| Term | Definition |
|---|
| Global Economy | the economies of countries are linked in the marketplace |
| Exporting | the selling and shipping of products to another country |
| Importing | When businesses buy goods from other countries to sell in their own country |
| Trade Barriers | Taxes, quotas, and other restrictions on goods entering or leaving a country. |
| Tariffs | taxes on imports and exports |
| Gross Domestic Product (GDP) | the value of all the new final goods and services produced annually in an economy |
| Interpreter | a person who translates from one language to another |
| Standard Industrial Trade Classification (SITC) | Codes to define businesses |
| International Business Exchange (IBEX) | lets you sell products anywhere in the world |
| Trade Missions | give small business owners the ability to meet and talk with foreign agents, distributors, or potential business partners |
| "Best Prospect" list | means it is a product other countries want |
| Disposable Income | money to spend after necessary expenses are paid |
| Export Management Company | a company handling all the tasks related to exporting for a manufacturer for a commission(or a percentage of sales). |
| Freight Forwarder | someone who will handle overseas shipments for a fee |
| Joint Venture | A partnership created by two or more companies for a specific purpose over a set period of time |
Combine with other sets
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