balance of trade
The relationship between a country's imports and exports.
comparative advantage
One nation's ability to produce goods/services better than others due to specific circumstances.
dumping
Selling goods at lower prices in foreign markets than in the home market.
economic climate
Overall health of a country's economy, including factors like unemployment and inflation.
franchising
Business model granting rights to use trademarks and business model for a fee.
free trade
Government policy allowing goods to flow freely in and out of the economy.
full package production
Supplying design, fabrics, construction, and transportation arrangements.
globalization
International growth in commerce and communications reducing national boundaries' importance.
import comission house
Intermediary facilitating importation of goods between foreign suppliers and domestic buyers.
import merchants
Businesses purchasing goods from foreign suppliers for resale in domestic markets.
import penetration
Percentage of imports in a country's total market consumption.
infrastructure
Basic physical and organizational structures needed for society's operation.
international retailing
Operations serving customers in multiple countries.
joint ventures
Agreements combining skills or products of two companies.
market disruption
Significant changes in a market caused by new technologies or regulations.
mutinational corporations
Corporations operating globally, transferring technology and knowledge.
parity
Equal treatment achieved through new trade pacts.
protectionism
Government-imposed trade restraints, opposite of free trade.
structural adjustment
Industries and economies adapting to long-term competitiveness shifts.
the international trade commission
Investigates imported goods infringing on US intellectual property rights.
the north american free trade agreement
Established an open trading zone for the US, Canada, and Mexico.
trade deficit
Occurs when imports exceed exports.
trade surplus
Occurs when exports exceed imports.
transhipping
Rerouting goods to evade quota limits.
value added
Increase in product worth due to specific work activities.
world trade organization
International trade agreement reducing tariffs and trade barriers.