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27 Cards in this Set
- Front
- Back
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absolute advantage
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a country has special natural resources or talents that alllow it to produce an item at the lowest cost
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balance of trade
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the difference b/t exports and imports of a nation
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embargo
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total ban on specific goods coming into and out of a country
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tariff
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tax on imports
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freight forwarders
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private companies that combine less than carload or truckload shipments from several different businesses and deliver them to their destinations; in international business, companies licensed bt the US marine commission to handle export details
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quota
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limits either quantity or the monetary value of a product that may be imported
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European Union
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europes trading bloc
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exports
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goods and services that are sold to other countries
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imports
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goods and services purchased from other countries
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international trade
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the exchange of goods and services b/t nations
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multinationals
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large corporations that have operations in several countries
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NAFTA (north american free trade agreement)
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international trade agreement among the US, canada, and mexico
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nationalize
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govt takes ownership of property and the owners get nothing in return
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mini-nationals
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midsixe and smaller companies that have operations in foreign countries
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WTO (world trade org)
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global coalition of 135 govts that make up the rules governing international trade
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competitive advantage
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Condition which enables a company to operate in a more efficient or otherwise higher-quality manner than the companies it competes with, and which results in benefits accruing to that company.
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balance of payments
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An accounting record of all transactions made by a country over a certain time period, comparing the amount of foreign currency taken in to the amount of domestic currency paid out.
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currency
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Any form of money that is in public circulation.
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emerging market
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A financial market of a developing country, usually a small market with a short operating history.
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exchange rate
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Rate at which one currency may be converted into another
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strong dollar
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Dollar that can be exchanged for a large or increasing amount of foreign currency.
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trade deficit
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a negative balance of trade,
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trade surplus
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A positive balance of trade,
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weak dollar
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Dollar that can be exchanged for only a small or decreasing amount of foreign currency.
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developing country
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countries that lack strong amounts of industrialization, infrastructure, and sophisticated technology, but are beginning to build these capabilities
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developed country
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industrialized countries
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domestic trade
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internal trade within the boundaries of a country
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