Ch.4 Flashcards
A government’s establishment of economic policies that systematically restrict imports in order to protect domestic industries.
Protectionism
Goods and services sold to another country
Export
The exchange of goods and services among nations
International Trade
Global coalition of nations that make the rules governing international trade
World Trade Organization (WTO)
Goods and services purchased from other countries
Imports
Limits either the quantity or the monetary value of a product that may be imported
Quota
The difference in value between exports and imports
Balance of Trade
The process of selling the same product and using the same promotion methods in all countries
Globalization
The process of a company’s use of an existing product/promotion methods in all countries.
Globalization
The process of a company’s use of existing product/promotion to which changes are made to better suit the characteristics of a country
Adaptation
This process involves creating products or promotions for certain countries or regions
Customization
Involves letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a free or royalty.
Licensing
A mid-size of smaller companies that have operation in foreign countries
Mini-nationals
Total ban on specific goods coming into and leaving a country
Embargo
The commercial exchange between nations that is conducted on free market principles with any regulations
Free Trade
