chapter 6 study guide-marketing principles
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CHAPTER 6 STUDY GUIDE-MARKETING 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 . - PowerPoint PPT PresentationTRANSCRIPT
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CHAPTER 6 STUDY GUIDE-
MARKETING PRINCIPLES
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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.
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Tariff- a tax on imports.
Embargo- a total ban on specific goods coming into and leaving a country
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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.
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EUROPEAN UNION
ENCOURAGES ECONOMIC INTEGRATION AS A SINGLE
MARKET.
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FIGURE CURRENCY EXCHANGE -DIVIDE THE COST OF THE ITEM BY
THE DOLLAR EXCHANGE RATE.
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IMPORTS- ARE GOODS AND SERVICES PURCHASED FROM OTHER
COUNTRIES.
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EXPORTS- ARE GOODS AND SERVICES SOLD TO OTHER COUNTRIES.
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NATIONALIZE- GOVERNMENT TAKES OWNERSHIP OF PROPERTY AND THE OWNERS GET NOTHING IN RETURN.
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INFRASTRUCTURE CONSISTS OF A COUNTRY'S ROADS, ENERGY PLANTS AND
TELECOMMUNICATIONS SYSTEMS.
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MULTINATIONALS- ARE LARGE CORPORATIONS
THAT HAVE OPERATIONS IN SEVERAL COUNTRIES.
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A _
QUOTA-LIMITS EITHER THE QUANTITY OR THE MONETARY VALUE OF A PRODUCT
THAT MAY BE IMPORTED.
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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.
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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.
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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)
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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.
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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.
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Three types of trade barriers are Tariffs, Quotas, and Embargoes.
Two economic factors that can discourage international trade are labor costs and infrastructure.
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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
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WHY DO NATIONS TRADE WITH EACH OTHER BECAUSE THEY ARE NOT SELF-SUFFICIENT.
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THE
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