Chapter 3

2. selling the right to use some intangible property for a fee or royalty
4. if a country sells more than it buys
6. a situation in which a country specializes in the production of a good or service at which is is relatively more efficient
8. selected areas where products can be imported duty-free and then stored, assembled, and/or used in manufacturing
9. government sets a limit on the quantity of a product that may be imported or exported
10. the value of a currency in one country compared with the value in another
11. a tax that a government places on certain imported products
16. if a country imports more than it exports
17. goods and services sold to other countries
19. a government action to stop the export or import of a product completely
20. business activites needed for creating, shipping, and selling goods and services across national borders
21. exists when a country can produce a good or service at a lower cost than other countries
22. members agree to remove duties and trade barriers on products traded among them
23. allows companies to invest freely in each member's country
24. uses the same product and marketing strategy worldwide

1. created to promote trade around the world
3. an agreement between two or more companies to share a business project
5. the difference between a country's total exports and total imports
7. the right to use a company name or a business process in a specific way
12. amount a country owes to other countries
13. a nation's transportation, communication, and utility systems
14. treats each country market differently (develop products and marketing strategies that adapt)
15. items bought from other countries
18. the difference between the amount of money that comes into a country and the amount that goes out of a country