trade basics
What is buying and selling goods between countries called?
International trade
What is trade between countries with few or no trade restrictions called?
Free trade
Which trade barrier makes imported products more expensive through a tax?
Tariff
What does WTO stand for?
World Trade Organization
What is the process of the world's economies and markets becoming more connected called?
Globalization
What are goods brought into a country from another country called?
Imports
What is a tax placed on imported goods called?
Tariff
Which trade barrier sets a limit on how many goods can enter a country?
Quota
What international organization helps establish rules for trade between countries?
World Trade Organization
What is it called when a company allows another business to use its brand or product in exchange for payment?
Licensing
What are goods sold to other countries called?
What limits the quantity of a product that can be imported?
Which trade restriction can completely stop trade with a country?
Embargo
What did NAFTA stand for?
North American Free Trade Agreement
What is it called when a company hires another company to manufacture its products?
Contract Manufacturing
What is the difference between a country's exports and imports called?
Balance of trade
What is a government ban on trade with a particular country called?
Embargo
What is the main goal of protectionism?
Protect domestic industries
Which three countries were members of NAFTA?
United States, Canada, and Mexico
What is changing a product or marketing message to fit a foreign market called?
Adaptation
If a country exports $800 million and imports $600 million, what is its balance of trade?
$200 million
What is the policy of protecting domestic businesses from foreign competition called?
Protectionism
A country limits foreign steel imports to help its own steel companies. What policy is this?
Protectionism
Which three countries were members of NAFTA?
United States, Canada, and Mexico
What is creating a product or marketing plan specifically for an individual customer's preferences called?
Customization