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Chapter 4: Global Analysis

Terms in this set (25)

International Trade
the exchange of goods and services among nations
Imports
goods and services purchased from other countries
Exports
goods and services sold to other countries
Balance of Trade
difference in value between exports and imports
Free Trade
the commercial exchange between nations that is conducted on free market principles without any regulations
Tariff
a tax on imports
Quota
limits either the quantity or the monetary value of a product that may be imported
Embargo
a total van on specific goods coming into and leaving a country
Protectionism
a government's establishment of economic policies that systemically restrict imports in order to protect domestic industries
World Trade Organization (WTO)
a global coalition of nations that make the rules governing international trade
North American Free Trade Agreement (NAFTA)
an international trade agreement among the US, Canada, and Mexico
European Union (EU)
Europe's trading bloc
Potential
expected to become or be; in prospect
Infrastructure
the physical development of a country, such as roas, ports, and utilities
Licensing
involves letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
Contract Manufacturing
involves hiring a foreign manufactuer to make products according to a company's to a company's specifications
Joint Venture
a business enterprise that a domestic company and a foreign company undertake together
Foreign Direct Investment (FDI)
the establishment of a business in a foreign country
Multinationals
large corporations that have operations in several countries
Mini-nationals
midsize or smaller are different from domestic businesses bc of how they generate revenue
Globalization
complete standardization
Adaption
company's use of an existing product or promotion from which changes are made
Customization
involves creating specially designed products or promotions for certain countries or regions
Proprietary
made or produced or distributed by one having exclusive rights
Corporate
of or belonging to a corporation, a business firm whose articles of incorporation have been approved in some state
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