Vocabulary
Items bought from other countries
What is imports
Goods and services sold to other countries
What is exports
an organization that does business in several countries
What is a multinational company
What are the four main factors that must be understood before doing business abroad
What is Geographic, Economic, Cultural, Political and Legal
Country A exports $2,000,000 and imports $200,000. Do they have a trade surplus or trade deficit and how much?
What is a trade surplus of $1,800,000
the difference between a country's total exports and total imports
What is balance of trade
the difference between the amount of money that comes into a country and the amount that goes out
What is balance of payments
using the same marketing strategy worldwide
What is a global strategy
The location, climate and natural resources
What is geography
What is an absolute advanatge
the value of a currency in one country compared to the value in another
What is exchange rate
a nation's transportation, communication and utility systems
What is infrastructure
developing products and marketing strategies for each separate country
What is a multinational strategy
the accepted behaviors, customs, and values of a society
What is Cultural factors
a country specializes in the production of a good or service at which is it more efficient
what is comparative advantage
restrictions to free trade
What is trade barriers
a nation limiting the amount of goods that can be imported or exported
What is quota
when two or more companies share a business project
What is a joint venture
the stability of the government, and government policies toward business
What is Political and Legal factors
Name one free trade agreement
what is USMCA
a tax that governments put on certain imported products
What is tarriff
to stop the importing or exporting of a product completely
What is an embargo
Company A sells its logo to be used by a foreign company
What is Licensing
Literacy, technology and agricultural dependency of a country
What is economic development
why was the world bank created?
what is to provide loans for rebuilding after WWII