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27 Cards in this Set

  • Front
  • Back

Balance of trade

Relationship between the values of a country’s imports and exports, described as being a deficit or a surplus.
Comparative advantage
Ability of one nation to produce certain goods or services better than other nations because of specific circumstances.
Culture
A set of social norms or values
Dumping
Selling of goods at lower prices in foreign markets than in the home market.
Economic climate
A country’s purchasing power, standard of living, and relative costs of doing business.
Export sales agent
Foreign natives who represent selected manufacturers but do not maintain a wholesale inventory.
franchising
A business arrangement where a firm grants a retailer the right to use a famous or established name and trademarked merchandise in return for a certain amount of money
Full package production
Design through distribution contracting, which focuses on supplying design and sample work, fabrics/findings/trims, all parts of construction, as well as packing and transportation arrangements.
Globalization
Rapid growth of international commerce and communications that makes national boundaries less important, especially in economic matters
Import commission house
Brokerage between domestic buyers and foreign sources.
Import merchants
Individuals or companies that buy and import particular classifications or categories of goods.
Import penetration
Percentage of imports in a country’s total market consumption, which measures foreign against domestic goods.
Infrastructure
A country’s existence and condition of roads, transportation systems, electricity, telephones, and mail delivery.
International retailing
Retail operations of a company that serve customers in multiple countries.
Joint venture
Agreement that brings necessary skills or products of two companies together for added strength.
Licensing agreements
Arrangement where a manufacturer is given the exclusive right to produce and market goods that bear the famous name of someone who, in return, receives a percentage of wholesale sales.
Market disruption
Situation, usually caused by too many imports, that threatens a particular industry with products that are in direct competition with that industry.
Multinational corporations (MNCs)
Companies that operate globally with direct investment in several different countries.
North American Free Trade Agreement (NAFTA)
Trading bloc that includes the US, Canada, and Mexico.
Parity
Equal monetary value or treatment by the law
Political stability
Tthe degree to which a country’s laws and regulations are subject to change and are enforced.
Resident sales agent
Representative in a country who connects buyers of other countries with local manufacturers of particular types of goods.
Structural adjustments
Process of industries and economies adapting to long-term shirts in competitiveness.
Trade deficit –
The amount by which the value of imports exceeds exports.
Trade surplus –
The amount by which the value of exports exceeds imports.
Value added
The increase in worth of products as a result of a particular work activity
World Trade Organization (WTO)
International trade accord that reduces tariffs, quotas, and other trade barriers around the world. It regulated trade globally for the countries that join and conducts global trade by WTO regulations