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100
Products made or grown abroad and sole domestically in the U.S.
What are imports?
100
Products made or grown in the United States and shipped for sale abroad
What are exports?
100
The total economic value of a country's imports less the economic value of its exports
What is the balance of trade?
100
This occurs when a country's imports exceed its exports
What is a trade deficit?
100
This occurs when a country's exports exceed its imports
What is a trade surplus?
200
The flow of money into/out of a country, including imports, exports, money spent on tourism, foreign aid programs, etc.
What is the balance of payments?
200
The rate at which the currency of one country can be exchanged for that of another
What is the exchange rate?
200
The common currency of the European Union
What is the euro?
200
When a country can produce something that is cheaper or of higher quality than any other country, it has this
What is absolute advantage?
200
A country has this when it can produce something more efficiently or better than other nations
What is comparative advantage?
300
The practice of paying suppliers and distributors to perform certain business processes or provide needed materials or services
What is outsourcing?
300
The practice of outsourcing to foreign countries, particularly to those with lower labor rates
What is offshoring?
300
Requirements that products sold in a country be at least partly made there
What are local content laws?
300
A foreign individual or organization that represents an exporter in foreign markets
What is an independent agent?
300
A contract under which one firm allows another to use its brand name, operating procedures or proprietary technology
What is a licensing arrangement?
400
The purchase or establishment of tangible assets in another country, such as building a manufacturing facility
What is foreign direct investment?
400
This dimension of culture involves a person's beliefs about the relative importance of the individual versus groups to which s/he belongs
What is social orientation?
400
A government payment to help a domestic business compete with foreign firms
What is a subsidy?
400
The practice of protecting domestic business at the expense of free market competition
What is protectionism?
400
The dimension of culture reflects beliefs that people in a culture hold about the appropriateness of authority differences
What is power orientation?
500
This dimension of culture reflects the feelings that people have regarding uncertain and ambiguous situations
What is uncertainty avoidance?
500
This dimension of culture reflects the manner in which people are motivated to work towards material possessions versus quality of life
What is goal orientation?
500
A government order forbidding exportation or importation of products to or from a specific country
What is an embargo?
500
This barrier to international trade restricts the number of products of a certain type that can be imported
What is a quota?
500
Selling a product abroad for less than the cost of production in the home country
What is dumping?