the buying, selling, and trading of goods and services across national boundaries

a monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item

the basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items

the transferring of manufacturing or other tasks—such as data processing—to countries where labor and supplies are less expensive

the sale of goods and services to foreign markets

the purchase of goods and services from foreign services

the difference in value between a nation’s exports and its imports

a nation’s negative balance of trade, which exists when that country imports more products than it exports

the difference between the flow of money into and out of a country

the physical facilities that support a country’s economic activities, such as railroads, highways, ports, airfields, utilities, and power plants, schools, hospitals, communication systems, and commercial distribution systems

a tax levied by a nation on goods imported into the country

the regulations that restrict the amount of currency that can be bought or sold

a restriction on the number of units of a particular product that can be imported into a country

a prohibition on trade in a particular product

the act of a country or business selling products at less than what it costs to produce them

a group of firms or nations that agree to act as a monopoly and not compete with each other, in order to generate a competitive advantage in world markets

a trade agreement, originally signed by 23 nations in 1947, that provided a forum for tariff negotiations and a place where international trade problems could be discussed and resolved

international organization dealing with the rules of trade between nations

an organization established by the industrial nations in 1946 to loan money to underdeveloped and developing countries; formally known as the International Bank for Reconstruction and Development

 foreign trade agreements that involve bartering products for other products instead of for currency

a firm that buys goods in one country and sells them to buyers in another country

a trade agreement in which one company—the licensor—allows another company—the license—to use its company name, products, patents, brands, trademarks, raw materials, and/or production processes in exchange for a fee or royalty

a form of licensing in which a company—the franchiser—agrees to provide a franchise a name, logo, methods of operation, advertising, products, and other elements associated with a franchiser’s business, in return for a financial commitment and the agreement to conduct business in accordance with the franchiser’s standard of operations

the hiring of a foreign company to produce a specified volume of the initiating company’s product to specification; the final product carries the domestic firm’s name

the relocation of business processes by a company or subsidiary to another country; offshoring is different than outsourcing because the company retains control of the offshored processes

the sharing of the costs and operation of a business between a foreign company and a local partner

a partnership formed to create competitive advantage on a worldwide basis

the ownership of overseas facilities

a plan, used by international companies, that involves customizing products, promotion, and distribution according to cultural, technological, regional, and national differences

a strategy that involves standardizing products (and, as much as possible, their promotion and distribution) for the whole world, as if it were a single entity