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19 Cards in this Set
- Front
- Back
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Balance of Trade |
Relationship between the values of a country’s imports and exports, described as being a deficit or asurplus |
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Comparative Advantage |
Ability of one nation to produce certain goods or services better than other nations because ofspecific circumstances |
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Culture |
A set of social norms or values |
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Dumping |
Selling of goods at lower prices in foreign markets than in the home market |
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Economic Climate |
A country’s purchasing power, standard of living, and relative costs of doing business |
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Export Sales Agent |
Foreign natives who represent selected manufacturers but do not maintain a wholesale inventory |
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Franchising |
A business arrangement where a firm grants a retailer the right to use a famous or established name andtrademarked merchandise in return for a certain amount of money |
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Full Package Production |
Design through distribution contracting, which focuses on supplying design and sample work,fabrics/findings/trims, all parts of construction, as well as packing and transportation arrangements |
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Globalization |
Rapid growth of international commerce and communications that makes national boundaries less important,especially in economic matters |
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Multinational Corporations (MNCs) |
Companies that operate globally with direct investment in several different countries |
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North American Free Trade Agreement (NAFTA) |
Trading bloc that includes the US, Canada, and Mexico |
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Parity |
Equal monetary value or treatment by the law |
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Political Stability |
The degree to which a country’s laws and regulations are subject to change and are enforced |
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Resident Sales Agent |
Representative in a country who connects buyers of other countries with local manufacturers ofparticular types of goods |
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Structural Adjustments |
Process of industries and economies adapting to long-term shirts in competitiveness |
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Trade Deficit |
The amount by which the value of imports exceeds exports |
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Trade Surplus |
The amount by which the value of exports exceeds imports |
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Value Added |
The increase in worth of products as a result of a particular work activity |
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World Trade Organization (WTO) |
International trade accord that reduces tariffs, quotas, and other trade barriers aroundthe world. It regulated trade globally for the countries that join and conducts global trade by WTO regulations |
