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Unit 3 Vocabulary
Chapter 3 Test Vocab. (includes highlighted words)
38
Business
9th Grade
10/24/2011

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Term
Economies of Scale
Definition
Savings from buying parts and materials, manufacturing, or marketing in large quantities.
Term
Absolute Advantage
Definition
A nation's ability to produce a particular product with fewer resources per unit of output than any other nation
Term
Comparative Advantage Theory
Definition
Theory that states that a country should produce and sell to other countries those items it produces most efficiently
Term
Balance of Trade
Definition
Total value of the products a nation exports minus the total value of the products it imports, over some period of time
Term
Trade Surplus
Definition
Favorable trade balance created when a country exports more than it imports
Term
Trade Deficit
Definition
Unfavorable trade balance created when a country imports more than it exports
Term
Balance or Payments
Definition
Sum of all payments one nation receives from other nations minus the sum of all payments it makes to other nations, over some specified period of time.
Term
Stereotyping
Definition
Assigning a wide range of generalized attributes which are often superficial or even false, to an individual based on his of membership in a particular culture or social group.
Term
Ethnocentrism
Definition
Judging all other groups according to your own group's standards, behaviors, and customs.
Term
Free Trade
Definition
International Trade unencumbered by restrictive measure.
Term
Fair Trade
Definition
A voluntary approach to trading with artisans and farmers in developing countries guaranteeing them above-market prices as a way to protect them from exploitation by larger, more powerful trading partners.
Term
Protectionism
Definition
Government policies aimed at shielding a country's industries from foreign competition.
Term
Tariffs
Definition
Taxes levied on imports
Term
Quotas
Definition
Limits placed on the quantity of imports a nation will allow for a specific product
Term
Embargo
Definition
Total ban on trade with a particular nation or of a particular product
Term
Sanctions
Definition
Politically motivated embargoes that revoke a country's normal trade relations status.
Term
Dumping
Definition
Charging less than the actual cost or less than the home-country price for goods sold in other countries
Term
Trading Blocs
Definition
Organizations of nations that remove barriers to trade among their members and that establish uniform barriers to trade with nonmember nations
Term
Euro
Definition
A unified currency used by most nations in the European Union
Term
Exchange Rate
Definition
Rate at which the money of one country is traded for the money of another
Term
Floating Exchange Rate System
Definition
A currency's value or price fluctuates in response to the forces of global supply and demand.
Term
Strong
Definition
exchange rate is higher than normal
Term
Weak
Definition
Rate lower than normal
Term
Strong Dollar
Definition
US dollar buys more units of those other currencies than it has in the past
Term
Weak Dollar
Definition
the US dollar buys more units of those other currencies than it has in the recent past.
Term
Devaluation
Definition
A move by one government to drop the value of its currency relative to the value of other currencies
Term
Common Law
Definition
Legal systems in which tradition, custom, and judicial interpretation play important roles.
Term
Civil Law
Definition
Legal Parameters are specified in detailed legal codes.
Term
Theocratic Law
Definition
Laws based on religious principles, predominates.
Term
Importing
Definition
Purchasing goods or services from another country and bringing them into one's own country.
Term
Exporting
Definition
Selling and shipping goods or services to another country.
Term
Export Management Companies
Definition
Domestic firms that specialize in performing international marketing services on a commission basis
Term
Export Trading Companies
Definition
General Trading firms that will buy your products for resale overseas as well as perform a variety or importing.
Term
Licensing
Definition
Agreement to produce and market another company's product in exchange for a royalty or fee.
Term
Strategic Alliance
Definition
Long-term relationship in which two or more companies share ideas, resources, and technologies in order to establish competitive advantages
Term
Joint Venture
Definition
Cooperative partnership in which organizations share investment costs, risks, management, and profits in the development, production, or selling of products.
Term
Foreign Direct Investment (FDI)
Definition
Investment of money by foreign companies in domestic business enterprises.
Term
Multinational Corporations (MNCs)
Definition
Companies with operations in more than one country.
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