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economic system in which goods and services are exchanged for one another or money on the basis of their perceived worth


processes and methods employed in transformation of tangible inputs (raw materials semi finished goods or subassemblies) and intangible inputs (ideas information know how) into goods or services


includes all steps necessary to convert raw materials components or parts into finished goods that meet a costumers expectations or specifications


valuable action deed or effort performed to satisfy a need or to fulfill a demand


to supply with money or capital to obtain money or credit for




selling directly to consumers


the existence within a market for some good or service of a sufficient number of buyers and sellers such that no single market participant has enough influence to determine the going price of the goof or service opposite of monopoly


and individual who starts his or her own business


an employee of a large corporation who is given freedom and financial support to create new products services systems etc, and does not have to follow the corporations usual routines or protocols


to send goods or services across national frontiers for the purpose of selling and realizing foreign exchange


products of foreign origin brought into a country

multinational firm

enterprise operating in several countries but managed from one (home) country


published list of fares, fright charges, prices, rates, etc


official suspension of import and or export of some specific or all goods to or from a specific port, country or region for political health or labor related reasons for a specified or indefinite period


-(regarding international business) punitive or restrictive measures taken usually by several countries in concert to pressure a country to change its certain policies

Exchange rate

price for which the currency of a country can be exchanged for another country's currency. Factors that influence exchange rate include (1) interests rates (2)inflation rate (3) trade balance and (4) political stability


social heritage of a group

trade barrier

government imposed restriction on the free international exchange of goods or services trade barrier examples (1) import policies reflected in tariffs and other important charges, quotas, (2) standers testing labeling and various types of certification


North America Free Trade Agreement- Trilateral treaty among Canada, Mexico, and the US established in 1994 to remove import duties (tariffs) and non tariff barriers within ten years for most types of goods and within five years for others

World trade organization

an international agency which encourages trade between member nations administers global trade agreement and resolves disputes when they arise

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