Vocabulary 1
goods and services purchased from other countries
imports
goods and services sold to other countries
exports
total ban on specific goods coming into and leaving a country
embargo
Which of the below is the marketing strategy where a company sells the same product and uses the same promotion method in all countries?
a. adaptation
b. globalization
c. customization
b. globalization
Which of the below is the marketing strategy where a company uses an existing product or promotion from which changes are made?
a. adaptation
b. globalization
c. customization
a. adaptation
the exchange of goods and services among nations
international trade
tax on imports
tariff
limits either the quantity or monetary value of a product
quota
Which of the below is the marketing strategy where creates specially designed products or promotions for certain countries or regions?
a. adaptation
b. globalization
c. customization
c. customization
What type of advantage occurs when a country has more than one product that they have the economic resources to produce at a lower unit cost and must decide which product to produce and which to import?
a. comparative advantage
b. no advantage
c. absolute advantage
d. free advantage
a. comparative advantage
government's establishment of economic policies that systematically restrict imports in order to protect domestic industries
protectionism
difference in value between exports and imports
balance of trade
the establishment of a business in a foreign country
foreign direct investment
What type of advantage occurs when a country has economic resources that allow it to produce a product at a lower unit cost than any other country?
a. comparative advantage
b. no advantage
c. absolute advantage
d. free advantage
c. absolute advantage
Which of the following is an example of absolute advantage?
a. United States and automobiles
b. Brazil and coffee
c. Australia and high-tech products
d. Canada and surfboards
b. Brazil and coffee
commercial exchange between nations that is conducted on free market principles without any regulations
free trade
midsize or smaller companies that have operations in foreign countries
mininationals
large corporations that have operations in several countries
multinationals
Which of the following is NOT considered one of the three main trade barriers?
a. tariff
b. deficit
c. embargo
d. quota
b. deficit
Which of the below is an example of a political factor when conducting a PEST analysis of a country?
a. infrastructure
b. standard of living
c. trade regulations and laws
d. holidays
c. trade regulations and laws
involves hiring a foreign manufacturer to make products according to a company's specifications
contract manufacturing
business enterprise that a domestic company and a foreign company undertake together
joint venture
involves letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
licensing
Which of the below is an example of an economic factor when conducting a PEST analysis of a country?
a. infrastructure
b. language
c. trade regulations and laws
d. holidays
a. infrastructure
Which of the below is an example of a socio-cultural factor when conducting a PEST analysis of a country?
a. infrastructure
b. standard of living
c. trade regulations and laws
d. holidays
d. holidays