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Global Marketing
The process of planning and executing marketing activities across national borders
Comparative Advantage
A country’s ability to produce a good more efficiently than another country
Absoulute Advantage
A country’s can produce more of a good using fewer resources than another country
Globalization
The process by which national economies become integrated through trade, investment, and technology
International Trade
Exchange of goods and services across national borders
Trade Deficit
Country imports more than it exports
Trade Surplus
Country exports more than it imports
Protectionism
Government actions designed to restrict imports and protect domestic industries
Gross Domestic Product (GDP)
The total value of goods and services produced within a country
Gross National Income (GNI)
Gross Domestic Product (GDP) plus income earned from abroad
Purchasing Power Parity (PPP)
A method of comparing economic productivity and standards of living based on buying power
Foreign Direct Investment (FDI)
Investment by a firm in facilities or assets located in another country
Balance of Payments
A record of all economic transactions between a country and the rest of the world
Exchange Rate
The price of one currency in terms of another
General Agreement on Tariffs and Trade (GATT)
a 1947 treaty created to promote international trade and reduce tariffs with no govermental power; replaced by the World Trade Organization (WTO)
World Trade Organization (WTO)
An international governments that enforces global trade rules and settles trade disputes
Dispute Settlement Body (DSB)
World Trade Organization (WTO) body that mediated trade disputed and authorizes sanction
Preferential Trade Agreement (PTA)
Agreement that gives members countries favorable trade treatment
Free Trade Area (FTA)
Members done have Internal tariffs
Rules of Origin
Regulation that prevent goods from being shipped through low tariff countries to avoid duties
Customs Union
Members dont have internal or external tariffs
Common Market
Members dont have internal or external tariffs and free movement of labor and capital
Economic Union
Members dont have internal or external tariffs, free movement of labor and capital, and harmonized economic policy
Common External Tariff (CET)
A shared tariff applied to non member countries
Central American Intergration System (SICA)
A regional bloc moving toward a common market in Central America
DR-CAFTA
A free trade agreement between the U.S., Central America, and the Dominican Republic
Andean Community
A customs union in South America with common extrenal tariffs
Mercosur
A South American customs union aiming to become a common market
CARICOM
A Caribbean trade bloc that operated as a customs union
ASEAN
Association of Southeast Asian Nations promoting regional economic cooperation
European Union (EU)
An economic and political union with a single market and common currency (euro)
Gulf Cooperation Council (GCC)
A Middle Easter trade bloc focused on economic integration and diversification