International Trade
The relationship between the values of a country's imports and exports.
Balance of Trade
The overall health and condition of a country's economy, including factors such as unemployment rates, inflation, and economic growth.
Economic Climate
A business model where a franchisee is granted the right to use a company's trademarks, branding, and business model for a fee, typically within a defined territory.
Franchising
A government's policy of allowing goods to flow freely in and out of its economy.
Free Trade
The percentage of imports in a country's total market consumption.
Import Penetration
Ability of one nation to produce certain goods/services better than other nations because of specific circumstances.
Comparative Advantage
Significant changes or disturbances in a market, often caused by new technologies, regulations, or shifts in consumer preferences, leading to changes in supply and demand dynamics.
Market Disruption
Supplying design & sample work, fabrics/findings/trims, all parts of construction, packing & transportation arrangements.
Full Package Production
The opposite of free trade- includes government-imposed trade restraints.
Protectionism
The basic physical and organizational structures and facilities needed for the operation of a society or enterprise, such as transportation systems, communication networks, etc.
Infrastructure
Occurs if imports exceed exports.
Trade Deficit
The process of industries and economies adapting to long-term shifts in competitiveness.
Structural Adjustment
Agreements that bring necessary skills or products of two companies together.
Joint Ventures
Set up an open trading zone for the US, Canada, and Mexico.
The North American Free Trade Agreement (NAFTA)
Involves operations that serve customers in multiple countries.
International Retailing
Occurs if exports exceed imports.
Trade Surplus
Equal treatment that was achieved with new trade pacts.
Parity
These corporations operate globally. They transfer technology and manufacturing knowledge to their various sites.
Multinational Corporations
An international trade agreement that reduces tariffs, quotas, and other trade barriers.
World Trade Organization (WTO)
Businesses that specialize in purchasing goods from foreign suppliers for resale in domestic markets.
Import Merchants
The selling of goods at lower prices in foreign markets than in the home market.
Dumping
The increase in worth of products as a result of a particular work activity, such as sewing.
Value Added
A business that acts as an intermediary between foreign suppliers and domestic buyers, facilitating the importation of goods into a country.
Import Commission House
Investigates imported consumer goods that may infringe on US intellectual property rights.
The International Trade Commission
The rerouting of goods to evade quota limits.
Transhipping