COMMERCE 1E03 - Chapter 5

31 cards

Competing In Global Markets


 
  
Created Feb 27, 2013
by
cara_lafranier00

 

 
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1
Selling goods and services to another country
 
Exporting
2
Buying goods and services from another company
 
Importing
3
The movement of goods and services among nations without political or economic obstruction
 
Free Trade
4
Theory that states that a country should sell to other countries those products that it produces...
 
Comparative Advantage Theory
5
The advantage that exists when a country has the ability to produce a particular good or service...
 
Absolute Advantage 
6
A nation's ratio of exports to imports
 
Balance of Trade
7
Occurs when the value of a country's imports exceeds that of its exports
 
Trade Deficit
Unfavourable Balance of Trade
8
The difference between money coming into a country (from exports) and money leaving the country...
 
Balance of Payments
9
A global strategy in which a firm allows a foreign company to produce its product in exchange...
 
Licensing
10
A foreign country's production of private-label good to which a domestic company then attaches...
 
Contract Manufacturing
Outsourcing
11
A partnership in which two or more companies join to undertake a major project or to form a...
 
Joint Venture
12
A long-term partnership between two or more companies established to help each company build...
 
Strateigic alliance
13
The buying of permanent property and businesses in foreign nations
 
Foreign Direct Investment
14
A company owned in a foreign company by the parent company
 
Foreign Subsidiary
15
An organization that manufactures and markets products in many different countries and has...
 
Multinational Corporation
16
The set of values, beliefs, rules, and institutions held by a specific group of people
 
Culture
17
An attidude that one's own culture is superior to all others
 
Ethnocentricity
18
The value of one nation's currency relative to the currencies of other countries
 
Exchange Rate
19
Lowering the values of a nation's currency relative to other currencies
 
Devaluation
20
A complex form of bartering in which several countries may be involved, each trading goods...
 
Countertrading
21
The use of government regulations to limit the import of goods and services
 
Trade Protectionism
22
Selling products in a foreign country at lower prices than tose charge in the producing country
 
Dumping
23
A limit on the number of products in certain categories that a nation can import
 
Import Quota
24
A complete ban on the import or export of a certain product or the stopping of all trade with...
 
Embargo
25
A 1948 agreement that established an international forum for negotiating mutual regulations...
 
General Agreement on Tariffs and Trade
26
The international organization that replaced the General Agreement on Tariffs and Trade, and...
 
World Trade Organization 
27
An international bank that makes short-term loans to countries experiencing problems with their...
 
International Monetary Fund
28
An autonomous United Nations agency that borrows money from the more prosperous countries and...
 
World Bank
29
Organizations of commodity-producing countries that are formed to stabilize or increase prices...
 
Producers' Cartels
30
A regional group of countries that have a common external tarriff, no internal tariffs, and...
 
Common Market
31
Agreement that created a free-trade area among Canada, the United States, and Mexico
 
North American Free Trade Agreement


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