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249 Cards in this Set
- Front
- Back
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adversarial relationships
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behavior between customers and suppliers in textile complex
-success of one depends on costs to another |
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Acquisition
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act of making garments available for personal use; increases inventory
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As Valorem tariff
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a tax set as a fixed % of value of an imported product
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African Growth and Opportunity Act
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(AGOA)
Assists sub-Sharan Africa achieve economic self-reliance |
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Agreement on Textiles and Clothing
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(ATC)
trade agreement that replaced Multifiber Arrangement (MFA) |
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American Apparel and Footwear Association
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(AAFA)
predominant US apparel related trade association in the Americas |
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ANDEAN
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Trade among Bolivia, Colombia, Ecuador, Peru
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ANDEAN Trade Preference Act
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(ATPA)
trade agreement with US and Northern S.A. |
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ANDEAN Trade Promotion & Drug Eradication Act
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(ATPDEA)region became eligible for duty-free on exports of US goods in 2002
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Apparel knitting mills
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manufacturing facilty that inter-loops yarns to make garments without producing fabric first
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apparel manufacturer
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engage in merchandising (design and product development)production, wholesale marketing
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Apparent consumption
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estimation of domestic consumption
(domestic production + imports - exports) |
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Asia-Pacific Economic Cooperation
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(APEC)
-est. in 1989 as forum for 21 member nations to invest in Pacific Rim |
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Association of Southeast Asian nations
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(ASEAN)
ehances trade options for 10 member countries |
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Basic Goods
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standardized, utilitarian, and have infrequent demand for changes in styling
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Big Mac Index
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compares buying power of currencies to Big Mac produced in 120 countries
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Buying Power
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amount of goods that can be purchased with a given amount of money at a given place in time
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CAFTA-DR
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Dominican Republic and Central American Free Trade Agreement
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Capitalism
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economic system based on freedoms of ownership, production, exchange, acquisition, work, movement, and open competition
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Caribbean Basic Economic Recovery Act
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(CBERA)
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Caribbean Basin Initiative
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(CBI)
trade preference program by US in 1983 eliminating quota restraints and expanding Item 807 |
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Cost, Insurance, Freight
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(CIF)
Value of product when it arrives at importing country |
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Cut, Make, Trim
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(CMT)
apparel contractors who also provide apparel assembly as primary service |
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Code of Conduct
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statement of principles and standards by which business decisions are made
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Communism
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economic system where resources are cooperatively or state-owned; classless society where equal distribution of economic goods is the economic goal
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Complement
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a product purchased and used along with anouther
(ex: shoes and socks) |
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Conglomerate
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a business formed when firms in unrelated markets join together for common ownership
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Consumer Obsolescence
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discards products due to lack of interest in them rather than the lack of their usability
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Consumer Price Index
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(CPI)
a measure of the impact of inflation on consumer buying power in the US |
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Consumption expenditure
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money used to support the level of consumption during a specified period
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Consumption
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use of commodities , their uses, and services consumed
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Contractor
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a firm that manufacters products for other businesses or arranges for their production
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Contonou Agreement
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SSA, Caribbean and Pacific (Asian) countries recieve trade benefits from the EU
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Counterfeit
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imitation of what is genuine intending to defraud the customer
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Counterfeiting
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the act of making an imitation of an original with the intent to defraud
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Countervailing duty
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a special tax that increases the price of goods to a competitive level
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Country of origin
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laws and regulations to determine the country of origin of goods
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Current Dollars
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buying power at specified time, numbers not adjusted to account for inflation
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Customs and Border Protection
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(CBP)
U.S. Customs service |
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Customs Service
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govt. agency responsible for monitoring imported goods, assessing and collecting duties, and reporting imports against quotas
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Cut-and -sew apparel manufacturing
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apparel production plant that performs both prepproduction and production processes
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Democracy
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political system where the people hold the ruling power either directly or through elected representatives
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Department Store
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retailers that provide a variety of product lines usually at moderate to higher-priced levels
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Developed Country
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a nation whose GDP per capita and other measures of well-being fall below world average
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Developing Country
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a nation whose GDP per capita and other measures of well-being fall near or below the world average
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Dictatorship
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a political and economic system operated by a ruler with absolute power or authority
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Discard
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the act of giving up possession and ownership of a garment; reduces inventory
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Discretionary income
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amount of money available after all current obligations are covered
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Disposable Income
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take-home pay; amount available to an individual or family
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Distressed Goods
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merchandise that is not sellable at the intended price;seconds;overruns;samples;last season's goods
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Domestic Production
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products made in the home country
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Domestic Trade
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exchange of goods, services, or both within the boundaries of a specified state or country
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Dominican Republic and Central American Free Trade Agreement
