International Trade & Global Business
A tax placed on imported goods, making foreign goods more expensive.
Tariff
The hierarchy that shows who reports to whom in an organization
Chain of Command
Someone who starts and manages a business, taking on financial risk for potential profit
Entrepreneur
The total income generated from sales before expenses are deducted.
Revenue
Two or more individuals who interact regularly to accomplish shared objectives
Group
An international organization that establishes and enforces rules of global trade and works to reduce trade barriers
World Trade Organization (WTO)
A visual diagram that shows the structure of an organization, including positions and reporting relationships
Organization Chart
The early stage of launching a business, including idea development, financing, and establishing operations
Start-up phase
Individuals hired by a business to perform tasks and help achieve organizational goals
Employees
Targets or outcomes a business or individual aims to achieve
Goals
An agreement between the U.S., Canada, and Mexico that reduced or eliminated trade barriers
The North American Free Trade Agreement (NAFTA)
Dividing work into specific tasks that are assigned to particular individuals to increase efficiency
Specialization
A business owned and operated by one individual; simplest form with unlimited personal liability
Sole Proprietorship
Anyone affected by a company's actions—employees, customers, owners, communities, governments
stakeholders
The specialized knowledge and abilities needed to perform specific tasks or operate equipment
Technical Skills
Selling goods or services produced domestically to customers in foreign countries
Exporting
A structure where decision-making authority is held at the top levels of management
Centralization
Organizations that support early-stage companies by providing workspace, funding, mentorship, and resources
Incubators
Activities that identify customer needs and provide products or services to satisfy those needs
Marketing
Behaviors that help a team accomplish its goals, such as monitoring performance, enforcing norms, and providing direction
Task-faciliting Roles
The movement of goods and services across borders with little or no restrictions
Free Trade
Anything a business uses to operate—human, financial, physical, and informational
Resources
When one company purchases and takes control of another company
Acquisition
Managing money, including budgeting, investing, and obtaining funds for business operations
Finance
Name two types of teams
Work teams, problem-solving teams, cross-functional teams, and virtual teams