Term
| Asia-Pacific Economic Cooperation (APEC) |
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Definition
| An alliance that promotes open trade and economic and technical cooperation among member nations throughout the world |
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| The difference in value between a nation’s exports and its imports |
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| The practice of hiring a foreign firm to produce a designated volume of the domestic firm’s product or a component of it to specification; the final product carries the domestic firm’s name |
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Definition
| The concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures |
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| A situation in which a company owns subsidiaries or other facilities overseas |
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| Selling products at unfairly low prices |
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| A government’s suspension of trade in a particular product or with a given country |
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| An alliance that promotes trade among its member countries in Europe |
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| Government restrictions on the amount of a particular currency that can be bought or sold |
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| The sale of products to foreign markets |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| An agreement among nations to reduce worldwide tariffs and increase international trade |
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Term
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Definition
| The development of marketing strategies that treat the entire world (or its major regions) as a single entity |
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Term
| gross domestic product (GDP) |
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Definition
| The market value of a nation’s total output of goods and services for a given period; an overall measure of economic standing |
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| A duty levied by a nation on goods bought outside its borders and brought into the country |
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Definition
| The purchase of products from a foreign source |
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Definition
| Developing and performing marketing activities across national boundaries |
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| A partnership between a domestic firm and a foreign firm or government |
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| An alternative to direct investment that requires a licensee to pay commissions or royalties on sales or supplies used in manufacturing |
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Definition
| A firm that has operations or subsidiaries in many countries |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| An alliance that merges Canada, Mexico, and the United States into a single market |
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Definition
| The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold |
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Term
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Definition
| The practice of moving a business process that was done domestically at the local factory to a foreign country, regardless of whether the production accomplished in the foreign country is performed by the local company (e.g., in a wholly owned subsidiary) or a third party (e.g., subcontractor) |
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Definition
| The practice of contracting noncore operations with an organization that specializes in that operation |
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Definition
| A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time |
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Term
| Southern Common Market (Mercosur) |
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Definition
| An alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in South America |
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Definition
| A partnership that is formed to create a competitive advantage on a worldwide basis |
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Definition
| A company that links buyers and sellers in different countries |
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Term
| World Trade Organization (WTO) |
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Definition
| An entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world |
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