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(CAFTA-DR)negotiated in 2002 ; intended to solidify the US as leading supplier of goods and services to C.A., D.R., and provide duty free to US Market
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Dumping
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selling a product in another country at less than the price it is sold in the home country or less than it costs to product
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Duty
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a payment due to import or export goods; usually based on a tariff scheduale
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Dyeing
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the process of combining fibers, yarns, or fabrics with a coloring substance and creating a bond
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Economic luxury
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superior good
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Economic necessity
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normal good
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Economic system
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method of managing resources; producing, distributing, and consuming wealth
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Effective tariff
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economic impact of nomial tariff
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Embargo
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prohibition of the entry of goods into a defined political area; stoppage of trade until issues can be negotiated
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Ethics
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a system or code of morals of a particular person, group, or profession and its application to decisions and/or particular problems of conduct
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Euro
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common currency intiated by EU-15 in 2001
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European Community
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(EC)
EEC membership formed in 1967; France blocked membership of UK until 1973 |
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European Economic Area
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(EEA)
cooperative arrangement to strenghten trade and economic relations to create homogeneous european trade area with the support of the EU |
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European Economic Community
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(EEC)
formation of Common Market: Belgium, Luxembourg, Netherlands, France, West Germany in 1957 |
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European Union
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formed in 1993 to expand cooperation regarding trade, social issues, foreign policy, security, defense, and judicial issues
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European Union (EU-12)
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Original 12 members: Beligum, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, UK
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European Union-15
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(EU-15)
Austria, Finland, Sweden admitted in 1995 |
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European Union-25
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(EU-25)
Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia admitted in 2004 |
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Exchange Rate
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market value exchange rate
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Extra EU
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refers to trade between EU countries and countries that are not members of the EU
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Export Subsidy
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payment from a govt. to a firm as a reward for exporting products
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export trading and sourcing company
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provides services for the entire global apparel manufacturing and distribution process
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Exports
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goods shipped to another country for import in exchange for money, other goods, or jobs
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Fabric Finishing
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processes that converts greige goods into completed fabric
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Fabric forward rule
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trade rule that limits tariffs and/or provides quota-free imports to garments made of fabrics produced in the sourcing country
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fair trade
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trade systems and regulations that are less discriminatory among suppliers
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Fair trade associations
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most socially responsible groups in the global market with concerns for human rights, business relationships, and environment
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Fashion
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a style of dress accepted by the majority of a group at a given time
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Fiberweb fabrics
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made directly from fibers; traditionally called nonwovens
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Findings
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materials other than face fabric used to construct garments; closures, linings, etc.
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Firm
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any business, corporation, proprietorship, or partnership
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Flexible production systems
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quickly and efficiently produce a variety of styles at low volume pers tyel with 0 defects; use single ply cutters and modular systems with stand up sewing
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Floor ready
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garment producers attach retailer specified tickets and labels on garments ready for display before shipping out
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Free On Board
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(FOB)
value of product when it's loaded onto the carrier |
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Free Trade
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unrestricted exchange of goods among nations
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Free Trade Area of the Americas
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(FTAA)
most comprehensive free-trade agreement 2000s involving 34 countries |
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Free Trade Zone
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port or other site within a nation designated for duty-free entry of selected goods to be displayed, stored, or used for manufacturing
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Full-Package
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apparel contractor that provides production services and product development and materials sourcing
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Full-Package sourcing
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finding a production contractor that will finance most of the manufacturing process
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General Agreement on Tariffs and Trade
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(GATT)
multilateral Trade agreement to promot free trade of goods and equalize trade among countreis- absorbed by WTO |
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Global Marketing
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activities that accelerate movement of goods and services from manufacturer to consumers in many countries around the world
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Global Sourcing
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determining desirable vendors of services, materials, production, and finished goods anywhere in the world
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Global Trade
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includes the potential interactive participation of many groups, cultures, and nations in the merchandising, production, and distribution of products
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Globalization
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process where world's people are becoming increasingly interconnected in all facets of their lives
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Government Subsidy
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payment from a government to a business to defray business costs
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Grey market goods
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original goods that are sold by unauthorized vendors
(not knockoffs) |
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Gross Domestic Product
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(GDP)
market value of the output of products and service produced within a country in a year |
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Gross domestic product per capita
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GDP of a country divided by the # of people in the population
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Gross National Product
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(GNP)
value of the average output produced by domestic residents of the nation as they labor within the nation |
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Harmonized System
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(HS)
Harmonized Commodity Code; global classification system used to describe trade in most goods; international at 6 digit level; country by country at 10 digit level |
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Harmonized Tariff Schedule of the United States
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(HTS)
asses duties on imports and exports based on the metric system; replaced TSUS in 1989 |
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Horizontal integration
