| A | B |
|---|
| international trade | is the exchange of goods and services among nations |
| imports | are goods and services purchased from other countries |
| exports | are goods and services sold to other countries |
| balance trade | the diffrence in value between exports and imports of a nation |
| free trade | commercial exchange between nations that is conducted on free market principles |
| tariff | a tax on imports |
| quota | limits either the quantity or the monetary value of a product that may be imported |
| embargo | is a total ban on specific goods and comming into and leaving a country |
| protectionalism | is a goverments establishments of economic policys that systematically restrict imports in order to protect domestic industries |
| w.t.o | is a collition of nations that makes rules governing international trade |
| north american free trade agreement | is an international trade agreement amoung the united states canada and mexico |
| european union | is europes trading block |
| licensing | involves letting another company use a trademark patent or special formula name |
| contract manufacturing | involves hiring a foreign manufacturer to make your product according to your specifications |
| joint venture | is a buisiness enterprise that companies set up together |
| foreign direct investment | is the establishment of a buisness in a foreign country |
| multinationalism | are large corporations that have operations in several countries |
| mini nationals | are midsized and smaller companies that have operations in foreign countries |
| globalization | is selling the same product and using the same promotion methods in all countries |
| adaptation | is a companys use of an existing product and or promotion to which changes are made to better suit the characteristics of a country or region |
| customization | involves creating specially desighned products or promotions for certain countries |
