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31 Cards in this Set

  • Front
  • Back
protectionism
practice of domestic business against foreign competition
business practice laws
laws or regulations governing business practices in given countries
exchange rate
rate at which the currency o one nation can be exchanged for the currency of another country
absolute
advantagethe ability to produce something more efficienty than any other country can
international firm
form that conducts a significant portion of its business in foregin countries
licensing arrangement
arrangemen tin which firms choose foreign individuals or organizations to manufacture or market their products in another country
importer
firm that buys products in foregin markets and then imports them for resale in its home country
export
produect made or grown domestically but shipped and sold abroad
forgein direct investment (FDI)
arrangement in which a firm buys or establishes tagible assents in another country
strategic alliance (or joint venture)
arrangement in which a company finds a foreign partner to contribute approx half of the resources needed to establish and operate a new business in the partner's country
tariff
tax levied on imported products
balance of payments
flow of all money in or out for a country
exporter
firm that distributes and sells products to one or more foreign countries
dumping
practice of selling a products abroad for less than the cost of production
local content law
law requiring that products sold in a particualr country be at least partly made there
comparative advantage
the ability to produce some products more eficiently than others
national competitive advantage
international competitive advantage stemming from a combination of factor conditions, demand conditions, related ands upporting industries, and firm strategies, structures, and rivalries
branch office
foregin office set up by an international or multinational firm
embargo
gov't order banning exportation and/or importation of a particular product or all products from a particular country
subsidy
gov't payment to help domestic buiness compete with foreign firms
globalization
process by which the world economy is becoming a single interdepenent system
per capita income
average income per person in a country
cartel
assocaition of producers whose purpose is to control supply and prices
multinational firm
firm that designs, produces, and markets products in many nations
quota
restricion on the number of products of a certain type that cn be imported into a country
independent agent
foregin individual or organization that agrees to represent an exporter's interests
trade surplus
situation in which a country's exports exceed its imports, creating a positive balance of trade
royalty
payment made to a license holder in return for the right to market the licenser's product
import
product made or grown abroad but sold domesticaly
balance of trade
economic value of all products a country imports minus the economic value of all products it exports
trade deficit
situation in which a country's imports exceed its exports, creating a negative balance of trade