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Exploring Global Business > Global Business > Flashcards

Global Business Flashcards

0
Q

What is free trade?

A

A proven strategy for building global prosperity and adding to the momentum of political freedom

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1
Q

International business

A

All business activities that involve exchanges across national boundaries

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2
Q

Absolute advantage

A

The ability to produce a specific product more efficiently than any other nation

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3
Q

Comparative advantage

A

The ability to produce a specific product more efficiently than any other product

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4
Q

Exporting?

A

The selling and shipping of raw materials or products to other nation

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5
Q

Importing

A

Purchasing raw materials or products in other nations and bringing them into one’s own country

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6
Q

What are the principle activities in international trade

A

Importing and exporting

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7
Q

What is the balance of trade

A

The total value of a nation’s exports minus the total value of its imports over some period of time

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8
Q

What a tree deficit

A

I’m negative balance of trade

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9
Q

What is a favorable balance of trade

A

When a country exports more than it imports

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10
Q

What is the nations balance of payments?

A

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

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11
Q

What is import duty called or a tarrif?

A

Attacks levied on a particular foreign product entering the country

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12
Q

What are revenue tariffs

A

Imposed solely to generate income for the government

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13
Q

What are protective tariffs

A

Are imposed to protect a domestic industry from competitions by keeping the price of competing import level with or higher than the price of similar domestic products

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14
Q

What is dumping

A

The exportation of large quantities of a product at a price lower than that of the same product in the home market

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15
Q

What are nontariff barriers

A

A non tax measure imposed by the government to favor domestic over foreign suppliers

16
Q

What is the import quota

A

A limit on the amount of a particular good that may be imported into a country during a given period of time

17
Q

What is an embargo

A

A complete halt to trading with a particular nation or in a particular product

18
Q

What is a foreign exchange

A

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

19
Q

What is a currency devaluation

A

The reduction of the value of the nations currency relative to the currencies of other country

20
Q

What are reasons for trade restrictions?

A

To equalize the nations balance of payments

To protect new or week industries

To protect national security

To protect the health of citizens

To retaliate for another nations trade restrictions

To protect domestic jobs

21
Q

Reasons against trade restrictions

A

Higher prices for consumers

Restrictions of consumers choices

Miss allocation of international resources

Loss of jobs

22
Q

Who is our leading export partner?

A

Canada and Western Europe

23
Q

Who is our second largest export customer

A

Mexico and Latin America

24
Q

What is G a TT? General agreement on tariffs and trade

A

The international organization of 152 nations dedicated to reducing and eliminating tariffs and other barriers to Willowtree

25
Q

What is the Kennedy round?

A

The international expansion pack which Pres. Kennedy gave the authority to negotiate reciprocal trade agreements that could reduce US tariffs by as much as 50%

26
Q

What is the Tokyo round?

A

Participants negotiating tariff cuts of 30 to 35% which were implemented over an eight year.

27
Q

What is the licensing?

A

A contract tool agreement in which one firm permit another to produce and market it’s products and use its brand name in return for a royalty or other compensation

28
Q

What is a letter of credit?

A

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

29
Q

What is bill of landing?

A

A document issued by a transporter carrier to an exporter to prove that merchandise has been shipped

30
Q

What is a draft?

A

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

31
Q

What is a strategic alliance

A

A partnership form to create competitive advantages on a worldwide basis

32
Q

What is a trading Company

A

Someone who provides a link between buyers and sellers in different country

33
Q

What is countertrade

A

And international barter transaction

34
Q

What is a multinational enterprise

A

A firm that operates on a worldwide scale with ties to any specific nation or region

Exploring Global Business (5 decks)

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