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| International Trade is the exchange of goods and services among nations. |
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| Imports are goods and service purchased from other countries. |
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| Conversely, exports are goods services sold to other countries. |
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| The difference in value between exports and imports of a nation is called its Balance of trade. |
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| Many countries around the world favor ans practice Free trade, or commercial exchange between nations that is conducted on free market principles, without restrictive regulations. |
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| A Tariff (sometimes called a duty) is a tax on imports. |
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| An import Quota limits either the quantity or the monetary value of a product that may be imported. |
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| An Embargo is a total ban on specific goods coming into and leaving country. |
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| Protectionism is a government establishment of economic policies that systematically restrict imports in order to protect domestic trade. |
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| World Trade Organization (WTO) |
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| The world Trade Organization (WTO)is a coalition of nations that makes rules governing international trade. |
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| North American Free Trade Agreement (NAFTA) |
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| The North American Free Trade Agreement (NAFTA) is an international trade agreement among the united states,Canada, and Mexico. |
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| The European Union (EU)is the Europe's trading Bloc |
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| Licensing involves letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty. |
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| Contract Manufacturing involves hiring a foreign manufacturing to make your products, according your specification. |
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| A Joint Venture is a business enterprise that companies set up together. |
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| Foreign Direct Investment (FDI) |
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| A foreign direct investment (FDI) is the establishment of a business in a foreign. |
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| Multinationals are large corporations that have operations in several countries. |
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| Mini- Nationals are midsize or smaller companies that have operations in foreign countries. |
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| Globalization is selling the same product and using the same promotion methods in all countries. |
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| Adaptation is a company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region. |
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| involves creating specially designed products or promotions for certain countries or regions. |
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| A Free Enterprise System encourages individuals to start and operate their own businesses in a competitive system, without government involvement. |
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| If you get a Patent on a invention, you alone own the rights to item or idea. |
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| A Trademark is a world, name, symbol, sound, or that color that identifies a good or service and that cannot be used by anyone but the owner. |
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| A Copyright involves anything that is authored by an individual, such as writings (books, magazine, articles, etc.), music, and artwork. |
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| This struggle for customers is called Competition. |
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| Focuses on the sale price of a product. |
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| Businesses choose to compete on the basis of factors that are not related to price. |
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| Is exclusive control over a product or the means of producing it. |
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| Is the potential for loss or failure |
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| Is the money earned from conducting business after all costs and expenses have been paid. |
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| Is the amount of goods producers are willing to make sell. |
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| Refers to consumer willingness and ability to buy products. |
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