Spongebob Squarepants
________ is the increasing connectivity and interdependence of the world's economies, societies, and cultures because of advances in communication, technology, trade, international investment, currency movement, and migration.
What is Globalization?
The movement of goods and services among nations without political or economic restrictions is called
What is Free Trade?
Jonathon works for a U.S. company that doesn't produce goods domestically, but instead buys them from other countries and resells them in the United States. Jonathon's company illustrates the concept of
What is Importing?
The United States grows more soybeans than it consumes, so it sells the excess to other countries. This illustrates the concept of
What is Exporting?
Which method of entering foreign markets has the lowest risk?
What is Importing and Exporting?
When one country can produce a product more cheaply or efficiently than any other country, it has a(n) ________ advantage.
What is Absolute?
Although many countries in the world could produce pottery, if Mexico can produce it the most efficiently, then it has a(n) ________ advantage over other countries.
What is Comparative?
When the value of a country's total imports exceeds the value of its total exports, it has
What is a Trade Deficit?
When a country accepts goods as partial payment for its own goods, the country is engaging in
What is Countertrading?
If you want to open a Burger King in another country, you must pay a fee to Burger King plus a share of the profit, and Burger King will provide its materials and services to you in return. This is an example of which means of entering a foreign market?
What is Franchising?
BigAir buys parts from a domestic company and sells its finished planes to Mexico. The company that makes the parts engages in
What is Indirect Exporting?
You have a company that makes high-end chocolates, and you want to begin selling to retailers in other countries. In other words, you want to participate in
What is Direct Exporting?
If a company in Italy wants to produce children's clothes with Mickey Mouse on them, it must get permission from Disney and pay a fee. This is called
What is Foreign Licensing?
Many companies have found that having staff with certain specialties on its payroll is expensive, so they hire people in other countries who have the training and skills to do the work for them. This is called
What is Offshoring?
Another name for a joint venture is
What is A Strategic Alliance?
The value of China's exports exceeds all other countries in the world, far exceeding its imports. China has
What is A Favorable Balance of Trade?
What is an advantage of entering a foreign market through a joint venture?
What is Local Expertise?
What is the rate at which one country's money can be exchanged for the money of another country?
What is Currency Exchange Rate?
Governments may seize either domestic or a foreign company's property through ________ without paying the owner.
What is Expropriation?
When a government decides it needs to protect its domestic industries against foreign competition, it is engaging in trade
What is Protectionism?
What outcome is a negative effect of globalization?
What is Greater Income and Wealth Disparity?
What law made it illegal for employees of U.S. companies to make "questionable" or "dubious" contributions to political decision makers in foreign nations?
What is Foreign Corrupt Practices Act?
The United States, in 2017, decided it needed to protect its textile industry from a flood of imports from China. As a result, it implemented ________ to limit the textile products coming into the United States from China.
What is An Import Quota?
If a country desired help in negotiating a trade agreement with other countries or deciding a trade dispute, it could seek help from which organization?
What is World Trade Organization?
The USMCA is a trade agreement among
What is The United States, Canada, and Mexico?