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MKT 464 > quiz 1 > Flashcards

quiz 1 Flashcards

1
Q

Constant dollars

A

Dollars adjusted for inflation so that it is possible to compare dollar values from one period to another

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2
Q

current dollars

A

Dollars not adjusted for inflation

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3
Q

International Monetary Fund

A

International organization created in 1945 to oversee exchange rates and develop an international system of payments

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4
Q

International trade

A

The sale of goods across borders

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5
Q

Constant dollars

A

Dollars adjusted for inflation so it is easy to compare

between period to period

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6
Q

Current dollars

A

money not adjusted for inflation

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7
Q

World Trade Organization

A

organization responsible for international trade

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8
Q

Bretton - woods

A

A 1944 conference where many of the international institutions were created

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9
Q

Treaty of Rome

A

treaty between six countries in Europe that created the European Union

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10
Q

Maastricht Treaty

A

A 1992 Treaty between the European Union countries in which a number of standards were adopted, including a standard currency

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11
Q

Trade deficit

A

Total exports are less than total imports

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12
Q

trade surplus

A

total exports are more than total imports

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13
Q

cost driver

A

one reason a firm may go international is to spread its costs over a large number of units

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14
Q

outsourcing

A

A practice which consists of a business contracting with other business’s to have them perform operations that it used to handle in house.

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15
Q

reshoring

A

returning to the home country after manufacturing that has been outsourced abroad

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16
Q

competition driver

A

One reason a firm may go internationalal is to compete against its foreign competitors

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17
Q

Market driver

A

Firms may go international to follow its customers when they travel abroad

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18
Q

technology driver

A

Firms may go abroad to respond to technological savvy customers who buy products worldwide

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19
Q

longshoreman

A

person who performs manual labor in port

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20
Q

stevedore

A

person who loads and unloads goods from a vessel in a port

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21
Q

Distribution Resources planning

A

x

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22
Q

Just-In-Time

A

process that eliminates the amount of inventory a company has (cosmic brownie example)

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23
Q

international logistics

A

International logistics is the process of planning, implementing, and controlling the flow and storage of goods, services, and related information from a point of origin to a point of consumption located in a different country.

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24
Q

International supply chain managment

A

Supply Chain Management encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all Logistics Management activities. Importantly, it also
includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third-party service providers, and customers, whether they are located in the United States or abroad. In essence, Supply Chain Management integrates supply and demand management within and across companies.

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25
Q

Manufactoring resource planning

A

A computer-based management tool that uses MRP at its core, and that allows a manufacturing firm to determine what to manufacture, and in which quantity, in function of what it sells to its customers. MRP II also includes financial and cost information and includes other functions in the firm, such as procurement and purchasing.

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26
Q

Infrastructure

A

A collective term that refers to all of the elements in place (publicly or privately owned goods) that facilitate transportation, communication, and business exchanges.

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27
Q

Panamax ship

A

means the ship is at maximum capacity to go through panama canal

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28
Q

Post panama ship

A

Means the ship cannot go through due to size

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29
Q

air draft

A

the minimum amount of space between water and the lowest part of bridge so that a ship can get through

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30
Q

berth

A

location in a port where the ship is loaded and unloaded

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31
Q

dredging

A

removing sand and soil from bottom of water to increase depth

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32
Q

draft

A

the minimum depth of water a ship needs to float

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33
Q

list

A

when a ship leans to one side

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34
Q

leap frogging

A

often happens in developing countries when they skip one trend and move right on to the next. (Landline phone example)

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35
Q

Anti-bribary convenction

A

OECD convention that requires countries to penalize companies engaging in bribery

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36
Q

agent

A

an individual or a firm that is the importing country negotiating sales for the exporter

37
Q

binding agent

A

an agent that has control over the individual or firm

38
Q

contract law

A

a set of laws that govern relationships established by contracts over two parties

39
Q

contract manufacturing

A

when an exporter that needs to manufactor abroad finds somewhere in the importing country to do that

40
Q

counterfit goods

A

Goods that look like they were made by a legit manufacturer but they aren’t. Often sold for much cheapter. (DH Gate)

41
Q

distributor

A

individual or firm in importing country that purchases goods with the idea of reselling them for a profit

42
Q

Duty

A

The amount of tax paid to customs authorites in the importing country on imported goods

43
Q

export management corporation

A

A company that puts suppliers in touch with potential buyers, and earns a commission if completed

44
Q

export trading company

A

A company that purchases goods in one country for the purpose of reselling them in another country as profit

45
Q

sogo sosha

A

Japaneese name for a trading company

46
Q

Foreign corrupt practices act

A

A U.S. law that punishes severely U.S. companies engaging in bribery outside of the borders of the United States.

47
Q

Foreign sales corporation

A

A subsidiary, created for tax-reduction purposes only, that handles an exporter’s overseas sales.

48
Q

foreign trade zone

A

An area that is physically within the borders of a country, but that is considered outside of its borders for Customs’ purposes.

49
Q

franchisee

A

The party granted the right to use an array of intellectual property items owned by another party in exchange for payment of royalties.

