Business Chapter 2-3 Flashcards
Foreign exchange control
A restriction on the amount of a particular foreign currency that can be purchased or sold
Monopolistic competition
A market situation in which there are many buyers and many sellers who differentiate their products from products of their competitors
Command economy
A economic system in which the government decides what to produce, how to produce it and for whom.
The gov. Owns and controls major factors of production.
A market situation in which there are many buyers and many sellers who differentiate their products to those of their competitors
Monopolistic competition
International Monetary Fund
188 members
Makes short term loads to developing countries experiencing balance of payment deficits
Letter of credit
Issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary
Balance of payments
Total flow of money into a country minus the total flow of money out of that country over some period of time
188 members
Makes short term loans to developing countries experiencing balance of payment deficits
International Monetary Fund
Bill of landing
Document issued by a transport carrier to an exporter to prove that merchandise has been shipped
Draft
Issued by an exporters bank ordering the importers bank to pay for the merchandise thus guaranteeing payment once accepted by the importers bank
Document issued by a transport carrier to an exporter to prove that merchandise has been shipped
Bill of landing
Multilateral development bank
Internationally supported bank that provides loans to help developing countries grow
Import export bank of the United States
Independent agency to the U.S. Gov whose function is to assist in financing the exports of American firms
OPEC
Organization of petroleum exporting countries
Multilateral enterprise
A firm that operates on a worldwide scale without ties to any specific nation or region
