Definitions Flashcards
Currency depreciation
The loss of the value of a country’s currency with respect to one or more foreign reference currencies.
Currency appreciation
Is an increase in the value the currency in relation to forge in currencies.
Embargo
An offical ban on trade or other commercial activity with a particular country.
Tariff
A tax to be paid on a particular class of imports or exports.
Subsidy
A sum of money granted by the government to help an industry or business keep the price of a commodity or service low.
Commodity
Raw material or primary agricultural that can be bought and sold.
Export
Sending good or services to another country for sale
Competitive advantage
A condition or circumstance that puts a company in a favourable or superior business position
Protectionist Policies
Policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas or other restrictions or handicaps placed on the imports of foreign competitors
Import Quotas
Government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.
Economies of scale
A proportionate saving in costs gained by an increased level of production.
Multinational Corporations
A corporate organisation that owns or controls production of goods or services in at least one country other than it’s home country.
SME
Small-medium enterprise, a business made up of no more than
Stakeholder
Entities not within a business who are affected by its performance
Secondary industry
An industry that converts the raw materials provided by primary industry into commodities and products for the consumer; manufacturing industry.
