Chapter 3 Business in the Global Economy

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joint venture

an agreement between two or more 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

World Bank

key function is to give economic aid to less developed countries; builds communications systems, transportation networkds and energy plants; makes loans to developing countries

embargo

stopping the importing or exporting of a certain product or service

balance of trade

the difference between a country's total 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

quota

a limit on the quantity of a product that may be imported and exported within a given period

infrastructure

a nation's transportation, communication and utility systems

tariff

a tax that a government places on certain imported products

imports

goods and services bought from another country

exports

goods and services sold to another country

trade barrier

government restrictions to reduce free trade

International Monetary Fund

helps to promote economic cooperation; maintains an orderly system of world trade and exchange rates; cooperation makes trade wars less likely


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