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Cp4 Flashcards

0
Q

All economies are depended of each other in merchandise trade process by which worlds various national economies and trading are fast becoming an interdependent(two or more people or things dependent on each other) system!

A

Globalization

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1
Q

80% of goods from Asia comes to

A

LA

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2
Q

Goods we buy from other countries

A

Imports

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3
Q

Goods we sell to other countries

A

Exports

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4
Q

A country that exports more then/exceeds imports

A

Trade surplus

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5
Q

A country that imports exceeds/more then exports

A

Trade deficit

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6
Q

Equal balance of importing and exporting

Total economic value of all the products that it exports minus the economic value of all the products that it imports

A

Balance of Trade

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7
Q

Federal Government Tax that are taxes on imported products

A

Tariffs

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8
Q

Why do we have Tariffs,Quotas and Embargo’s?

A

To protect domestic firms creating a balance of how many goods should be sold and made in the country

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9
Q

A Limit a maximum number of something/a certain product that can be imported

A

Quota

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10
Q

Banned goods that are NOT allowed in this country

A

Embargo

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11
Q

What are the Barriers to Trade?

A

Tariffs
Quota
Embargo

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12
Q

The practice of protecting domestic (ford,apple) business at the expense of free market competition
Critics may argue that this practice reduces competition

A

Protectionism

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13
Q

Is America Free-Trade?

A

No, because we are our own free trade in country but not globally

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14
Q

Economy is agriculture but the problems are no infrastructure(meaning no buildings roads trains or power supplies) and no exports

A

LDC Less Developed Countries

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15
Q

Example of Less Developed Country

A

Nicaragua

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16
Q

Has developing infrastructure
Has Export
Is changing from Agriculture to manufacturing

A

Developing countries

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17
Q

Examples of developing countries

A

Mexico and Zimbabwe

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18
Q

Becoming Services Instead of Manufacturing

A

Developed Countries

Example is American

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19
Q

Tried to eliminate Barriers to Trade

Agreement between three countries to eliminate the Barriers to Trade

A

NAFTA North American Free Trade Agreement

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20
Q

Canada
Mexico
United States
Is the….

A

North American Free Trade Agreement

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21
Q

Has pulp and wood

A

Canada

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22
Q

Has corn

A

United States

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23
Q

Has manufacturing and minimum wage of 65 cents

A

Mexico

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24
Biggest reason why NAFTA was formed
We need Mexican Manufacturing
25
What is EU?
European Union
26
What is NAFTA?
North American Free Trade Agreement
27
Effects of making NAFTA
Increased direct foreign investment | increased exports and imports and created more jobs in Mexico
28
Effects of making EU
Eliminated quotas removes trade barriers Set uniform tariff levels on products imported within their groups Created one currency
29
Most European nations
(EU) European Union
30
Problem with creating on currency (euro)
It brings down entire European Union
31
Trade agreement between 22 countries by eliminating trade barriers and put one step further by creating one currency
European Union
32
16 countries agreed to eliminate Trade Barriers
(ASEAN) Association of Southeast Asia Nations
33
What is ASEAN?
Association of Southeast Asia Nations
34
Has the greatest impact over Asian countries
ASEAN
35
What is GATT?
General Agreement on Tariffs and Trade
36
It's purpose was reduce or eliminate trade barriers, such as tariffs and quotas Signed after World War II
GATT (General Agreement on Tariffs and Trade)
37
What is PMN?
154 Preferred Number Nations
38
You buy coconuts and will buy your electronics to eliminate trade Barriers is exp of?
Preferred Number Nations
39
Agreement to countries to eliminate trade Barriers
Trade Barriers Trade Agreement
40
The Trade Police!
WTO- World Trade Organization
41
Began on January 1, 1995
WTO
42
Three goals of WTO
Reduce Trade Barriers Created to encourage international trade Promote Trade by encouraging members to adopt fair trade practices
43
The flow of money into or out of a country | The money that a country pays for imports and receives for exports
Balance of Payments
44
Why does money come in country
Because of imports
45
Why does money come out country
Because of exports
46
The rate at which the currency of one nation can exchange for that of another
Exchange Rate
47
Example of exchange rate
1 dollar of USA Money is only 97 cents in Japan
48
Fluctuations in the exchange rate influence the
Balance of Trade
49
Is a weak dollar good or bad for our balance of trade? And why?
Good! Because when our dollar is more Canadian buy less when our dollar is weak Canadian buy more
50
As one dollar becomes weaker the balance of trade is
Stronger
51
As the value of a country's currency falls its balance of trade
Improves
52
When a economy's currency is strong | Domestic companies
Domestic companies find it harder to export products | Domestic companies may move production to cheaper production sites in foreign countries
53
As the value of a country's currency rises | Domestic companies
Domestic companies will have a hard time selling products in foreign markets
54
As the value of a country currency rises | Foreign companies
Will find it easier to sell their products in local markets
55
When Economies currency is weak | Domestic companies
Find it easier to export
56
Foreign demand for a company's product may be greater then the same as or weaker then domestic demand
Gouging International Demand
57
Must decide whether and how to adapt its products to meet the special demands of foreign customers-also need to understand culture!
Adapt to Customer needs
58
Example of Adapting to customers needs
McDonald's Sales lunch with Wine Italy!
59
Understanding culture and within that culture offensive signals
Adapting to customer needs
60
Paying suppliers and distributions to perform certain business processes or to provide needed materials or services Moving your Business/jobs overseas!
Outsourcing
61
Canada United States and Mexico
NAFTA
62
A surplus or a positive trade balance is when
A country's exports exceed/more then it's imports
63
Imports of Canadian timber are limited to 14.7 billion per year (this example of what?)
Quota
64
The United States government forbids cigars in the country (this example of)
Embargo
65
A main purpose of tariffs on imports is to
Maintain domestic competitiveness
66
Production-getting goods Produced over sea
Offshoring
67
Geographic Clusters
North America | Europe

Business Principles (10 decks)

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