1. Ad Valorem Tariff
    tariff that is based on the market value of the imported good
  2. Coutervailing Duty
    A special offsetting importing tax
  3. Customs
    The official tariff admisitration body of the US Customs officials make an estimate of duties for deposit which requires determinations of 1) classification, 2) valuation, and 3) country of origin.
  4. Embargo
    A complete ban on all trade (imports and exports), and is the most restrictive non-tariff barrier.
  5. Mixed Tariff
    A combination of specific ad valoreum tariff; also called a compound tariff
  6. Quota
    A protectionist restriction on trade that limits the number of good simported into a country
  7. Specific Tariff
    A flat rate on the quantity or per unit.
  8. Subsidies
    A government financial assistance to national companies and small businesses. It helps to keep prices low and to create a stable environment for small companies that would otherwise go bankrupt in the free market.
  9. Tariff
    A tax that is collected upon the importation of a product or goods.
  10. Voluntary Export Restraint
    A quota that a nation imposes on its own exports.
  11. Balance of Trade
    The difference in monetary value between exports and imports of an economy. It is usually measured over a specific period of time.
  12. Devaluation
    Reduction of currency value in respect to other currencies.
  13. Developing Region
    A conglomerate of countries that are in the process of developing their industrial base and technological sector as a means to foster economic growth and stimulate market attractiveness. Developing regions typically expand market practices internationally so as to partake in international trade.
  14. Foreign Investment
    An investment made by a country or a company in a foreign country.
  15. Gross Domestic Product (GDP)
    The measurement of a country's economic national income and capital output.
  16. Hyperinflation
    Extreme inflation in which prices increase dramatically as currency value declines. It is often characterized as "out of control" inflation that is difficult to remedy and that reeks havoc on local and regional economies.
  17. Multinational Firms
    A firm that conducts business in at least two countries.
  18. Pegged Currency
    The act of matching the value of one currency to another.
  19. Protectionism
    An economic policy imposed on foreign products by national governments looking to protect national companies. Protectionist policies use mothods such as high tariffs, restrictive quotas, and government bureaucracy as a means to discourage imports.
  20. Tariffs
    Governmentally imposed taxes on imported goods; the tax is issued upon importation
  21. Treaty of Tordesillas
    Treaty signed in Tordesilla/Valladolid Spain, divided land discovered by the Spanish and Portuguese in the Americas (Brazil, rest of South America)
  22. Daoism
    A philosophical and religious system that advocates a simple life, honesty and noninterference with the course of natural events.
  23. Guanxi
    A concept of business relationships that emphasizes cooperation, mutual support and the frequent exchange of favors.
  24. Multinational Corporation (MNC)
    A corporation with operations in more than one country.
  25. Open and Reform Policy
    An economic policy enacted by the Chinese government combining central planning with market-oriented reforms to increase productivity, living standards and technological quality without exacerbating inflation, unemployment and budget deficits, with the goal of moving from a centrally planned economy to a market-based economy.
  26. Tiananmen Square Incident
    A military assault by the Chinese government on pro-democracy demonstrators in and around Tiananmen Square in Beijing in July 1989. This assault led to the death of hundreds of demonstrators and the injury of several thousands of others. It is a controversial event in recent Chinese history.
  27. World Trade Organization (WTO)
    Created in 1994 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementation and administration of the trade agreement.
  28. Friedman doctrine
    do what the laws say
  29. cultural relativism
    adopt the local norms
  30. righteous moralist
    adopt your own norms
  31. naive immoralist
    do what others do
  32. utilitarian approach
    judge actions by its consequences
  33. kantian ethics
    respect people
  34. universal declaration of human rights
    basic rights must be respected
  35. Rawl's "A Theory of Justice"
    a fair and equitable distribution. Inequality is justified if it is of greatest benefit to the least-advantaged person
Card Set
MKT 310 Exam 2 Notecards