Chapter 3 Business in the Global Economy
Infrastructure
A nations tranportation, communication and utiltity systems
Tariff
A tax that a government places on certain imported products
Joint Venture
An agreement between two o rmore companies from different countries to share a business project
Multinational Company
An organization that conducts business in several countries
World Trade Organization
Created to promote trade around the world; settles trade disputes and enforces free-trade agreements
Exports
Goods and services sold to another country
Imports
Goods ans services bought from another country
Trade Barrier
Government restrictions to reduce free trade
International Monetary Fund
Helps to promote economic cooperation; maintains an orderly system of worls trade and exchange rates; cooperation makes trade wars less likely
World Bank
Key function is to give economic aid to less developed countries; builds communication sysytems, Transportation networks and energy plants; makes loans to developing countries
Embargo
Stoppping the i
Quota
a limit on the quantitiy of a product that may be imported and exported within a given period.
Balance of Trade
The difference between a country's toatl exports and total imports of goods
Balance of Payments
The difference between a country's total payments to other countries and its total receipts from other countries
Exchange Rate
The value of money of one country expressed in terms of the money of another country
