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CHAPTER 3 THE GLOBAL MARKETPLACE (Government Intervention in…
CHAPTER 3
THE GLOBAL MARKETPLACE
Economic globalization
The increasing integration and interdependence of national economies around the world
Nations Trade
Focusing on relative strengths
Expanding markets
Pursuing economies of scale
Acquiring materials, goods and services
Keeping up with customers
Keeping up with competitors
International Trade Measured
Trade deficit
when a country imports more than exports
Balance of payments
the sum of all payments a country receives minus the sum of all payments it makes to the other countries, over some specified period time
International Trade Organizations
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
Government Intervention in International Trade
Protectionism
Tariffs
Import quotas
Embargo
Export subsidies
Dumping
Sanctions
Trading Blocs
North American Free Trade Agreement (NAFTA)
European Union (EU)
Asia-Pacific Economic Cooperation (APEC)
Forms of International Business Activity
Importing and exporting
International licening
International franchising
International strategic alliances and joint ventures