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| A group's refusal to deal commercially with some organization to protest against its policies, |
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| When a firm maintains 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsidiaries. |
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| The practice of selling a good in a foreign market at a price that is lower than its domestic price or below its cost |
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| another name for a tariff |
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| Refers to the regulation of a country's currency exchange rate |
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| The measure of how much one currency is worth in relation to another. |
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| Producing goods in one country and selling them in another. |
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| A contractual agreement between a franchisor and a franshisee that allows the franchisee to operate a business using a name and format developed ans supported by the franchisor. |
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| General Agreement of Tariffs and Trade |
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| Organization established to lower trade barriers, such as high tariffs on imported goods and restrictions on the number and types of imported products that inhibited the free flow of goods across borders. |
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| Refers to the process by which goods, services, capital, people, information, and ideas flow across national borders. |
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| Globalization of Production |
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| Also known as offshoring. Refers to manufactures procurement of goods and services from around the globe to take advantage of national differences in the cost and quality of various factors of production. |
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| Defined as the market value of the goods and services produced by a country in a year. The most widely used standardized measure of output. |
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| Consists of GDP plus the net income earned from investments abroad. |
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| A composite measure of three indicators of the quality of life in different countries |
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| The basic facilities, services, and installations needed for a community or society to function, such as transportation and communications systems. |
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| International Monetary Fund |
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| Established with the General Agreement on Tariffs and Trade. Primarily purpose is to promote international monetary cooperation and facilitate the expansion and growth of international trade. |
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| Formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership, control, and profits are shared. |
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| A theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency. |
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| Designates the maximum quantity of a product that may brought into a country during a specified time period. |
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| A collaborative relationship between independent firms, though the partnering firms do not create an equity partnership, meaning they dont invest in one another. |
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| A tax levied on a good imported into a country. |
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| Intergovernmental agreements designed to manage and promote trade activities for specific regions. |
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| Results when a country imports more goods that it exports. |
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| Occurs when a country has a higher level of exports than imports. |
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| Consists of those countries that have signed a particular trade agreement. |
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| A development bank that provides loans, policy advice, technical assistance, and knowledge sharing services to low and middle income countries in an attempt to reduce poverty in the developing world. |
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| Replaced the GATT in 1994. Differs from the GATT in that the WTO is an established institution based in Switzerland, instead of simply an agreement. Represents the only international organization that deals with the global rules of trade among nations. |
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