Ch. 3 Global Marketplace

A total ban on imports or exports of a product.

• G20

• embargo

• exporting

• dumping

The practice of selling domestically produced goods to buyers in another country.

• dumping

• imports

• exporting

• embargo

The policy of permitting the people and businesses of a country to buy and sell where they please without restrictions.

• European Union

• global vision

• floating exchange rates

• free trade

Goods and services that are bought from other countries.

• imports

• joint venture

• exports

• infrastructure

The legal process whereby a firm agrees to allow another firm to use a manufacturing process, trademark, patent, trade secret, or other proprietary knowledge in exchange for the payment of a royalty

• free trade

• embargo

• licensing

• infrastructure

A tax imposed on imported goods.

• exports

• imports

• trade

• tariff

An unfavorable balance of trade that occurs when a country imports more than it exports.

• trade surplus

• trade deficit

• world bank

• outsourcing

A favorable balance of trade that occurs when a country exports more than it imports.

• nationalism

• trade deficit

• protectionism

• trade surplus

An organization established by the Uruguay Round in 1994 to oversee international trade, reduce trade barriers, and resolve disputes among member nations.

• world bank

• free trade

• World Trade Organization (WTO)

• embargo

The policy of protecting home industries from outside competition by establishing artificial barriers such as tariffs and quotas.

• licensing

• nationalism

• outsourcing

• protectionism