Term
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Definition
| process by which the world economy is becoming a single interdependent system. |
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Definition
| product made or grown abroad but sold domestically. |
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Term
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Definition
| product made or grown domestically but sold abroad. |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico. |
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Term
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Definition
| organization for economic, social, and security cooperation among European nations. |
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Term
| Association of Southeast Asian Nations (ASEAN) |
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Definition
| organizations for economic, political, social, and cultural cooperation among Southeast Asian nations. |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| international trade agreement to encourage the multilateral reduction or elimination of trade barriers. |
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Term
| World Trade Organization (WTO) |
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Definition
| organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices. |
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Term
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Definition
| economic value of all products a country exports minus the economic values of all products it imports. |
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Term
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Definition
| situation in which a country's imports exceed its exports, creating a negative balance of trade. |
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Term
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Definition
| situation in which a country's exports exceeds its imports, creating a positive balance of trade. |
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Term
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Definition
| the flow of all money into or out of a country. |
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Term
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Definition
| rate at which the currency of one nation can be exchanged for the currency of another nation. |
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Term
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Definition
| a common currency shared among most of the members of the European Union. |
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Term
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Definition
| the ability to produce something more efficiently than any other country. |
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Term
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Definition
| the ability to produce some products more efficiently than others. |
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Term
| National Competitive Advantage |
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Definition
| international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries. |
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Term
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Definition
| the practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services. |
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Term
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Definition
| the practice of outsourcing to other countries. |
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Term
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Definition
| firm that distributes and sells products to one or more foreign countries. |
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Term
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Definition
| firm that buys products in foreign markets and then imports them for resale in its own country. |
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Term
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Definition
| firm that conducts a significant portion of its business in foreign countries. |
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Term
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Definition
| firm that designs, produces, and markets products in many countries. |
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Term
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Definition
| foreign individual or organization that agrees to represent an exporter's interests. |
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Term
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Definition
| arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country. |
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Term
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Definition
| foreign office set up by an international or multinational firm. |
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Term
| Strategic Alliance (Joint Venture) |
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Definition
| arrangement in which a company finds a foreign partner to contribute approximately half of the resources needed to establish and operate a new business in the partner's country. |
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Term
| Foreign Direct Investment (FDI) |
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Definition
| arrangement in which a firm buys or establishes tangible assists in another country. |
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Term
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Definition
| restriction on the number of products of a certain type that can be imported into a country. |
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Term
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Definition
| government order banning exportation and/or importation of a particular product or all products from a particular country. |
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Term
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Definition
| tax levied on imported products. |
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Term
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Definition
| government payment to help a domestic business compete with foreign firms. |
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Term
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Definition
| practice of protecting domestic business against foreign competition. |
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Term
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Definition
| law requiring that products sold in a particular country be at least partly made there. |
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Term
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Definition
| law or regulation governing business practices in given countries. |
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Term
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Definition
| association of producers whose purpose is to control supply and prices. |
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Term
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Definition
| practice of selling a product abroad for less than the cost of production. |
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