50
Q

franchisor

A

The owner of an array of several intellectual property items that grants another firm (the licensee or franchisee) the rights to use that group of intellectual property items in exchange for the payment of royalties.

51
Q

Grey market goods

A

Goods purchased in one country by unauthorized intermediaries and sold to unauthorized retailers in another country

52
Q

joint venture

A

An overseas company that is jointly owned by two or more companies.

53
Q

Labor law

A

A set of laws that govern relationships between employees and employers.

54
Q

Marketing subsidiary

A

A firm, incorporated in the importing county and owned by the exporter, whose purpose is to sell the exporter’s products.

55
Q

parallel imports

A

Goods purchased in one country by unauthorized intermediaries and sold to unauthorized retailers in another country.

56
Q

Piggy backing

A

When a manufacturer goes overseas and asks its suppliers to continue doing business abroad with him, the suppliers are said to be piggy backing on that customer’s efforts.

57
Q

permanent establishment

A

A fixed place of business abroad that subjects the exporter to tax liability in the importing country.

58
Q

Principal

A

The party represented by the agent in an international agency agreement; the exporte

59
Q

subsidiary

A

A corporation entirely owned by another corporation

60
Q

Competing lines

A

In a contract between a principal and an agent or distributor, competing lines are products manufactured by a company other than the principal that compete with the products manufactured by the principal.

61
Q

Corporate accounts

A

The customers to which the agent or distributor is not allowed to sell. These accounts are handled directly by the exporter.

62
Q

distribution contracts

A

Agreements between exporters and intermediaries that can take the form of either agency or distributorship agreements.

63
Q

evergreen contract

A

A contract that, by design or by default, does not have a specific term of appointment. If a contract lapses but both parties continue acting as if the contract were still in place, the contract then can be considered “evergreen.”

64
Q

exclusive representative

A

An agent or a distributor that has been granted the right to be the sole representative of the exporter in a given territory.

65
Q

force majeure

A

An event beyond the control of any of the parties in an agreement that prevents one of the parties from fulfilling its commitment. The affected party is then not considered to be in breach of the contract.

66
Q

litigation

A

A process by which the parties to a contract can settle a dispute, involving the courts of the country chosen in the “Choice of Forum” clause of an international contract. Litigation is considered a “last resort” option, when mediation fails and when the parties in dispute cannot agree to arbitration.

67
Q

ratification

A

The process by which a state fully accepts to be bound by an international treaty. It makes it part of its national legislation by having its Congress vote on it.

68
Q

registration

A

A process whereby an agent or a distributor has to notify the government of the importing country that it has entered into an agency agreement or a distributorship agreement with a foreign manufacturer

69
Q

full signatory

A

The acceptance of a treaty by a state. It signs it to indicate that it agrees with its premises, without further ratification

70
Q

simple signatory

A

The first step in the acceptance of a treaty by a state. It signs it to indicate that it agrees with its premises, but it will need to ratify it before it is bound by it.

71
Q

term of appointment

A

The initial duration of the distribution contract, and the duration of its eventual renewal periods.

72
Q

termination for “convenience”

A

ending a contract for reasons other than what happened in the contract

73
Q

termination for just cause

A

ending a contract because one party did not hold up their end of the deal

74
Q

Uniform Commercial code

A

The set of federal laws that govern commercial contracts in the United States.

75
Q

Vienna Convention

A

Another name for the Convention on Contracts for the International Sale of Goods.

76
Q

container terminal

A

Where cargo changes location

77
Q

Incoterm

A

An International Commerce Term, or a formalized international term of trade, which specifies the responsibilities of the exporter and of the importer in an international transaction. Incoterms were first codified by the International Chamber of Commerce in 1953, and the latest revision is dated 2010.

78
Q

Incoterm rules

A

A series of eleven international terms of trade standardized by the International Chamber of Commerce.

79
Q

International chamber of commerce

A

The largest business organization in the world. Its goal is to champion international business growth and its members are the national chambers of commerce.

80
Q

main carriage

A

The portion of an international shipment that takes place between the exporting country and the importing country.

81
Q

on carriage

A

The portion of an international shipment that takes place in the importing country.

82
Q

pre - carriage

A

The portion of an international shipment that takes place in the exporting country

83
Q

ships rail

A

An imaginary rail that circles the entire hull of a ship. Should a cargo item fall from a crane onto the ship while it is being loaded, the determination of whose responsibility it is hinges on which side of the ship’s rail it falls on. Under CIF, for example, if the cargo falls on the outside of the ship’s rail, it is the exporter’s responsibility; if it falls on the inside, it is the importer’s.

84
Q

transfer of responsibility

A

In an international voyage, the point at which the exporter ceases to be responsible for the goods. At that point, the importer becomes responsible for the goods

85
Q

transfer of title

A

The point in time at which the ownership of the goods changes from the exporter to the importer.

86
Q

stevedore

A

A company or a person whose responsibility is to load and unload ships in a port.

87
Q

Stowed

A

Goods are considered stowed when they are aboard the ship and placed in the position in which they will be transported.

88
Q

trimmed

A

A ship is considered trimmed when the cargo aboard the ship is balanced side-to-side and front to-back.

MKT 464 (6 decks)

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