Marketing vocab 3

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 country's imports and exports.

Free trade

Commercial exchange between nations that is conducted on free market principles, without regulations.

Tariff

A tax on imported goods

Quota

A limit on either the quantity or the monetary value of a product that may be imported.

Embargo

A total ban on specific goods coming into and 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 nations that make the rules governing international trade

North American Free Trade Agreement (NAFTA)

An international trade agreement among the United States, Canada, and Mexico.

European Union (EU)

Europe's trading bloc

Potential

Having or showing the capacity to become or develop into something in the future

Infrastructure

The physical development of a country, such as roads, ports, and utilities.

Licensing

Selling the right to use some process, trademark, patent, or other right for a fee or royalty

Contract manufacturing

Hiring a foreign manufacturer to make your products according to your specifications.

Joint venture

A business enterprise that a domestic company and a foreign company undertake together.

Foreign Direct Investment (FDU)

The establishment of a business in a foreign country

Multinationals

large corporations that have operations in several countries

Mini-nationals

midsize or smaller companies that have operations in foreign countries

Globalization

selling the same product and using the same promotion methods in all countries

Adaptation

A company's use of an existing product or promotion from which changes are made to better suit the characteristics of a country or region.

Customization

Creating specially designed products or promotions for certain countries or regions

Propriety

Make or produced or distributed by one having exclusive rights.

Corporate

Of or belonging to a corporation, a business firm whose articles of incorporation have been approved in some state.