| Term | Definition |
|---|
| SITC codes | The United Nation's numerical system for classifying goods sold in the international market |
| Disposable income | money to spend after necessary expenses are paid |
| exporting | the selling and shipping of products to another country |
| trade barriers | taxes, quotas, and other restrictions on goods entering or leaving a country |
| Gross domestic product (GDP) | the total value of all goods produced during the year |
| IBEX | the electronic commerce systems that allows you to sell products and services online anywhere in the world |
| freight forwarder | handles overseas shipment for a fee |
| low labor costs | One reasont that the United States imports a vast number of goods from other countries |
| export management company | Many entrepreneurs use this service to find export opportunities |
| trade barriers and technology | Gives small business owenrs the ability to meet and talk with foreign agents, distributors, or potential business partners |
| experience culture shock | This is what many entrepreneurs experience when they attempt to do business internationally |
| Competative prices | To be successful in the global market, you must be able to offer products at? |
| cultural differences | It is important to study each country before attempting to do business there because of these factors |
| tariffs | These are taxes imposed by a government on imported or exported goods |
| opportunity | Developing countries provide this but it can be risky |
| best prospect | This is a list the government keeps and your product must be on the list to participate in a trade mission |
| communicate | Technology has made this more possible for use and other countries |
| agricultural | According to the U.S. Department of Comemrce, the hottest products for exporting are electronic equipment, chemical products, paper products, apparel, industrial machiner, computers and this. |
| joint venture | A partnership created by two or more companies for a specific purpose over a set period of time |
| importing | The process of businesses that buy goods from other countries to sell in their own country is called |
| interpreter | It is wise to hire one of these to translate the other person's language into English when conducting business in a foreign country. |
| cultural differences | It is important to understand these when doing business in other countries, especially Europe because these differnece can be huge. |
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