The Business Dimension of Europe Chapter 4

The process by which the world economy is becoming a single interdependent system.

A product made or grown abroad but sold domestically.

A product made or grown domestically, but shipped and sold abroad.

A situation in which a country's imports exceed its exports, creating a negative balance of trade.

A situation in which a country's exports exceed its imports, creating a positive balance of trade.

flow of all money into or out of a country.

A rate at which the currency of one nation can be exchanged for the currency of another nation.

A common currency shared among most of the members of the EU.

An ability to produce something more efficiently than any other country.

An ability to produce some products more efficiently than others.

An international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries

Practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services

Practice of outsourcing to foreign countries

A firm that distributes and sells products to one or more foreign countries

A firm that buys products in foreign markets and then imports them for resale in its home country

A firm that conducts a significant portion of its business in foreign countries

A firm that designs, produces and markets products in many nations

A foreign individual or organization that agrees to represent an exporter's interests

Arrangements in which firms choose foreign individuals or organizations to manufacture or market their products in another country

A foreign office set up by an international or multinational firm

An arrangement (also called joint venture) in which a company finds a foreign partner to contribute approximately half of the resources needed to establish and operate a new business in the partner's country

An arrangement in which a firm buys or establishes tangible assets in another country

A restriction on the number of products of a certain type that can be imported into a country

A government order banning exportation and/or importation of a particular product or all products from a particular country

Tax levied on imported products

Government payment to help a domestic business compete with foreign firms

Practice of protecting domestic business against foreign competition

A law requiring that products sold in a particular country be at least partly made there

A law or regulation governing business practices in given countries

An association of producers whose purpose is to control supply and prices