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Definition
| Savings from buying parts and materials, manufacturing, or marketing in large quantities. |
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| A nation's ability to produce a particular product with fewer resources per unit of output than any other nation |
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| Comparative Advantage Theory |
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Definition
| Theory that states that a country should produce and sell to other countries those items it produces most efficiently |
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Definition
| Total value of the products a nation exports minus the total value of the products it imports, over some period of time |
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Definition
| Favorable trade balance created when a country exports more than it imports |
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Definition
| Unfavorable trade balance created when a country imports more than it exports |
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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. |
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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. |
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| Judging all other groups according to your own group's standards, behaviors, and customs. |
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| International Trade unencumbered by restrictive measure. |
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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. |
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Definition
| Government policies aimed at shielding a country's industries from foreign competition. |
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Definition
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Definition
| Limits placed on the quantity of imports a nation will allow for a specific product |
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Definition
| Total ban on trade with a particular nation or of a particular product |
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Definition
| Politically motivated embargoes that revoke a country's normal trade relations status. |
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Definition
| Charging less than the actual cost or less than the home-country price for goods sold in other countries |
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Definition
| Organizations of nations that remove barriers to trade among their members and that establish uniform barriers to trade with nonmember nations |
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Definition
| A unified currency used by most nations in the European Union |
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Term
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Definition
| Rate at which the money of one country is traded for the money of another |
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Term
| Floating Exchange Rate System |
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Definition
| A currency's value or price fluctuates in response to the forces of global supply and demand. |
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Term
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Definition
| exchange rate is higher than normal |
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Term
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Definition
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Term
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Definition
| US dollar buys more units of those other currencies than it has in the past |
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Term
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Definition
| the US dollar buys more units of those other currencies than it has in the recent past. |
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Term
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Definition
| A move by one government to drop the value of its currency relative to the value of other currencies |
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Term
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Definition
| Legal systems in which tradition, custom, and judicial interpretation play important roles. |
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Term
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Definition
| Legal Parameters are specified in detailed legal codes. |
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Term
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Definition
| Laws based on religious principles, predominates. |
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Term
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Definition
| Purchasing goods or services from another country and bringing them into one's own country. |
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Term
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Definition
| Selling and shipping goods or services to another country. |
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Term
| Export Management Companies |
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Definition
| Domestic firms that specialize in performing international marketing services on a commission basis |
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Term
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Definition
| General Trading firms that will buy your products for resale overseas as well as perform a variety or importing. |
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Term
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Definition
| Agreement to produce and market another company's product in exchange for a royalty or fee. |
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Term
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Definition
| Long-term relationship in which two or more companies share ideas, resources, and technologies in order to establish competitive advantages |
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Term
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Definition
| Cooperative partnership in which organizations share investment costs, risks, management, and profits in the development, production, or selling of products. |
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Term
| Foreign Direct Investment (FDI) |
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Definition
| Investment of money by foreign companies in domestic business enterprises. |
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Term
| Multinational Corporations (MNCs) |
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Definition
| Companies with operations in more than one country. |
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