Business: Chapter 3

all business activities that involve exchanges across national boundaries

the ability to produce a specific product more efficiently than any other nation

the ability to produce a specific product more effieciently than any other product

selling and shipping raw materials or products to other nations

purchasing raw materials or products in other nations and bringing them into one's own country

the total value of a nation's exports minus the total value of it's imports over some period of time

a negative balance of trade

the total flow of money into a country minus the total flow of money out of that country over some period of time

a tax levied omn a particular foreign product entering a country

exportation of large quantities of a product at a price lower than that of the same product in the home market

a nontax measure imposed by a government to favor domestic over foreign suppliers

a limit on the amount of a particular good that may be imported into a country during a given period of time

a complete halt to trading with a particular nation or in a particular product

a restriction on the amount of a particular foreign currency that can be purchased or sold

the reduction of the value of a nation's currency relative to the currencies of the other countries

an international organization of 153 nations dedicated to reducing or eliminating tariffs and other barriers to world trade

powerful successor to GATT that incorporates trade in goods, services, and ideas

an organization of nations formed to promote the free movement of resources and products among it's members and to create common economic policies

a contractual agreement in which one firm permits another to produce and market it's product and use it's brand name in return for a royalty or other compensation

issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary

document issued by a transport carrier to an exporter to prove that merchandise has been shipped

issued by the exporter's bank, ordering the importer's bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer's bank

a partnership formed to create competitive advantage on a worldwide basis

provides a link between buyers and sellers in different countries

an international barter transaction

a firm that operates on a worldwide scale without ties to any specific nation or region

an independent agency of the U.S. government whose function it is to assist in financing the exports of American firms

an internationally supported bank that provides loans to developing countries to help them grow

an international bank with 184 member nations that makes short-term loans to developing countries experiencing balance-of-payment deficits