front 1 Absolute Advantage | back 1 the ability to produce something more efficiently than any other country can |
front 2 Association of Southeast Asian Nations (ASEAN) | back 2 organization for economic, political, social, and cultural cooperation among Southeast Asian nations |
front 3 Balance of Payments | back 3 flow of all money into or out of a country |
front 4 Balance of Trade | back 4 the economic value of all the products that a country exports minus the economic value of all the products it imports |
front 5 Branch Office | back 5 foreign office set up by an international or multinational firm |
front 6 Business Practice Law | back 6 law or regulation governing business practices in given countries |
front 7 Cartel | back 7 association of producers whose purpose is to control supply and prices |
front 8 Comparative Advantage | back 8 the ability to produce some products more efficiently than others |
front 9 Dumping | back 9 practice of selling a product abroad for less than the cost of production |
front 10 Embargo | back 10 government order banning exportation or importation of a particular product or all products from a particular country |
front 11 Euro | back 11 a common currency shared among most of the members of the EU (excluding Denmark, Sweden, and the United Kingdom) |
front 12 European Union (EU) | back 12 agreement among major European nations to eliminate or make uniform most trade barriers affecting group members |
front 13 Exchange Rate | back 13 rate at which the currency of one nation can be exchanged for the currency of another nation |
front 14 Export | back 14 product made or grown domestically but shipped and sold abroad |
front 15 Exporter | back 15 firm that distributes and sells products to one or more foreign countries |
front 16 Foreign Direct Investment (FDI) | back 16 arrangement in which a firm buys or establishes tangible assets in another country |
front 17 General Agreement on Tariffs and Trade (GATT) | back 17 international trade agreement to encourage the multilateral reduction or elimination of trade barriers |
front 18 Goal Orientation | back 18 the manner in which people are motivated to work toward different kinds of goals |
front 19 Globalization | back 19 process by which the world economy is becoming a single interdependent system |
front 20 Import | back 20 product made or grown abroad but sold domestically |
front 21 Importer | back 21 firm that buys products in foreign markets and then imports them for resale in its home country |
front 22 Independent Agent | back 22 foreign individual or organization that agrees to represent an exporters interests |
front 23 International Firm | back 23 firm that conducts a significant portion of its business in foreign countries |
front 24 Licensing Arrangement | back 24 arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country |
front 25 Local Content Law | back 25 law requiring that the products sold in a particular country be at least partly made there |
front 26 Multinational Firm | back 26 firm that designs, produces, and markets products in many nations |
front 27 National Competitive Advantage | back 27 international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries |
front 28 North American Free Trade Agreement (NAFTA) | back 28 agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico |
front 29 Offshoring | back 29 the practice of outsourcing to foreign countries |
front 30 Outsourcing | back 30 the practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services |
front 31 Power Orientation | back 31 the beliefs that people in a culture about the appropriateness of power and authority differences in hierarchies such as business organizations |
front 32 Protectionism | back 32 practice of protecting domestic business against foreign competition |
front 33 Quota | back 33 restriction on the number of products of a certain type that can be imported into a country |
front 34 Social Orientation | back 34 a person's beliefs about the relative importance of the individual versus groups to which that person belongs |
front 35 Strategic Alliance | back 35 arrangement (also called joint venture) in which a company finds a foreign partner to contribute approximately half of the resources needed to establish and operate a new business in the partner's country |
front 36 Subsidy | back 36 government payment to help a domestic business compete with foreign firms |
front 37 Tariff | back 37 tax levied on important products |
front 38 Time Orientation | back 38 the extent to which members of a culture adopt a long-term versus short-term outlook on work, life, and other elements of society |
front 39 Trade Deficit | back 39 situation in which a country's imports exceed its exports, creating a negative balance of trade |
front 40 Trade Surplus | back 40 situation in which a country's exports exceed its imports, creating a positive balance of trade |
front 41 Uncertainty Orientation | back 41 the feeling individuals have regarding uncertain and ambiguous situations |
front 42 World Trade Organization (WTO) | back 42 organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices |