| A | B |
|---|
| international trade | The exchange of goods and services among nations. |
| imports | Goods and services purchased from other countries. |
| exports | Goods and services sold to other countries. |
| balance of trade | The difference in value between a nation's exports and its imports. |
| free trade | Commercial exchange between nations that is conducted on free market principles, without tariffs, import quotas, or other restrictive regulations. |
| tariff | A tax on imports; also known as a duty. |
| quota | A limit on either the quantity or monetary value of a product that may be imported. |
| embargo | A total ban on specific goods coming into an leaving a country. |
| protectionism | A government's establishment of economic policies that restrict imports to protect domestic industries. |
| World Trade Organization (WTO) | A global coalition of more than 140 governments that makes rules governing international trade. |
| North American Free Trade Agreement (NAFTA) | An international trade agreement among the United States, Canada, and Mexico. |
| European Union (EU) | European trading bloc. |
| licensing | The process of letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty. |
| contract manufacturing | The process of hiring a foreign manufacturer to make products according to certain specifications. |
| joint venture | A business enterprise that different companies set up together; often, the venture involves a domestic company and a foreign company. |
| foreign direct investment (FDI) | Investments in factories, offices, and other facilities in another country that are used for a business's operations. |
| multinationals | Large corporations that have operations in multiple countries. |
| mini-nationals | Mid-size or smaller companies that have operations in foreign countries. |
| globalization | The process of selling the same product and using the same promotion methods in all countries. |
| adaptation | Changing an existing product and/or promotion to better suit the characteristics of a targeted country or region. |
| customization | The process of creating products or promotions for certain countries or regions. |