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merger with a competitor, a firm offering products or services for the same market
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Human Development Index
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(HDI)
indicator of well-being, incorporating measures of GDP, life expectancy at birth,and adult literacy |
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Human Trafficking
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facilitating the emigration of people for monetary gain
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Intra EU
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refers to trade among countries that are members of the EU
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Illegal Transshipment
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shipping goods from one country to another to illegally change the country of origin of the goods to avoid tariffs or quota limitations
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Import Penetration
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amoumt of domestic consumption provided by imports (imports /consumption)
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Import Surge
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unexpected or unplanned flood of imports of particular categories
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Imports
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goods or materials available for domestic production because of exports of other countries
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Income elasticity of demand
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determined by relative changes in income and expenditures; % change in expenditure/ % change in income
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Industrial Espionage
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made it possible for US spinners and weavers to use machines copied from English inventions
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Inferior Good
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product consumed out of necessity but not goods preferred according to the standard of consumption; amount spent decreases when income increases and increases when income decreases
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Inflation
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increase of general price level causing decline in purchasing power
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Intellectual property
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copyrights, trademarks, patents, trade secrets, and semiconductor chips; inventions, or other discoveries that have been registered with govt. authorities for the sale and use by their owner
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Intellectual Property Rights
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legal protection for exclusive use by owners of copyright , trademarks, patents, trade secrets, and semi-conductor chips
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International Labor Organization
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(ILO)
UN agency that promotes social justice and internationally recognized labor rights |
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International marketing
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promoting, pricing, and selling goods in selected foreign markets
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International Monetary Fund
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(IMF)
works with world bank to integrate countries into the global economy |
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International Sourcing
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determining desirable vendors of services, materials, production, and/or finished goods for import from one or a few countries
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International Trade
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any exchange of goods involving 2 or more countries
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International trade *
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exchange of goods between nations and all the issues associated with that exchange
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International trade regulation
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barriers and limits on types and quanitities of goods and services that cross political boundaries
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Inventory
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the entire stock of garments owned by the individual or group that could be used as clothing at a given time
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Item 807
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(9802)
allowed garments cut in the US to be exported and assembled and then imported with tariff based only on value added |
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Kint Outerwear
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sweaters, jackets and coats
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Knockoff
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imitation of an original that is made with lower-cost fabric and production methods and sold at a lower price
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Labor exploitation
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taking advantage of employees because of poverty, gender, or age
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Labor Union
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bargains with employers on behalf of workers about terms and conditions of employment; lobbies for the interests of workers
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Layette
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apparel that is specially designed and produced for children from birth until they begin walking
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Lean retailing
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effective management of inventory based on accurate and timely information and frequent resupply
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Least developed country
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a nation whose GDP per capita is among the lowest in the world; not yet involved in industrial development via apparel
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Level of consumption or living
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that which is actually experienced, enjoyed, or suffered by an individual or group
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Licensee
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the buyer of the right to use the merchandising property
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Licenser
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the owner of a merchandising property
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Licensing contract
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a means of transferring intellecutal property rights
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Living
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consumption and other dimensions of life
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Lobbying
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process of influencing the formation of legislation of rules, regulations, and policies
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Lobbyist
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professionals that carry the messages defined by their employers and try to influence the formation or administration of legislation
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Logistics
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science of moving products through the manufacturing and distribution pipline to their final destinations in a timely manner
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Maastricht Treaty
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12 EC members signed to form EU in 1991
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Manufactured fibers
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(man-made fibers)made form chemical compounds; nylon, spandex,
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Manufacturer's Identification Number (RN)
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number assigned by the US federal trade commission to identify a product's producer
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Market Value Exchange Rate
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value of one currency in terms of another currency at a particular point in time
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Market Week
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calander time set aside for trade shows feat. manuf. product lines at wholesale to retail buyers
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Mass customization
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integration of information technology, automation, and team based flexible manuf. to produce a variety of products and services based on individual customer demand
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Mass retailer
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firm that offers a wide variety of consumer goods in a self-service environment with broad appeal
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Merchandising properties
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primary means of product differentiation and a source of customer loyalty
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MERCOSUR
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Southern South American Common Market
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Merger
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combining 2 business entities into one larger business
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Minimum needs
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essentials of life defined by levels and standards of consumption and living; varying according to place and time
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Morals
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degree of conformity with generally accepted or perscribed standards of goodness or rightness in character or conduct
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Most-favored nation
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(MFN)
all nations engaged in the same trade agreement should be treated the same |
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Multifiber Arrangement
