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  1. the ability to produce a specific product more efficiently than any other nation
    absolute advantage
  2. the total flow of money into a country minus the total flow of money out of that country over some period of time
    balance of payments
  3. the total value of a nation’s exports minus the total value of its imports over some period of time
    balance of trade
  4. document issued by a transport carrier to an exporter to prove that merchandise has been shipped
    bill of lading
  5. the ability to produce a specific product more efficiently than any other product
    comparative advantage
  6. an international barter transaction
  7. the reduction of the value of a nation’s currency relative to the currencies of other countries
    currency devaluation
  8. issued by the exporter’s bank, ordering the importer’s bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer’s bank
  9. exportation of large quantities of a product at a price lower than that of the same product in the home market
  10. an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies
    economic community
  11. a complete halt to trading with a particular nation or in a particular product
  12. an independent agency of the U.S. government whose function is to assist in financing the exports of American firms
    Export–Import Bank of the United States
  13. selling and shipping raw materials or products to other nations
  14. a restriction on the amount of a particular foreign currency that can be purchased or sold
    foreign–exchange control
  15. an international organization of 153 nations dedicated to reducing or eliminating tariffs and other barriers to world trade
    General Agreement on Tariffs and Trade (GATT)
  16. a tax levied on a particular foreign product entering a country
    import duty (tariff)
  17. a limit on the amount of a particular good that may be imported into a country during a given period of time
    import quota
  18. purchasing raw materials or products in other nations and bringing them into one’s own country
  19. all business activities that involve exchanges across national boundaries
    international business
  20. an international bank with 186 member nations that makes short–term loans to developing countries experiencing balance–of payment deficits
    International Monetary Fund (IMF)
  21. issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary
    letter of credit
  22. a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation
  23. an internationally supported bank that provides loans to developing countries to help them grow
    multilateral development bank (MDB)
  24. a firm that operates on a worldwide scale without ties to any specific nation or region
    multinational enterprise
  25. a nontax measure imposed by a government to favor domestic over foreign suppliers
    nontariff barrier
  26. a partnership formed to create competitive advantage on a worldwide basis
    strategic alliance
  27. a negative balance of trade
    trade deficit
  28. provides a link between buyers and sellers in different countries
    trading company
  29. powerful successor to GATT that incorporates trade in goods, services, and ideas
    World Trade Organization (WTO)
Card Set:
2011-09-06 03:29:10

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