International Expansion
What is it called when a business sells the right to manufacture its products or use its trademark?
Licensing
NAFTA
North American Free Trade Agreement
The shared beliefs, customs, practices, and social behaviors of a group are called what?
Culture
Goods and services produced within a country's borders and sold in another country are called what?
Exports
What is the name of the company that sells the license?
Licensor
NAFTA lowered trade barriers among how many countries?
Three
What is the connection among nations when economies freely move goods, labor, and money across borders?
Globalization
Goods and services brought into a country from outside its borders are called what?
imports
What is the name of the company that buys the license?
Licensee
NAFTA included the United States, Canada, and what other country?
Mexico
What is planning and managing the flow of goods, services, and people to a destination?
Logistics
What is the difference between a nation's exports and imports called?
balance of trade
A partnership of two or more companies for a specific business project is called what?
joint venture
A country has an absolute advantage when it can produce goods more efficiently and at a lower what?
Cost
What is the process of sending and receiving messages between people of different cultures?
intercultural communication
What government order prohibits trade with a foreign country?
embargo
Name one of the three common ways businesses enter global markets.
Licensing Franchising Joint Venture
What do we call a group of countries that have reduced or eliminated trade barriers among themselves?
Free trade zone
What type of business operates in multiple countries around the world?
Multinational Corporation
What limits the amount of a product imported into a country during a specific time period?
quota