DECA Vocab Chapter 4

5. involves creating specially designed products or promotions for certain countries or regions
9. exchange of goods and services amoung nations
11. goods and services purchased from other countries
12. midsize or smaller companies that have operations in foreign countries
15. the difference in value between exports and imports
18. a tax on imports
19. involves letting another company, or licensee, use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
20. the commercial exchange between nations that is conducted on free market principles without any regulations
21. goods and services sold to other countries

1. a global coalition of nations that make the rules governing international trade
2. a government's establishment of economic policies that systematically restrict imports in order to protect domestic industries
3. europe's trading bloc
4. an international trade agreement among the unite states, canada, and mexico
6. limits either the quantity or the monetary value of a product that may be imported
7. the establishment of a business in a foreign country
8. large corporations that have operations in several countries
10. a business enterprise that a domestic company and a foreign company undertake together
13. involves hiring a foreign manufacturer to make products according to a company's specifications
14. complete standardization
16. a company's use of an exsisting product or promotion from which changes are made
17. a total ban on specific goods coming into and leaving a country