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| The process by which the world's various national economies and trading systems are fast becoming a single, highly interdependent system |
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| Domestically produces products sold in foreign markets |
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| Foreign products sold in domestic markets |
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| General Agreement on Tariffs and Trade. Signed after WWII, its purpose was to reduce or eliminate trade barriers such as tariffs and quotas. |
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| The total economics value of all the products that a country exports minus the economic value of all the products that it imports |
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| A positive balance of trade that results when a country exports more than it imports |
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| A negative balance of trade that results when a country imports more than it exports |
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| The flow of money into or out of a country |
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| The rate at which the currency of one nation can be exchanged for that of another |
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| An advantaged based on possessing a scarce resource or favorable physical location |
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| Advantage based on superior productivity |
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| National Competitive Advantage |
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Definition
| Conditions favoring heavy involvement in international business |
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| Labor, capital, entrepreneurs, physical resources, and information resources |
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| A large domestic consumer base that promotes strong demand for innovative products |
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| Related and Supporting Industries |
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| Strong local or regional suppliers and/or industrial customers |
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| Strategies, structures, and rivalries |
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Definition
| Domestic firms and industries that stress cost reduction, product quality, higher productivity, and innovative products |
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| Paying suppliers and distributors to perform certain business processes or to provide needed materials or services |
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| Outsourcing to foreign countries |
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| Make products in one country to distribute and sell in other countries |
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| Buy products in foreign markets and bring them home for resale |
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Definition
| Conduct much of their business abroad and may maintain overseas manufacturing facilities |
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| Design, produce, and market products in many nations |
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| A foreign individual or organization that represents and exporter in foreign markets |
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| Licensing Arrangements (or Agreements) |
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Definition
| Domestic firms give foreign individuals or companies exclusive rights to manufacture or market their products in that market |
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| A firm sends its own managers to overseas branch offices so that it will have more direct control than it does over agents or license holders |
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| Foreign Direct Investment |
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Definition
| Involves buying or establishing tangible assets in another country |
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Definition
| Restricts the number of products of a certain type that can be imported, raising the prices of those imports |
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| Government order forbidding exportation and/or importation of a product or all products from a specific country |
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| Taxes on imported products |
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| Government payment to help a domestic business compete with foreign firms |
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