Chapter 6 Study Guide-marketing Principles

CHAPTER 6 STUDY GUIDEMARKETING PRINCIPLES How can a business get involved in international trade? by importing, exporting and/or setting up shop in

a foreign country. World Trade Organization- a global coalition of 135 governments that makes the rules governing international trade.

Tariff- a tax on imports. Embargo- a total ban on specific goods coming into and leaving a country

North American Free Trade Agreement- an international trade agreement among the United States, Canada, and Mexico.

Freight Forwarders- are licensed by the U.S. Maritime Commission to handle export details. EUROPEAN UNION ENCOURAGES ECONOMIC INTEGRATION AS A SINGLE MARKET.

FIGURE CURRENCY EXCHANGE DIVIDE THE COST OF THE ITEM BY THE DOLLAR EXCHANGE RATE. _ IMPORTS- ARE GOODS AND SERVICES PURCHASED FROM OTHER COUNTRIES.

_ EXPORTS- ARE GOODS AND SERVICES SOLD TO OTHER COUNTRIES. NATIONALIZE- GOVERNMENT TAKES OWNERSHIP OF PROPERTY AND THE OWNERS GET NOTHING IN RETURN.

INFRASTRUCTURE CONSISTS OF A COUNTRY'S ROADS, ENERGY PLANTS AND TELECOMMUNICATIONS SYSTEMS. _ MULTINATIONALS- ARE LARGE CORPORATIONS

THAT HAVE OPERATIONS IN SEVERAL COUNTRIES. A_ QUOTA-LIMITS EITHER THE QUANTITY OR THE MONETARY VALUE OF A PRODUCT THAT MAY BE IMPORTED.

Mini Nationals-midsize and smaller companies that have operations in foreign countries.

Absolute Advantage- occurs when a country has special natural resources or talents that allow it to produce an item at the lowest cost possible. Joint Ventures- Partnerships that allow

companies to participate in another country's economy. Customs brokers- are specialists licensed by U. S. Treasury Department who know the different laws, procedures, and tariffs.

Balance of Trade- is the difference in value between exports and imports of a nation.

World Trade Organization- is the agency that was created to police the General Agreement on Tariffs and Trade (GATT) International Trade- is the

exchange of goods and services between nations. Customization- is the product and promotion strategy of creating new products for foreign markets.

Globalization- is the product and promotion strategy of keeping a product and its advertising message the same around the world. Comparative Advantage- is the value that a

nation gains by selling the goods that it produces most efficiently. Three types of trade barriers are Tariffs, Quotas, and Embargoes.

Two economic factors that can discourage international trade are labor costs and infrastructure. Two political factors that can discourage international trade are _political

corruption and government instability. U.S. fast food companies enter into in order to open franchises in foreign countries? Joint ventures

WHY DO NATIONS TRADE WITH EACH OTHER BECAUSE THEY ARE NOT SELF-SUFFICIENT. THE END

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