International Trade
What is buying goods from another country called?
Imports
What is a tax on imported goods called?
Tariff
What does WTO stand for?
World Trade Organization
What is a business that operates in multiple countries called?
Multinational
What is changing a product to fit another country's needs called?
Adaptation
What is selling goods to another country called?
Exports
What limits the amount of a product that can be imported?
Quota
What does EU stand for?
European Union
What is investing in a business in another country called?
Foreign direct investment (FDI)
What is making a product fit a customer's specific needs called?
Customization
What is the buying and selling of goods between countries called?
International trade
What is a government ban on trade with a country called?
Embargo
What does NAFTA stand for?
North American Free Trade Agreement
What is an agreement between businesses to work together called?
Joint venture
What is the process of businesses and markets becoming more connected worldwide called?
Globalization
What is the difference between a country's imports and exports called?
Balance of trade
What is protecting local businesses from foreign competition called?
Protectionism
What organization helps establish rules for world trade?
World Trade Organization (WTO)
What allows another company to use your brand or product for a fee?
Licensing
What is using the same marketing strategy in many countries called?
Standardization
What is trade between countries with few restrictions called?
Free trade
Name one way a government can limit international trade.
Tariff, quota, or embargo
What group of European countries works together economically?
European Union (EU)
What is hiring another company to manufacture your product called?
Contract manufacturing
What is changing a product's features for a specific market called?
Customization