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BBI2O1- 1.4 Vocab

Introduction to Business: Unit 1, Chapter 4 International Business

TermsDefinitions
DOMESTIC TRANSACTIONS The selling of items produced in the same country.
INTERNATIONAL TRANSACTION The selling of items produced in other countries.
GLOBAL ECONOMY The exchange of goos and services among people in different countries through-out the world.
GLOBAL PRODUCT A standardized item that is offered in the same form in all countries in which it is sold.
SOCIAL COSTS Hidden costs of doing business, that have a negative impact on people or the environment.
OFFSHORE OUTSOURCING The practice of hiring service providers from countries where labour costs are lower to complete some or all of the steps in the production process.
TRANSNATIONAL Similar to multinational; a business operating in or involving several nations.
INTERNATIONAL LABOUR ORGANIZATION The UN specialized agency that seeks the promotion of social justice and internationally recognized human and labour rights.
SUSTAINABLE DEVELOPMENT A process of developing land, cities, businesses, and communities that meets the needs of the present without compromising the ability of future generations to meet their own needs.
ENVIRONMENTAL DEGRADATION Occurs when nature's resources are being consumedfaster than nature can replenish them.
TARIFFS (Customs Duties) A form of tax on certain types of imports. (Levied on a percentage-of-value basis)
TARIFF BARRIERS An effort by a country to protect its domestic industry by increasing the cost of imported goods.
NON-TARIFF BARRIERS Standards for the quality of imported goods that are set so high that foreign competitors cannot enter the market.
LANDED COST The actual cost for an imported purchased item, composed of the vendor cost, transportation charges, duties, taxes, broker fees, and any other charges.
IMPORT A good or service brought into a country for sale.
EXPORT A product or service produced in one country and sold in another.
THE 5 P's OF INTERNATIONAL BUSINESS The five major reasons for doing business internationally- Product, Price, Proximity, Preferece, and Promotion.
EXCISE TAX Tax on the manufacture, sale, or consumption of a particular product within a country.
BALANCE OF TRADE The realtionship between a country's total imports and total exports.
TRADE DEFICIT A situation in which a country pays more for it's imports than it earns from its exports.
TRADE SURPLUS A situation in which a coutnry pays less for its imports than it earns from its exports.
DIRECT EXPORTING Exporting a product directly to an importer, without the use of an intermediary.
INDIRECT EXPORTING Exporting a product to an intermediary, who then conveys the product to the importer.
TRADE AGREEMENT An agreement between countries to allow goods and services to flow more freely across their borders.
WORLD TRADE ORGANIZATION (W.T.O) The principal international organization that deals with the rules of trade between nations. It was created in 1995 and replaced the General Agreement on Tariffs and Trade (G.A.T.T)
NORTH AMERICAN FREE TRADE AGREEMENT (N.A.F.T.A) An agreement among Canada, the United States, and Mexico to allow freer trade among the three countries.
BILATERAL A trade agreement involving two countries of parties.
TRADING BLOC A trade agreement amongst a group of countries that share the same trade interests.
GROUP OF 8 (G8) An association of the world's most powerful industrialized nations: Britain, France, Germany, Italy, Canada, the U.S, Japan, and Russia.
EUROPEAN UNION (EU) The union of many European countries into a single market, a process that began after World War II and culminated in a single-currency market in 2002.
CULTURE The sum of a country's way of life, beliefs, and customs.
GLOBAL DEPENDENCY The phenomenon that occurs when many items consumers need and want are created in countries other than their own.
Created by: ShirleyT
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