Arkansas Management Unit 8
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16 terms
Terms | Definitions |
|---|---|
 Culture | the customs, beliefs, values, and patterns of behavior of the people of a country or group |
| Domestic goods | products made by firms within a country |
| Embargo | a total ban from doing business with a particular country |
| Exchange rate | the value of one country's currency expressed in the currency of another country |
| Export | goods and services that are sold abroad |
| Foreign goods | products made by firms in other countries |
| Global business | business activities that occur between two or more countries |
| Global competition | the ability of profit-making organizations to compete with other businesses in other countries |
| Import | goods or services that are purchased abroad |
| Joint ventures | two or more businesses that agree to provide a good or service, sharing the cost and profits of doing business |
| Multinational company | a business willing to make a significant financial commitment to establish manufacturing and distribution facilities in foreign countries |
| North America Free Trade Agreement (NAFTA) | a trading bloc consisting of the United States, Canada, and Mexico |
| Sanctions | a milder form of embargo that bans specific business ties with a foreign country |
| Strategic alliance | arrangements in which firms agree to cooperate on certain aspects of business while remaining competitors on other aspects |
| Tariff | a tax on an import |
| World Trade Organization (WTO) | international organization that creates and enforces rules governing trade among countries |
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