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29 Cards in this Set
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- Back
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International Business
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All business activities that involve exchanges across national boundaries
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Exchanges across national boundaries
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Absoulute Advantage
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The ability to produce a specific product more efficiently than any other nation
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Production more efficiently than any other nation
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Comparative Product
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Within a nation, the ability to produce a specific product more efficiently than any other product
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Specific product production
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Exporting
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Selling and shipping raw materials or products to other nations
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Selling and shipping
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Importing
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Purchasing raw materials or products in other nations and bringing them into one's own country
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Purchase of raw materials or products
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Balance of Trade
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The total value of a nation's exports minus the total value of its imports over some period of time
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total value of exports minus total value of imports
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Trade Deficit
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A negative balance ot trade
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Negative balance
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Balance of Payments
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The total flow of money into the country minus the total flow of money out of the country over some period of time.
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Money in minus money out
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Import Duty (Tariff)
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A tax levied in a particular foreign product entering a country
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A tax levied
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Dumping
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Exportation of large quantities of a product at a price lower than that of the same product in the home market
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Exporation of large quantities of a product at a price lower
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Non-Tariff Barrier
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A non tax measure imposed by a government to favor domestic over foreign suppliers
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A non tax measure to favor
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Import Quota
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A limit on the amount of a particular good that may be imported into a country during a given period of time
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Limit on the amount of a particular good
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Embargo
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A complete halt to trading with a particular nation or in a particular product.
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A complete halt to trading
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Foreign Exchange Control
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A restriction on the amount of a particular foreign exchange currency that can be purchased or sold
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A restriction on the amount
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Currency Devaluation
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The reduction of the value of a nation's currency relative to the currencies of other countries
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The reduction of the value of a nation's currency
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General Agreement on Tariffs and Trade (GATT)
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An international organization of 132 nations dedicated to reducing or eliminating tariffs and other barriers to world trade
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An international organization of 132 nations
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World Trade Organization (WTO)
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Powerful successor to GATT that incororates trade in goods, services and ideas.
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Successor to GATT
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Economic Community
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An organization of nations formed to promote the free movement of resources and products among its memebers and to create common economic policies.
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An organization of nations formed to promote the free movement
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Licensing
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A contractural agreement in which one firm permits another to use its brand name in exchange for a royalty or other compensation
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Agreement for brand name use
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Letter of Credit
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Issued by a bank upon request of an importer stating that the bank will pay an amount of money to a stated beneficiary
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From a bank stating payment will be made
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Bill of Lading
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Issued by the transport carier to the exporter to prove merchandise has been shipped.
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Proof of shipment
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Draft
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is issued by the exporter's bank, ordering the importer's bank to pay for the merchandise thus guaranteeing payment once accepted by the importer's bank.
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Issued by exporter's bank to importer's bank
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Strategic Alliance
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A partnership formed to create competitive advantage on a world wide basis
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Partnership formed
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Trading Company
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Provides a link between buyers and sellers in different countries
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Provides a link
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Countertrade
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An international barter transaction
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International transaction
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Multi National Enterprise
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A firm that operates on a worldwide scale, without ties to any specific nation or region
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Worldwide operation without ties
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Export - Import Bank of The United States
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An independent agency of the U.S. Government whose function it is to assist in financing the exports of American firms
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Independent agency of the U.S. government
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Multi National Enterprise
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A firm that operates on a worldwide scale, without ties to any specific nation or region
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Worldwide operation without ties
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Multi-lateral Development Bank (MDB)
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An internationally supported bank that provides loans to developing countries to help them grow
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Helping countries grow
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