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Side A ------ Side B
international business ------ all business activities that involve exchange across national boundaries
absolute advantage ------ the ability to produce a specific product more efficiently than any other nation
comparative advantage ------ the ability to produce a specific product more efficiently than any other product
exporting ------ selling and shipping raw materials or products to other nations
importing ------ purchasing raw materials or products in other nations and bringing them into one's own country
balance of trade ------ the total value of a nation's exports minus the total value of its imports over some period of time
trade deficit ------ a negative balance of trade
balance of payments ------ the total flow of money into a country minus the total flow of money out of that country over some period of time
import duty (tariff) ------ a tax levied on a particular foreign product entering a country
dumping ------ exportation of large quantities of a product at a price lower than that of the same product in the home market
nontariff barrier ------ a nontax measure imposed by a government to favor domestic over foreign suppliers
import quota ------ a limit on the amount of a particular good that may be imported into a country during a given period of time
embargo ------ a complete halt to trading with a particular nation or in a particular product
foreign-exchange control ------ a restriction on the amount of a particular foreign currency that can be purchased or sold 
currency devaluation ------ the reduction of value of a nation's currency relative to the currencies of other countries
World Trade Organization (WTO) ------ powerful successor to GATT that incorporates trade in goods, services, and ideas
economic community ------ organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies
Licensing ------ agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation
letter of credit ------ issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary
bill of lading ------ document issued by a transport carrier to an exporter to prove that merchandise has been shipped
draft ------ exporter's bank, ordering the importer's bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer's bank 
strategic alliance ------ a partnership formed to create competitive advantage on a worldwide basis 
trading company ------ provides a link between buyers and sellers in different countries
countertrade ------ an international barter transaction
multinational enterprise ------ a firm that operates on a worldwide scale without ties to any specific nation or region
Export-Import Bank of the United States ------ an independent agency of the US government whose function it is to assist in financing the exports of American firms
multilateral development bank (MDB) ------ an internationally supported bank that provides loans to developing countries to help them grow
International Monetary Fund (IMF) ------ an international bank with 184 member nations that makes shortterm loans to developing countries experiencing balance-of-payment deficits

Side A ------ Side B
international business ------ all business activities that involve exchange across national boundaries
absolute advantage ------ the ability to produce a specific product more efficiently than any other nation
comparative advantage ------ the ability to produce a specific product more efficiently than any other product
exporting ------ selling and shipping raw materials or products to other nations
importing ------ purchasing raw materials or products in other nations and bringing them into one's own country
balance of trade ------ the total value of a nation's exports minus the total value of its imports over some period of time
trade deficit ------ a negative balance of trade
balance of payments ------ the total flow of money into a country minus the total flow of money out of that country over some period of time
import duty (tariff) ------ a tax levied on a particular foreign product entering a country
dumping ------ exportation of large quantities of a product at a price lower than that of the same product in the home market
nontariff barrier ------ a nontax measure imposed by a government to favor domestic over foreign suppliers
import quota ------ a limit on the amount of a particular good that may be imported into a country during a given period of time
embargo ------ a complete halt to trading with a particular nation or in a particular product
foreign-exchange control ------ a restriction on the amount of a particular foreign currency that can be purchased or sold 
currency devaluation ------ the reduction of value of a nation's currency relative to the currencies of other countries
World Trade Organization (WTO) ------ powerful successor to GATT that incorporates trade in goods, services, and ideas
economic community ------ organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies
Licensing ------ agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation
letter of credit ------ issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary
bill of lading ------ document issued by a transport carrier to an exporter to prove that merchandise has been shipped
draft ------ exporter's bank, ordering the importer's bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer's bank 
strategic alliance ------ a partnership formed to create competitive advantage on a worldwide basis 
trading company ------ provides a link between buyers and sellers in different countries
countertrade ------ an international barter transaction
multinational enterprise ------ a firm that operates on a worldwide scale without ties to any specific nation or region
Export-Import Bank of the United States ------ an independent agency of the US government whose function it is to assist in financing the exports of American firms
multilateral development bank (MDB) ------ an internationally supported bank that provides loans to developing countries to help them grow
International Monetary Fund (IMF) ------ an international bank with 184 member nations that makes shortterm loans to developing countries experiencing balance-of-payment deficits