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21 Cards in this Set
- Front
- Back
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Globalization |
Growth of international commerce and communications that makes national boundaries less important, especially in economic matters. |
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Import Penetration |
Percentage of imports in a country's total market consumption. |
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Balance of Trade
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Relationship between the values of its imports and exports, described as being a deficit or a surplus. |
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Trade deficit
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Imports exceed exports. |
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Trade surplus |
Exports exceed imports. |
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Free Trade |
Gov. policy of allowing goods to flow freely in and out of its economy. |
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Protectionism |
The opposite of free trade and includes many gov. imposed trade restraints, such as the barriers to free trade. |
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Market Disruption |
Injures or threatens a particular industry that has products in direct competition with those imports. |
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Transshipping |
Rerouting of goods to evade quota limits. |
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Dumping |
Selling of goods at lower prices in foreign markets than in the home market. |
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World Trade Organization (WTO) |
International trade accord that reduces tariffs, quotas, and other trade barriers around the world. |
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Structural Adjustment |
The process of industries and economics adapting to long-term shifts in competitiveness. |
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Comparative Advantage |
ability of one nation to produce certain goods or services better than other nations because of specific circumstances. |
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Infrastructure |
The existence and condition of roads, transportation systems, electricity, telephones, technology, etc. |
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Culture |
Set pf social norms or values. |
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North American Free Trade Agreement |
Set up an open trading zone among the United States, Canada and Mexico. |
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Value Added |
Increase in worth of products as a result of a particular work activity, such as the sewing. |
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Parity |
Equal treatment. |
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Full Package Production |
Focusing on supplying design and sample work, fabrics/findings/trims, all parts of construction, as well as packing and transportation arrangements. |
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Joint Venture |
Agreements that bring necessary skills or products of two companies together for added strength. |
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Multinational Corporations (MNCs) |
Operate globally, direct investment in several diff. countries, and can transfer technology and manufacturing know-how to their various locations. |
