Understanding International Business and Trade

Flashcards designed to help review key vocabulary related to international business and trade.

International Business

The exchange of goods, services, and capital across international borders.

Importing

The process of buying products from another country to sell in your own country.

Exporting

The process of selling and shipping goods to another country.

Cultural Understanding

The awareness and consideration of the customs and traditions of different cultures when doing business.

Disposable Income

Money that individuals have available to spend after meeting their necessary expenses.

Trade Intermediary

An agent or agency that facilitates the import and export of goods between countries.

Foreign Joint Venture

An alliance between a domestic company and a foreign company to share resources for a business project.

Export Management Company

A business that manages the export process for manufacturers in exchange for a commission.

Freight Forwarder

A company that arranges the transportation of goods for importers and exporters.

Trust in Business

The reliance on the integrity, strength, ability, and surety of a business partner, essential for successful transactions.