Business Chapter 2-3 Flashcards Preview

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Flashcards in Business Chapter 2-3 Deck (16)
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0
Q

Foreign exchange control

A

A restriction on the amount of a particular foreign currency that can be purchased or sold

1
Q

Monopolistic competition

A

A market situation in which there are many buyers and many sellers who differentiate their products from products of their competitors

2
Q

Command economy

A

A economic system in which the government decides what to produce, how to produce it and for whom.
The gov. Owns and controls major factors of production.

3
Q

A market situation in which there are many buyers and many sellers who differentiate their products to those of their competitors

A

Monopolistic competition

4
Q

International Monetary Fund

A

188 members

Makes short term loads to developing countries experiencing balance of payment deficits

5
Q

Letter of credit

A

Issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary

6
Q

Balance of payments

A

Total flow of money into a country minus the total flow of money out of that country over some period of time

7
Q

188 members

Makes short term loans to developing countries experiencing balance of payment deficits

A

International Monetary Fund

8
Q

Bill of landing

A

Document issued by a transport carrier to an exporter to prove that merchandise has been shipped

9
Q

Draft

A

Issued by an exporters bank ordering the importers bank to pay for the merchandise thus guaranteeing payment once accepted by the importers bank

10
Q

Document issued by a transport carrier to an exporter to prove that merchandise has been shipped

A

Bill of landing

11
Q

Multilateral development bank

A

Internationally supported bank that provides loans to help developing countries grow

12
Q

Import export bank of the United States

A

Independent agency to the U.S. Gov whose function is to assist in financing the exports of American firms

13
Q

OPEC

A

Organization of petroleum exporting countries

14
Q

Multilateral enterprise

A

A firm that operates on a worldwide scale without ties to any specific nation or region

15
Q

Strategic alliance

A

Partnership formed to create a competitive advantage on a worldwide basis