A Global Perspective

Front 1

Globalization

Back 1

Growth of international commerce and communications that makes national boundaries less important, especially in economic matters.

Front 2

Import Penetration

Back 2

Percentage of imports in a country's total market consumption.

Front 3

Balance of Trade

Back 3

Relationship between the values of its imports and exports, described as being a deficit or a surplus.

Front 4

Trade deficit

Back 4

Imports exceed exports.

Front 5

Trade surplus

Back 5

Exports exceed imports.

Front 6

Free Trade

Back 6

Gov. policy of allowing goods to flow freely in and out of its economy.

Front 7

Protectionism

Back 7

The opposite of free trade and includes many gov. imposed trade restraints, such as the barriers to free trade.

Front 8

Market Disruption

Back 8

Injures or threatens a particular industry that has products in direct competition with those imports.

Front 9

Transshipping

Back 9

Rerouting of goods to evade quota limits.

Front 10

Dumping

Back 10

Selling of goods at lower prices in foreign markets than in the home market.

Front 11

World Trade Organization (WTO)

Back 11

International trade accord that reduces tariffs, quotas, and other trade barriers around the world.

Front 12

Structural Adjustment

Back 12

The process of industries and economics adapting to long-term shifts in competitiveness.

Front 13

Comparative Advantage

Back 13

ability of one nation to produce certain goods or services better than other nations because of specific circumstances.

Front 14

Infrastructure

Back 14

The existence and condition of roads, transportation systems, electricity, telephones, technology, etc.

Front 15

Culture

Back 15

Set pf social norms or values.

Front 16

North American Free Trade Agreement

Back 16

Set up an open trading zone among the United States, Canada and Mexico.

Front 17

Value Added

Back 17

Increase in worth of products as a result of a particular work activity, such as the sewing.

Front 18

Parity

Back 18

Equal treatment.

Front 19

Full Package Production

Back 19

Focusing on supplying design and sample work, fabrics/findings/trims, all parts of construction, as well as packing and transportation arrangements.

Front 20

Joint Venture

Back 20

Agreements that bring necessary skills or products of two companies together for added strength.

Front 21

Multinational Corporations (MNCs)

Back 21

Operate globally, direct investment in several diff. countries, and can transfer technology and manufacturing know-how to their various locations.