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27 Cards in this Set
- Front
- Back
Balance of trade |
Relationship between the values of a country’s imports and exports, described as being a deficit or a surplus.
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Comparative advantage
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Ability of one nation to produce certain goods or services better than other nations because of specific circumstances.
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Culture
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A set of social norms or values
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Dumping
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Selling of goods at lower prices in foreign markets than in the home market.
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Economic climate
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A country’s purchasing power, standard of living, and relative costs of doing business.
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Export sales agent
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Foreign natives who represent selected manufacturers but do not maintain a wholesale inventory.
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franchising
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A business arrangement where a firm grants a retailer the right to use a famous or established name and trademarked merchandise in return for a certain amount of money
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Full package production
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Design through distribution contracting, which focuses on supplying design and sample work, fabrics/findings/trims, all parts of construction, as well as packing and transportation arrangements.
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Globalization
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Rapid growth of international commerce and communications that makes national boundaries less important, especially in economic matters
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Import commission house
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Brokerage between domestic buyers and foreign sources.
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Import merchants
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Individuals or companies that buy and import particular classifications or categories of goods.
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Import penetration
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Percentage of imports in a country’s total market consumption, which measures foreign against domestic goods.
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Infrastructure
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A country’s existence and condition of roads, transportation systems, electricity, telephones, and mail delivery.
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International retailing
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Retail operations of a company that serve customers in multiple countries.
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Joint venture
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Agreement that brings necessary skills or products of two companies together for added strength.
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Licensing agreements
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Arrangement where a manufacturer is given the exclusive right to produce and market goods that bear the famous name of someone who, in return, receives a percentage of wholesale sales.
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Market disruption
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Situation, usually caused by too many imports, that threatens a particular industry with products that are in direct competition with that industry.
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Multinational corporations (MNCs)
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Companies that operate globally with direct investment in several different countries.
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North American Free Trade Agreement (NAFTA)
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Trading bloc that includes the US, Canada, and Mexico.
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Parity
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Equal monetary value or treatment by the law
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Political stability
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Tthe degree to which a country’s laws and regulations are subject to change and are enforced.
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Resident sales agent
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Representative in a country who connects buyers of other countries with local manufacturers of particular types of goods.
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Structural adjustments
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Process of industries and economies adapting to long-term shirts in competitiveness.
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Trade deficit –
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The amount by which the value of imports exceeds exports.
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Trade surplus –
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The amount by which the value of exports exceeds imports.
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Value added
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The increase in worth of products as a result of a particular work activity
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World Trade Organization (WTO)
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International trade accord that reduces tariffs, quotas, and other trade barriers around the world. It regulated trade globally for the countries that join and conducts global trade by WTO regulations
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