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(MFA)
allows quantity of textile and apparel trade to be regulated through bilateral agreements between nations |
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Multilateral trade agreement
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invovles more than 2 countries
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Natural Fibers
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cotton, wool, silk, linen. Vegetable and animal fibers
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Newly developing country
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nation whose GDP per capita fall below world average
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Nominal tariff
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rates published in each country's tariffs scheduale
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Non-store retailer
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firms that sell goods to the ultimate consumer without use of traditional brick and mortar presentation
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nontariff trade barriers
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regulations and condtions that restrict flow of goods between countries
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nonverbal communication
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use appearance to communicate identity, age, sexual orientation, educaitonal level, occupation, economic status
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Normal Good
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spending pattern reflects an economic necessity; amount spent increases and decreases when income decreases but at a slower rate than the income fluctuation
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Normal trade relations
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(NTR)
replaces MFN because its more descriptive of the acutal meaning |
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North American Free Trade Agreement
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(NAFTA)
eliminated tariffs and quotas among Canada, Mexico, and US |
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Office of Textiels and Apparel
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(OTEXA)
Division of US dept. of commerce that monitors textile trade throughout the globe in both quantity and value |
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Organization of American States
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(OAS)
continued with the purpose of the Pan-American Union for closer economic, cultural, and political relations within the Americas |
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Outsourcing
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moving operations outside the country; the process of acquiring technical services in foreign countries
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Outward Processing
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outsourcing non-origin-conferring operations to a country with a lower rate
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Overvalued Currency
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can buy relatively less with a currency
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Pan American Union
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created in 1910 with the purpose of closer economic, cultural, and poilitical relations within the Americas
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per Capita Expenditure
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average spending per person in a given population
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political strategy
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used by govts., firms, or other organizations in dealing with important ans powerful components in the environment
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Political system
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pronciples, organizations, and methods, of govt. the components in an organization's structure and environment that can influence it's decisiona, survival or growth
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Politics
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methods or tactics involved in managing an organization, business, state, or govt., sometimes including crafty or unprincipled methods
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Poverty
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lack of enough uncome or resources to satisfy minimum needs
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Poverty line
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the point at which income and wealth are inadequate to maintain life and health at a subsistance level
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Price elasticity of clothing expenditure
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inelastic, positive, but less than one; defined as a normal good
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Price elasticity of demand
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relative changes in prices and expenditures;
% change in price / % change in income |
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price support program
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purchasing and storing products from the market to reduce the supply relaticve to demand and drvie up price
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Primary source
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most frequent means of clothing acquisition; purchased new ready-to-wear in developed countries; purchased second hand in less-developed countries
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Printing
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localized application of color to the surface of a yarn or fabric
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Production subsidy
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negative trade tax, payement of money from govt. to a business to defray costs of production
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Productivity
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ratio of the outputs of a production process to the inputs; a measure of pertion process to the imports; measure of performance towards an established goal
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Protectionism
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uses trade barriers to minimize imports
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Prchased second-hand
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inferior good in clothing consumption in developed countries
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Purchasing Power Parity
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(PPP)
determined by adjusting GDP in each country by a system that determines the realtive buying power of each currency |
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purchasing power
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amount of goods or services that can be acquired with a specified amount of currency at a certain time
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Qualified Industrial Zone
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(QIZ)
areas in Jordan that recieve duty and quota free trade status with the US with the participation of Israel in production process |
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Quick Response
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(QR)
business strategy incorporating time-based competitions, agility, and partnering to optimize the supply system |
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Quota avoidance strategy
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using transshipment and fabric blends not covered by quota
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Quota
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regulates quantities of goods that can be traded internationally; based on MFA
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Social activist
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person or organization endorsing a doctrine or policy of taking positive direct action to achieve a political or social end
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Radio Frequency Identification
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(RFID)
wireless barcodes to identify and track containers |
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Rate of Duty
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amount of tax to be assessed on imported or exported goods, usually according to a tariff schedual
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Real Expenditure
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outlay adjusted to reflect buying power reduced by inflation
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Real-Time
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immediately available when data are collected
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Red Tape
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unnecessary obstructions and delays in processing paperwork
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Regionalization
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reducing trade barriers in selected geographic regions to facilitate trade
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Retail Product Developer
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develops merchandise plans, creates the designs, and develops the specifications for the retailera' private brands
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Rules of Origin
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laws and regulations to determine country of origin of goods, country where goods were wholly obtained, or where the last substantial transformation has been carried out
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Secondary Source
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means of acquiring clothing other than the primary source; gifts, purchased used, handed down, rental, home sewing, custom-made and others
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Social responsibility
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obligation to a group or the general population for their well-being
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Socialism
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economic system where ownership, production, and distribution are operated by members of the community rather than by individuals or the govt.
