Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Global Trade > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

TFPIA

A

Textile Fiber Product Identification Act; fiber content in descending order, generic name of fibers, manufacturers or importers name or registered number, COO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

soft goods chain

A

Includes the manufacture of
textile or apparel products from the fiber stage
through completion of end-use products, and
includes retailing or other distribution places

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

trade surplus

A

Exports exceed imports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

trade balance

A

Exports equal imports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

trade deficit

A

Exports are less than imports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Levels of development

A

Developed, developing, newly developing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

GNP

A

Gross National Product; value of the average output produced by domestic residents within a nation, profits of domestic firms even if made outside the nation; does not include output of foreigners producing within the nation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

GDP

A

Gross Domestic Product; market value of the output of products and services produced within a country; does include contributions of migrant workers and other foreigners employed within a country; excludes profits made by domestic firms made in other countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

PPP

A

Purchasing Power Parity; relative buying power of each currency; USD often used as standard

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Level of living

A

The material well-being of individuals or families; measured by literacy, infant mortality, life expectancy at birth in years, percent population below the poverty line, unemployment rate, and per capita GDP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Centrally planned economy countries

A

AKA Communist Regimes; an economic system in which resources are cooperatively or state owned; a classless society in which equal distribution of economic goods is the economic goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Textile complex

A

Firms around the world that accomplish textile fiber production and manufacturing, textile manufacturing, apparel manufacturing, retailing, and product consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Sourcing

A

Determines the most cost-efficient vendor of services, materials, production, or finished goods, at a specified quality and service level, for delivery within an identified time frame

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Basic goods

A

Standardized and utilitarian; have infrequent demand for changes in styling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Fashion goods

A

Individualized and differentiated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Global activities

A

Include countries beyond the firm’s own regional trading block and may be worldwide; may reflect a different way of thinking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Global products

A

Those that are the result of manufacturing, and sometimes marketing, operations in several different countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

NAICS

A

North American Industry Classification System; six-digit system that replaced the SIC system; standardizes the identification of textiles and apparel and other products in a manner consistent with the world market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

UPC

A

Universal Product Code; enables product tracking from factory to consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Inferior goods

A

Consumed out of necessity but not preferred; the amount purchased decreases when income increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Superior goods

A

Economic luxuries to which people aspire; the amount purchased increases as income increases but at a faster rate than the income increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Normal goods

A

Economic necessities which are regularly consumed; the amount purchased increases as income increases but at a slower rate than the income increase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

SIC

A

Standard Industrial Classification System

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

RFID

A

Radio Frequency Identification

24
Q

Cut-and-sew apparel manufacturing

A

A manufacturer that cuts the fabric and sews the garments to deliver to the brand’s distribution center

25
Q

Developed country

A

A nation whose GDP per capita and other measures of well-being fall well above the world average

26
Q

Developing country

A

A nation whose GDP per capita and other measures of well-being fall near or slightly below the world average, based on the benefits of industrial growth

27
Q

Newly developing country

A

A nation whose GDP per capita and other measures of well-being fall well blow the world average but that is beginning to be engaged in industrial development, probably related to apparel production

28
Q

Outward processing

A

Outsourcing non-origin-conferring operations to a country with a lower wage rate

29
Q

Non-origin-conferring operations

A

Processes that do not appear on the label as country of origin

30
Q

Difference between international trade and global trade

A

Global trade includes potential interactive participation of many nations, while international trade is strictly the exchange of goods

31
Q

Tariff

A

A tax on imports and exports; duty

32
Q

Quota

A

Method used to restrict quantities of certain types of goods that can be imported or exported; limit on the quantity of products allowed to enter or exit a country

33
Q

Outsourcing

A

Shifting specific operations outside the country in which the origin-conferring operations are performed; the process of acquiring technical services in foreign countries

34
Q

Globalization of fashion

A

The production of fashion goods is related to various cultures, economies, and environments

35
Q

Embargo

A

The prohibition of the entry of goods into a defined political area; the stoppage of trade until issues can be negotiated

36
Q

Capitalism

A

An economic system based on freedom of ownership, production, exchange, acquisition, work, movement, and open competition

37
Q

Domestic products

A

Products made in the home country

38
Q

Distressed goods

A

Merchandise that is not salable at the intended price; seconds, overruns, samples, last season’s goods, retailer returns, and so on

39
Q

Protective tariff

A

Minimizes imports

40
Q

Examples of a developed country

A

United States, Great Britain, Australia

41
Q

Examples of a developing country

A

El Salvador, Mexico, Turkey

42
Q

Examples of a newly developing country

A

Malaysia, Indonesia, Sri Lanka

43
Q

Vertical integration

A

Combining firms that perform different stages of the production of the same type of products

44
Q

Horizontal integration

A

Joining together under a single management organization, previously competitive enterprises engaged in offering similar goods or services

45
Q

Difference between vertical and horizontal integration

A

Vertical involves different steps of production; horizontal is the merger of two similar businesses

46
Q

Example of vertical intergration

A

H&M

47
Q

Example of horizontal integration

A

Macy’s and Foley’s

48
Q

Stages of development of the textile complex

A

Level 1: Textile fiber manufacturing and agricultural production
Level 2: Textiles, textile products, findings, and trims manufacturing
Level 3: Apparel, home furnishing, and industrial product manufacturing
Level 4: Department, mass, specialty, and electronic retailing

49
Q

Why do you believe that the apparel industry has become the major industry that developing countries establish as the first rung of the industrialization of their country?

A

Stages of development; women; labor-intensive; simple tasks; low requirements for capital investment to start production; available quantities of low-cost labor

50
Q

What major reasons caused the apparel industry to grow at a greater rate worldwide?

A

Advances in technology; communication; China allowing imports and exports

51
Q

What are the reasons or causes for the change to a global perspective for the textiles and apparel industry?

A

Forecasting what consumers want to buy; consumer demand; cultural presence; increased incomes; higher education; availability of television and Internet;

52
Q

How has technology played a role in the shift to a global perspective?

A

All countries more visible through television and the Internet; news travels quickly; communication

53
Q

What are the primary concerns regarding the globalization of the textile and apparel industries?

A

Global economy; safety; laws and regulations; reduction in GDP; negative trade balance (economically vulnerable)

54
Q

How is it possible for production to increase while employment decreases?

A

Improvement of equipment and technology

55
Q

What are some of the factors to consider when locating a country for sourcing textiles and apparel?

A

Level of living, improvement in economy, abandonment of traditional livelihood, education, low wages, proximity to resources, laws and regulations, travel expenses

56
Q

How do level of living and standard of living differ?

A

Level of living is that which is actually experienced, enjoyed, or suffered by an individual during a given period of time. Standard of living is a level that is urgently desired and strived for.

57
Q

How do income and its various forms impact consumption patterns?

A

Total income: Gross/personal income.
Disposable income: The amount available to an individual or family.
Discretionary income: The amount available after all current obligations have been covered.
Superior goods, normal goods, inferior goods

58
Q

How does the specific type of garment or product impact the clothing consumption process?

A

A person of lower income will spend a higher percentage on clothing.

Global Trade (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions