Term
| ____ refers to programs designed to ensure that export-dependent farmers in developing countries receive fair prices for their crops. |
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Definition
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Term
| Process by which the world economy is becoming a single interdependent system. |
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Definition
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Term
| Product made or grown abroad but sold domestically. |
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Definition
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Term
| Product made or grown domestically but shipped and sold abroad. |
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Definition
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Term
| A ____ is a legal agreement that specifies areas in which nations will cooperate with one another. |
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Definition
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Term
| Agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico. |
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Definition
| North American Free Trade Agreement |
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Term
| Agreement among major European nations to eliminate or make uniform most trade barriers affecting group members. |
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Definition
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Term
| Organization for economic, political, social, and cultural cooperation among Southeast Asian nations. |
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Definition
| Association of Southeast Asian Nations |
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Term
| International trade agreement to encourage the multilateral reduction or elimination of trade barriers. |
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Definition
| General Agreement on Tariffs and Trade |
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Term
| Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices. |
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Definition
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Term
| In deciding whether an overall balance exists between imports and exports, economists use two measures: ____ and ____ |
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Definition
| balance of trade balance of payments |
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Term
| Economic value of all products a country exports minus the economic value of all products it imports. |
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Definition
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Term
| A ____ balance of trade results when a country exports more than it imports. |
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Definition
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Term
| A ____ balance of trade results when a country imports more than it exports. |
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Definition
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Term
| Situation in which a country's imports exceed its exports, creating a negative balance of trade. |
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Definition
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Term
| Situation in which a country's exports exceed its imports, creating a positive balance of trade. |
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Definition
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Term
| Flow of all money into or out of a country. |
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Definition
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Term
| Rate at which the currency of one nation can be exchanged for the currency of another nation. |
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Definition
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Term
| The value of any country's currency relative to that of another remains constant. |
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Definition
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Term
| The value of one country's currency relative to that of another varies with market conditions. |
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Definition
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Term
| A common currency shared among most of the members of the European Union. |
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Definition
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Term
| The ability to produce something more efficiently than any other country can. |
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Definition
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Term
| The ability to produce some products more efficiently than others. |
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Definition
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Term
| 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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Definition
| National Competitive Advantage |
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Term
| The practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services. |
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Definition
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Term
| The practice of outsourcing to foreign countries is more specifically referred to as ____. |
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Definition
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Term
| A ____ makes products in one country to distribute and sell in others. |
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Definition
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Term
| A ____ buys products in foreign markets and brings them home for resale. |
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Definition
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Term
| Firm that conducts a significant portion of its business in foreign countries. |
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Definition
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Term
| Firm that designs, produces, and markets products in many nations. |
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Definition
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Term
| Foreign individual or organization that agrees to represent an exporter's interests. |
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Definition
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Term
| Arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country. |
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Definition
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Term
| Foreign office set up by an international or multinational firm. |
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Definition
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Term
| Arrangement (also called joint venture) 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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Definition
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Term
| Arrangement in which a firm buys or establishes tangible assets in another country. |
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Definition
| Foreign Direct Investment |
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Term
| Restriction on the number of products of a certain type that can be imported into a country. |
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Definition
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Term
| Government order banning exportation and/or importation of a particular product or all products from a particular country. |
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Definition
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Term
| Tax levied on imported products. |
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Definition
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Term
| Government payment to help a domestic business compete with foreign firms |
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Definition
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Term
| Practice of protecting domestic business against foreign competition. |
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Definition
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Term
| Law requiring that products sold in a particular country be at least partly made there. |
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Definition
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Term
| Law or regulation governing business practices in given countries. |
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Definition
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Term
| Association of produces whose purpose is to control supply and prices. |
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Definition
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Term
| Practice of selling a product abroad for less than the cost of production. |
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Definition
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Term
| Governments and businesses are more aware of the ____ of globalization to businesses and shareholders. |
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Definition
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Term
| New technologies have made international travel, communication, and commerce ____ and ____ than ever. |
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Definition
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Term
| Sometimes a firm must expand into foreign markets simply to keep up with ____. |
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Definition
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Term
| Those with annual per-capita income greater than $11,115. |
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Definition
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Term
| Those with annual per-capita income of $11,115 or less but more than $3,595. |
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Definition
| Upper middle income countries |
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Term
| Those with annual per-capita income of $3,595 or lower but more than $905. |
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Definition
| Lower middle income countries |
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Term
| Those with annual per-capita income of $905 or less. |
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Definition
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