Definitions Flashcards
(51 cards)
a joint venture
a business activity in which two or more countries have invested together
ASEAN
Association of South East Asian Nations; a political and economic group of countries formed in 1967 which now has 10 members including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam
brand management
the way in which a company tries to control its brands and the way people think about them
Clean/dirty/claused bill of lading
a bill of lading that shows that the goods and packaging are in good/bad condition
comparative advantage
the advantage that one country has over another because it is better at making a particular product
disposable nappies
you can use them only once
Dumping
to sell products cheaply in an export market, perhaps in order to increase your share of the market there
duties
the tax you pay on something you buy
expertise
special skills or knowledge in an area of work or study
export
to sell goods to other countries
fringe benefits
employee benefits
globalization
the tendency for the world economy to work as one unit, led by large international companies doing business all over the world
import
to buy goods from other countries
in-plant/out-plant
involving or relating to something in a particular factory
income
money you get with all the taxes
Incoterms
a word on a list from the International Chamber of Commerce that is used in international trade contracts. The list provides the exact meaning of terms, for example FOB, in order to avoid confusion between people in different countries
Infant industry
an industry in its early stages of development in a particular country
instant success
immediate success
International Chamber of Commerce
an organization whose purpose is to establish rules for international trade and to support the interests of business in international affairs
Laisser-faire/ deregulation
the idea that governments should do as little to the economy as possible and allow private business to develop without the state controlling or influencing it / to remove or reduce the number of government controls on a particular business activity, done to make companies work more effectively and to increase competition
Letter of credit
in foreign trade, a written promise by an importer’s bank to pay the exporter’s bank on a particular date or at a particular time after the goods are sent by the exporter
manufacturing facilities
number of employees
MERCOSUR
a trade association consisting of Argentina, Brazil, Paraguay, and Uruguay, founded in 1991 to encourage trade, reduce import taxes etc between each country
NAFTA
North American Free Trade Agreement; an arrangement by Canada, Mexico, and the US to encourage trade between them by reducing import taxes etc
