Term
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Definition
| the concept of exchanging goods and services between two people or entities |
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Term
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Definition
| the concept of exchanging goods and services between people or entities in two different countries |
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Term
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Definition
| exports greater than imports |
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Term
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Definition
| imports greater than exports |
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Term
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Definition
| the practice of imposing restrictions on imports and protecting domestic industry |
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Term
| Classical Country-Base Theories |
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Definition
Absolute advantage
Comparative advantage |
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Term
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Definition
| ability of country to produce a good more efficiently than another nation |
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Term
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Definition
| the situation in which a country cannot produce a product more efficiently than another country; however, it does produce that product better and more efficiently than it does another good. |
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Term
| Modern Firm-based Theories |
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Definition
Country similarity
Global strategic rivalry
Porter's national competitive advantage |
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Term
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Definition
| countries with the most similarities in factors (incomes, consumer habits, market preferences, technology, communications, etc.) will be more likely to engage in trade |
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Term
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Definition
| multi-national corps try to gain competitive advantage over other MNCs by raising barriers to entry |
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Term
| Porter's national competitive advantage |
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Definition
| Theory of how nations become competitive and why they are successful in specific industries |
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Term
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Definition
-Local market resources and capabilities
-Local firm characteristics
-Local market demand
-Local suppliers and complementary industries |
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Term
| Local Market Resources and Capabilities |
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Definition
Production Components
-raw materials
-capital
-infrastructure
-labor |
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Term
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Definition
-Desires for specific products and/or services
-Nature of customer demand |
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Term
| Local Suppliers and Complementary Industries |
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Definition
-Cluster of suppliers or related industries
-Superior and mutually beneficial components, technology, and innovation |
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Term
| Local Firm Characteristics |
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Definition
-Domestic competitive environment
-Local laws, culture, business practices. |
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Term
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Definition
-institutions
-infrastructure
-macroeconomc stability
-health and primary education
-higher education and training
-goods market efficiency
-labor market efficiency
-financial market sophistication
-technological readiness
-market size
-business sophistication
-innovation |
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Term
| Foreign Direct Investment (FDI) |
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Definition
| includes capital and knowledge that flows into a country from outside its borders |
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Term
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Definition
| host governments can specify ownership restrictions if they want to keep the control of local market or industries in their citizens' hands |
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Term
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Definition
| a company's home government imposes restrictions in an effort to persuade companies to invest in the domestic market rather than a foreign one |
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Term
| State Trade and Export Promotion Program (STEP) |
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Definition
| supports the growth of small business exports |
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Term
| Georgia Reaching Out Worldwide (GROW) |
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Definition
| matches GA exporters with international buyers and country experts |
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Term
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Definition
| the practice of imposing restrictions on imports and protecting domestic industry |
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Term
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Definition
| taxes or tariffs that are levied as a fixed charge, regardless of the value of the product or service |
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Term
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Definition
| tariffs that are calculated as a percentage of the value of the product or service |
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Term
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Definition
| financial assistance paid to domestic firms |
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Term
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Definition
| restrictions on the importation of a good/service |
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Term
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Definition
| limit the number or amount of an imported good/service |
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