trade feedback effect
imports affect exports and vice versa
countertrade
the practice of using barter rather than money for making global sales.
gross domestic product
the n=monetary value of all goods and services produced in a country during one year
protectionism
the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs and quotas
quotas
a restriction placed on the amound of a product allowed to enter or leave a country
tariffs
bovernment tax on goods or services entering a country primarily serve to raise prices on imports
nafta
lifted mqany trade barriers between canada, us ,and mexico
european union
25 member countries that have eliminated most barriers to free trade
international firms
enagares in trade and marketing in different countries as an extension of a marketing strategy in its home country
multinational firms
views the world as consisting of unique parts and emphasizes cultural similarities
transnational firms
views the world as one market and emphasizes cultrual similaritites across countries and universal consumer needs and wants more than differences
values
represent personally or socially preferable modes of conduct or states of existence over time
customs
what is considered normal and expected about the ways of the people in a specific country
cultural symbols
things that represent ideas and concepts
language
native tongue and nuances, idioms of a language
consumer ethnocentricity
the tendency to believe that it is inappropriate, immoral, to purchase foreign made products
cultural ethnocentricity
the tendency for people to view their own values, customs, symbols, and language favorably is well known
exporting
producing goods in one country and selling them in another country
licensing
a company offers the right to trademark, patent, trade secret, or other similarly valued items of intellectual property in return for royalty of a fee
joint venture
when a foreign company and a local firm invest together to create a local business
direct investment
a domestic firm actually investing and owning a foreign subsidary or division
dumping
when a firm sells a product in a foreign country below its domestic price or below its actual cost
gray market
a situation where prodcuts are sold through unauthorized channels of distribution.