Definitions

Question 1

a joint venture

Answer 1

a business activity in which two or more countries have invested together

Question 2

ASEAN

Answer 2

Association of South East Asian Nations; a political and economic group of countries formed in 1967 which now has 10 members including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam

Question 3

brand management

Answer 3

the way in which a company tries to control its brands and the way people think about them

Question 4

Clean/dirty/claused bill of lading

Answer 4

a bill of lading that shows that the goods and packaging are in good/bad condition

Question 5

comparative advantage

Answer 5

the advantage that one country has over another because it is better at making a particular product

Question 6

disposable nappies

Answer 6

you can use them only once

Question 7

Dumping

Answer 7

to sell products cheaply in an export market, perhaps in order to increase your share of the market there

Question 8

duties

Answer 8

the tax you pay on something you buy

Question 9

expertise

Answer 9

special skills or knowledge in an area of work or study

Question 10

export

Answer 10

to sell goods to other countries

Question 11

fringe benefits

Answer 11

employee benefits

Question 12

globalization

Answer 12

the tendency for the world economy to work as one unit, led by large international companies doing business all over the world

Question 13

import

Answer 13

to buy goods from other countries

Question 14

in-plant/out-plant

Answer 14

involving or relating to something in a particular factory

Question 15

income

Answer 15

money you get with all the taxes

Question 16

Incoterms

Answer 16

a word on a list from the International Chamber of Commerce that is used in international trade contracts. The list provides the exact meaning of terms, for example FOB, in order to avoid confusion between people in different countries

Question 17

Infant industry

Answer 17

an industry in its early stages of development in a particular country

Question 18

instant success

Answer 18

immediate success

Question 19

International Chamber of Commerce

Answer 19

an organization whose purpose is to establish rules for international trade and to support the interests of business in international affairs

Question 20

Laisser-faire/ deregulation

Answer 20

the idea that governments should do as little to the economy as possible and allow private business to develop without the state controlling or influencing it / to remove or reduce the number of government controls on a particular business activity, done to make companies work more effectively and to increase competition

Question 21

Letter of credit

Answer 21

in foreign trade, a written promise by an importer’s bank to pay the exporter’s bank on a particular date or at a particular time after the goods are sent by the exporter

Question 22

manufacturing facilities

Answer 22

number of employees

Question 23

MERCOSUR

Answer 23

a trade association consisting of Argentina, Brazil, Paraguay, and Uruguay, founded in 1991 to encourage trade, reduce import taxes etc between each country

Question 24

NAFTA

Answer 24

North American Free Trade Agreement; an arrangement by Canada, Mexico, and the US to encourage trade between them by reducing import taxes etc

Question 25

optimization

Answer 25

to be more rational in using the resources

Question 26

outsourcing

Answer 26

draw up contracts for temporary personnel

Question 27

policies

Answer 27

issues and plans

Question 28

policy

Answer 28

general strategy of the company

Question 29

profit

Answer 29

clear money you get (after taxes)

Question 30

protectionist measures

Answer 30

when a government tries to help industry, farming etc in its own country by taxing foreign goods that compete with it, so limiting the number that can be imported

Question 31

quotas

Answer 31

an amount of something that is officially allowed or expected in a particular period of time

Question 32

rationalization

Answer 32

production changes

Question 33

redeployment

Answer 33

the withdrawal and redistribution of forces in an attempt to use them more effectively

Question 34

revenue

Answer 34

the amount of money, business goods

Question 35

Shipping documents

Answer 35

documents, including theBILL OF LADING,CUSTOMS DOCUMENTS, and insurance documents that relate to particular goods that are being shipped

Question 36

subordinate

Answer 36

under the authority or control of another person

Question 37

subsidiary

Answer 37

a company that is completely controlled by another company

Question 38

Subsidies

Answer 38

money that is paid by a government or organization to make something such as a particular food or product cheaper to buy, use, or produce

Question 39

techniques

Answer 39

a practical method, skill, or art applied to a particular task

Question 40

technologies

Answer 40

The specific methods, materials, and devices used to solve practical problems.

Question 41

The Maastricht Treaty

Answer 41

the agreement in 1992 by member countries of theEUROPEAN UNIONto prepare for closer economic union and the EURO

Question 42

to be committed to doing smth

Answer 42

aim to improve smth

Question 43

to become a common household name

Answer 43

to become famous

Question 44

to embark on a strategy of rapid growth

Answer 44

to start a strategy of rapid growth

Question 45

to implement policies

Answer 45

to carry out the course of the company

Question 46

to quadruple the number of customers

Answer 46

the number of the customers increased by four times

Question 47

to turn out

Answer 47

to produce

Question 48

to undegro restructuring

Answer 48

to suffer reorganization in the company

Question 49

trade unions

Answer 49

an organization which goals are the needs of the employees

Question 50

turnover

Answer 50

the amount of goods, service a company does

Question 51

WTO

Answer 51

an organization that was formed in 1995 to control trade agreements between countries and to set rules on international trade. It replacedGATT (=the General Agreement on Tariffs and Trade)