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75 Cards in this Set
- Front
- Back
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capitalism
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economic system based on freedom of ownership production, exchange, acquisition, work, movement, and open competition
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Caribbean Basin Initiative
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economic development program established by the US government
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communism
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economic system where resources are cooperatively or stateowned; a classless society where equal distribution of economic goods is the economic goal
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countervalling duty
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a special tax that increases the price of goods to a competitive level
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democracy
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a political system where the people hold the ruling power either directly or through elected officials
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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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dumping
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selling a product in another country at less that the price is is sold in the home country or less than it costs to produce
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economic system
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method of managing resources; producing, distributing, and consuming wealth
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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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export subsidy
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payment from a government to a firm as a reward for exporting products
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fabric forward rule
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trade rule that limits tariffs and or provides free import to garmets made of fabrics produced in the sourcing country
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government subsidy
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payment from a govt to a business to defray business costs
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import surge
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an unexpected or unplanned flood of imports of particular categories
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item 807 (9802)
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ruling that 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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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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lobbying
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paid professionals that carry the messages defined by their employers and try to influence formation or administration of legislation
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political system
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principles, organization, and methods of government; the compponents in an organization's structure and environment that can influence its decisions, survival, or growth
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politics
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the methods or tactics involved in managing the organization, business, state, or government; sometimes including crafty and or unprincipled methods
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political strategy
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the general approaches used by govts, firms or other organizations in dealing w importand and powerful components in the environment
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price support program
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purchasing and storing products from the market to reduce the supply relative to demand to drive up the price
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production subsidy
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negative trade tax; payment of money from a government to a business to defray costs of a production
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quota avoidance strategy
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using transshipment and fabric blends not covered by quota
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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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socialism
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economic system where ownership, production, and distribution are operated bu members of te community rather than by individuals or the govt
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totalitarian
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one family or some other entity maintains absolute governmental control;dictatorship
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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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unfair competition law
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governs commercial activity that tends to confuse, mislead or deceive customers and or provide unfair business advantages
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yarn forward rule
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trade rule that limits tariff and quota free imports go garments made of domestically produced yarns and fabrics
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apparel manufacturer
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firms that engage in merchandising and product development, production, and wholesale marketing of apparel
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CMT(cut management trim)
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apparel contractors who commonly provide apparel assembly as their primary service
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conglomerates
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a busn formed when firms in unrelated markets join together for common ownership
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contractor
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a firm that manufactures products for other businesses or arranges for their production
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department store
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retailers that provide a variety of product lines, including apparel for men, women, and children; soft goods for the home; and home furninshings usually at moderate or high price
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developed country
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a nation whose GDP per capita and other measures of well being fall above the world average
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developing country
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a nation whose GDP per capita and other measure of well being fall near or below the world average
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domestic trade
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exchange of goods, services, or both within the boundaries of specified state or country
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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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findings
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materials other than face fabric used to construct garments; interlinings, pocket bags, linings, closures, etc
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film
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any business, corportation, proprietorship, or partnership
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full package
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apparel contractor that not only provides production services but also assists with and finances product development and materials sourcing
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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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the process whereby the worlds people are becoming increasingly interconnected in a ll facets of their lives
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GDP
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the market value of the output of products and service produced within a country in a year
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GDP per capita
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GDP of a country divided by the number of people in the population
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GNP
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the value of the average output produced by domestic residents of the nation as they labor within the nation
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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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imports
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goods available for domestic consumption or materials available for domestic proudction because of exports of other countries
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international trade
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any exchange of goods involving two or more countries
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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 and other measures are among the lowest in the world; not yet involved in industrial development via apparel
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market week
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calendar time set aside for trade shows featuring manufacturer's product lines presented at wholesale to retail buyers
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mass retailer
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a firm that offers a widevariety of consumer goods in a self-service environment with broad appeal across income ranges, ethnic groups, occupations, and lifestyles
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merger
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combining two business entities into one larger business
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newly developing country
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a nation whose gdp per capita and other measure of well-being fall well below the world average; are engaged in industrial development via apparel
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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-morter presentation
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outsourcing
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shifting specific operations outside the country in which the origin-conferring operations are performed; the process of acquiring technical services in foreign countries; term sometimes used interchangeably with sourcing
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outward processing
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outsourcing non-origin-conferring operations to a country with a lower wage rate
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purchasing power parity(PPP)
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determined by adjusting GDP in each country by a system like the consumer price index that determines the relative buying power of each currency
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Quick Response (QR)
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a comprehensive business strategy that incorporates time-based competition, agility, and partnering to optimize the supply system, the distribution system, and service to customers
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quotea
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limits on the quantity of products allowed to enter or exit a country
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retail product developer
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an individual who or firm that developes merchandise plans, creates the designs, and developes the specifications for the retailers private brands that are ultimately sourced from production contractors
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sourcing
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activities performed to acquire materials, and finished goods; selecting a country or vendor to do business with
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soft goods
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products made of textiles or other flexible materialsl apparel, fabrics, linens, towels, upholstery, and small fashion accessories
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state trading
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the involvement of governments in the business envt
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cumulation
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the ability to use components or conduct different portions of the manufacturing cycle from various countries within the trade agreement region
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takeovers
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absorption of weaker firms into more succesful 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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the combinatino of textile related industries that supply soft goods to the world population
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trade agreement
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a means of encouraging, regulating, and or restricting elements of trade between or among countries
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trade balance
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the quantitative relationship between imports and exports
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trade barriers
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means of regulating or restricting trade;state trading, tariffs, quotas, and limits on foreign investment
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trade surplus
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a positive trade balance; value of exports exceeds value of imports
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vertical integration
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combining firms that perform different stages in the production of products
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