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tracyblome
on FreezingBlue Flashcards.
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the ability to produce a specific product more efficiently than any other nation
absolute advantage
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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
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the total value of a nation’s exports minus the total value of its imports over some period of time
balance of trade
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document issued by a transport carrier to an exporter to prove that merchandise has been shipped
bill of lading
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the ability to produce a specific product more efficiently than any other product
comparative advantage
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an international barter transaction
countertrade
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the reduction of the value of a nation’s currency relative to the currencies of other countries
currency devaluation
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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
draft
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exportation of large quantities of a product at a price lower than that of the same product in the home market
dumping
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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
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a complete halt to trading with a particular nation or in a particular product
embargo
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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
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selling and shipping raw materials or products to other nations
exporting
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a restriction on the amount of a particular foreign currency that can be purchased or sold
foreign–exchange control
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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)
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a tax levied on a particular foreign product entering a country
import duty (tariff)
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a limit on the amount of a particular good that may be imported into a country during a given period of time
import quota
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purchasing raw materials or products in other nations and bringing them into one’s own country
importing
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all business activities that involve exchanges across national boundaries
international business
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an international bank with 186 member nations that makes short–term loans to developing countries experiencing balance–of payment deficits
International Monetary Fund (IMF)
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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
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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
licensing
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an internationally supported bank that provides loans to developing countries to help them grow
multilateral development bank (MDB)
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a firm that operates on a worldwide scale without ties to any specific nation or region
multinational enterprise
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a nontax measure imposed by a government to favor domestic over foreign suppliers
nontariff barrier
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a partnership formed to create competitive advantage on a worldwide basis
strategic alliance
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a negative balance of trade
trade deficit
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provides a link between buyers and sellers in different countries
trading company
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powerful successor to GATT that incorporates trade in goods, services, and ideas
World Trade Organization (WTO)
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