Marketing in the Big Wide World EXAM1 Flashcards
Key Terms: Difference between a nation’s imports & its exports, in monetary terms
Balance of Trade
Key Terms: When exports > imports
Surplus
Key Terms: When imports > exports
Deficit
Key Terms: Countries in the process of rapid growth & industrialization
Emerging Markets
Key Terms: Exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money
Countertrade
Key Terms: Government tax on goods entering or leaving a country
Tariff
Key Terms: Restriction imposed on quantity of a product allowed to enter or leave a country
Quota
Key Terms: Occurs when a company exports a product at a price that is either lower than the price normally charged in its domestic market, or lower than the cost of production; this export practice is usually prohibited by law, and subject to penalties & fines
Dumping
Key Terms: Study of symbols & their meaning
Semiotics
Key Terms: Judging others using your own (narrow) values
Ethnocentrism
Key Terms: Price of one currency in terms of another
Currency Exchange Rate
Key Concept: Shielding one or more industries in a country from foreign competition, usually using tariffs, sometimes quotas
Protectionism
Key Concept: The international organization that regulates trade between nations
World Trade Organization (WTO)
Key Concept: NAFTA stands for:
National American Free Trade Alliance
Key Concept: In economics, _______________________ is the largest, but poorest socio-economic group; 2.5 billion people live on < $2.50/day
Bottom of the Pyramid
