Ch 3 Flashcards

1
Q

Why Nations trade?

A

Absolute advantage. Cooperative advantage. Outsourcing.

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2
Q

What is absolute advantage ?

A
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3
Q

What’s comparative advantage?

A
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4
Q

What’s outsourcing?

A
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5
Q

In what consists ‘ international business?

A
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6
Q

What’s balance of trade?

A
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7
Q

What’s trade deficit? Negative/positive

A
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8
Q

What’s balance of payments ?

A
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9
Q

Is trade deficit bad?

A

Not necessarily,

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10
Q

What’s infrastructure?

A
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11
Q

How does economic development may happen?

A
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12
Q

What are the 4 international trade barriers?

A

Economic ethical legal political, social and cultural I technological barriers?

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13
Q

What are exchange rates?

A
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14
Q

Laws and regulations :

A
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15
Q

Import tariffs:

A
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16
Q

Fixed tariff:

A

Specific amount of money levied on each unit of product brought into country.

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17
Q

Advalorem tariff:

A
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18
Q

Protective tariffs:

A
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19
Q

Exchange controls:

A
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20
Q

Quota:

A

Limits the number of units of a particular product that can be imported into a country.

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21
Q

Embargo:

A

Prohibits trade in a particular product.

22
Q

Dumping:

A

The act of a country or business sellin products at less than what to it costs produce them.

23
Q

Profit of dumping?

A

To enter the market first.

24
Q

Political barriers:

A

Seldom written down. Change rapidly, most consider relative instability of other countries.

25
Q

What is cartels?

A

A group of firms or nations that agrees to act as a monopoly and not compete with each other.

26
Q

What are some factors abt social and cultural barriers.

A

• Differences in spoken and written language.
• Differences in body language and personal space.
• Family roles differ in different societies.
• Perceptions of time differ in other nations.
• National and religious holidays and customs must be respected.
• Most nations use the metric system.

27
Q

Factors abt technological barriers?

A

• Lack of technological infrastructure can create opportunities for business.
• Technological advances create global marketing opportunities.
• Changing technologies create new challenges and competition.

28
Q

What’s the GATT?

A
29
Q

What’s the WTO?

A
30
Q

What’s the NAFTA?

A
31
Q

What’s the usmca?

A
32
Q

What’s the eu?

A
33
Q

What’s the APEC?

A
34
Q

What’s the ASEAN?

A
35
Q

World bank:

A
36
Q

International monetary fund :

A
37
Q

Trading companies:

A
38
Q

Exporting and importing:

A
39
Q

Countertrade agreements :

A
40
Q

Licensing:

A
41
Q

Franchising:

A
42
Q

Contract manufacturing?

A
43
Q

Out sourcing:

A
44
Q

Offshoring:

A
45
Q

Joint venture and alliances:

A
46
Q

Direct investment:

A
47
Q

Multinational corporation:

A
48
Q

Multinational strategy,

A
49
Q

Global strategy? (Globalization)

A
50
Q

Managing the challenges of global business.

A

Managers who can meet the challenges of creating and implementing effective and sensitive business strategies for the global marketplace can help lead their companies to success.