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Soft Goods
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products made of textiles or other flexible materials, apparel, fabrics, linens, towels
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Sourcing
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activities performed to acquire materials, finished goods, or both, selecting a country or vendor to do business with
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Southern South American Common Market
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(MERCOSUR)
includes Argentina, Brazil, Paraguay, and Urugay and accounts for 70% of South America's total economy |
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Specific Tariff
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fized amount of tax per physical unit of imported product
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Square Meter Equivalent
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(SME)
a means of measuring quantities of garments that are being exported or imported |
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Standard Industrial Classification System
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(SIC)
Replaced by NAICS |
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State Trading
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involvement of governments in the business environment
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Subsititute
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product purchased and used in place of another
ex:pants for skirts |
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Superior Goods
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*economic luxuries
preferred product according to standards of consumption and living; amount spent increases as income increases and decreases when income decreases but at a faster rate |
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Supranational Organization
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requires that members give up a portion of their control over selected policies and allows the organization to compel compliance with its mandates
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Sweatshop
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firm with poor working conditions, very low pay, safety violations, and/or inhumane treatment of employees
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Takeovers
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absorption of weaker firms into more successful operations
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Tariffs
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taxes on imports or exports
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Textile Complex
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combination of textile related industries that supply soft goods to the world population
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Textile Mill
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manufacturing facility where yarns or fabrics are produced
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Textile Product Mill
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manufacturing facility that produced fabric and uses it to create consumable goods, including carpets, draperies
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Thread
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special form of yarn designed for use in sewing cut fabric pieces together to form garments or other products
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Total income
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gross or personal income
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Totalitarian
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one group maintains absolute control of govt. : DICTATORSHIP
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Trade agreement
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encouraging, regulating or restricting elements of trade between countries
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Trade association
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organization of executives that share common professional interests
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Trade balance
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quantitative relationship between exports and imports
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Trade barriers
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regulating or restricting trade, state trading, tariffs, quotas, and limits on foreign investment
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Trade shows, fairs, exhibitions
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inclue exhibits, demonstrations, and seminars presented by textile and apparel-related vendors
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Trade surplus
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a positive trade balance; value of eports exceeds value of imports
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Trademark
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word, phrase, logo, or other graphic symbol used to distinguish one firm's products or services from another
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Trademark infringement
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misleading the public to believe that the items bearing the trademark brand name are produced by and sold by the owner of the trademark when they are not
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Trading bloc
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group of countries that have created regional trade incentives and jointly participate in trade negotiations
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Transparency of information
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open communication among all participants within a system
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Undervalued currency
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can buy relatively more products or services
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Undocumented Immigrant Workers
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(UIW)
people from foreign countries without legal ID papers |
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Unfair competition law
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governs commercial activity that tends to confuse, mislead, or decieve customers or provide unfair business advantages
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UNITEHERE!
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current trade union that provides support for apparel production workers
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Universal Product Code
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(UPC)
bar code system for identifying and tracking products or containers |
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Uruguay Round
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final multilateral trade negotiations of GATT that resulted in the WTO and ATC
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Vertical Integration
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combined firms that perform different stages in the production of products
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Voluntary export restraint
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a "gentleman's agreement" between countries limiting trade
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Well-being
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a good or satisfactory condition of existance
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World Bank
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agency of UN with 184 members with a mission to improve the living standards of people in the developing world; refers to interantional bank for Reconstruction and Development and the Internal Development Association
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World Customs Organization
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(WCO)
global org. that improves operation and efficiency of Customs services |
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World Trade Organization
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(WTO)
147 member countries; deals with global rules of trade among nations |
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Worldwide Responsible Apparel Production
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(WRAP)
independant non-profict corporation dedicated to the promotion and certification of lawful, humane, and ethical manufacturing throught the world |
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Woven fabrics
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produced by interlicking 2 or more sets of yarns at right angles
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Yarn
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countinuous strand produced by twisting fibers together
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Yarn forward Rule
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limits tariff and quota-free imports to garments made of domestically produced yarns and fabrics
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