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15 Cards in this Set
- Front
- Back
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Absolute Advantage |
The situation when a country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide the product. |
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Balance of Payments |
A summary of a country's international financial transactions showing the difference between the countries total payments too and it's total receipt from other countries. |
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Balance of Trade |
The difference between the value of a countries exports and the value of its imports during a specific time. |
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Buy Nation Regulations |
Government rules that give special privileges to domestic manufacturers and retailers. |
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Contract Manufacturing |
The practice in which a foreign firm manufactures private label goods under a domestic firms brand name. |
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Countertrade |
A form of international trade in which part or all of the payment for goods or services is in the form of other goods and services. |
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Devaluation |
A lowering of the value of a nations currency relative to other currencies. |
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Direct Foreign Investment |
Active ownership of a foreign company or of manufacturing or marketing facilities in a foreign country. |
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Dumping |
The practice of charging a lower price for a product in foreign markets then in the firms home market. |
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Embargo |
A total ban on imports or exports of a product. |
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European Integration |
The delegation of limited sovereignty by European union member states to the EU so that common laws and policies can be created at the European level. |
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European Union |
Trade agreement among 28 European nations. |
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Exchange Controls |
Laws that require a company earning foreign exchange ( foreign currencies ) from its exports to sell the foreign exchange to a control agency such as a central bank. |
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Exporting |
The practice of selling domestically produced goods to buyers in another country. |
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Exports |
Goods and services produced in one country and sold to other countries. |
