3-1
The selling of products to another country.
What is exporting?
When a firm grants a foreign company the right to manufacture their product or to use their firm's trademark in return for a fee.
What is licensing?
The set of values, beliefs, rules, and institutions held by a specific group of people.
What is culture?
A limit on the number of products in certain categories that a nation can import.
The number of potential worldwide customers reaches over ____ trillion.
What is 7?
This country is the largest importer of goods and services.
What is the United States?
When a business sells others the rights to use its business name and sell a product or service in a given territory in a specified manner.
The value of one nation’s currency relative to the currencies of other countries.
What is an exchange rate?
This type of tariff is designed to raise the price of imports so domestic goods are able to be competitively priced.
What is protective?
This country is expected to become the number 1 economy by 2028.
What is China?
The movement of goods and services among nations without political or economic barriers.
What is free trade?
When a foreign company produces private-label goods to which a domestic company then attaches its own brand name or trademark.
What is contract manufacturing?
The attitude that your own culture is superior to all or most others.
What is ethnocentricity?
It is said that this goes hand in hand with economics and business.
What is politics?
This country joins Brazil, India and China to form the BRIC - the countries that were expected to become power players in global trade by 2025.
What is Russia?
The total value of a nation’s exports compared to it imports measured over a particular period?
What is the balance of trade?
Disney and the Shanghai Shendi Group coming together to create Disneyland Shanghai is an example of this.
What is a joint venture?
Somalia, North Korea and Afghanistan all resort to this when doing trade business with other countries.
What is corruption?
This type of tariff is created to generate income for the government.
What is revenue?
This country has a young population with lots of potential to grow as a global trader due to its advancements in IT, biotechnology and pharmaceuticals.
What is India?
When a country sells to other countries those products it produces most effectively and efficiently, even if other countries can do it more effectively and efficiently.
What is comparative advantage?
An organization that manufactures and markets products in many different countries and has stock ownership in multiple countries, as well as management that spans multiple countries.
What is a multinational corporation?
In developing countries, it can be difficult to export these types of products since they go bad so quickly.
What is perishable?
A global forum for reducing trade restrictions on goods, services, ideas, and cultural programs that was created in 1948.
What is the General Agreement on Tariffs and Trade (GATT)?
The shift of functions to primarily low-wage global markets; this initially took place in manufacturing but is starting to take place in the service sector as well.
What is offshore outsourcing?