International Trade Management & Regulation Flashcards

International Trade Management & Regulation Flashcards
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Tariff

This kind of tax is placed on goods that are imported into a country. It limits a domestic consumer's purchasing power.

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Joint Venture

a business arrangement that occurs when two companies share ownership of a business

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Greenfield Operations

the process of building facilities for manufacturing in a new country in order to avoid a tariff

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Webb-Pomerene Association

This group is made up of manufacturers who are interested in joining forces against barriers to trade in order to improve exporting.

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Non-Tariff Barrier

These non-tax related barriers to trade could include large amounts of paperwork, regulations, quotas, embargoes, and more.

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Tariff Barrier

This kind of barrier exists in the form of taxes on imported goods.

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Most Favored Nation (MFN)

A designation given to countries so they can export goods without facing high tariffs.

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North American Free Trade Agreement (NAFTA)

The agreement set up to bring down the barriers that disrupted trade between the U.S., Mexico, and Canada.

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World Trade Organization (WTO)

This organization works on lowering barriers to trade and mediating on trade disputes. It absorbed the General Agreement on Tariffs and Trade (GATT).

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Dumping

Businesses practice this if they sell a lot of their goods in a different country for less money than they charge in their domestic market.

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Trade Agreement

Countries may set these up in order to alleviate the effects of quotas, tariffs, and other trade barriers.

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23 cards in set

Flashcard Content Overview

Focus on trade barriers such as tariffs and quotas with this set of flashcards. You can also go over trade agreements, mercantilism, and dumping. Organizations dedicated to supporting international trade are also covered by these cards, including:

  • The World Bank
  • The World Trade Organization
  • International Monetary Fund
  • The International Centre for Settlement of Investment Disputes
  • The Multinational Investment Guarantee Agency
  • The International Finance Corporation
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Trade Agreement

Countries may set these up in order to alleviate the effects of quotas, tariffs, and other trade barriers.

Dumping

Businesses practice this if they sell a lot of their goods in a different country for less money than they charge in their domestic market.

World Trade Organization (WTO)

This organization works on lowering barriers to trade and mediating on trade disputes. It absorbed the General Agreement on Tariffs and Trade (GATT).

North American Free Trade Agreement (NAFTA)

The agreement set up to bring down the barriers that disrupted trade between the U.S., Mexico, and Canada.

Most Favored Nation (MFN)

A designation given to countries so they can export goods without facing high tariffs.

Tariff Barrier

This kind of barrier exists in the form of taxes on imported goods.

Non-Tariff Barrier

These non-tax related barriers to trade could include large amounts of paperwork, regulations, quotas, embargoes, and more.

Webb-Pomerene Association

This group is made up of manufacturers who are interested in joining forces against barriers to trade in order to improve exporting.

Greenfield Operations

the process of building facilities for manufacturing in a new country in order to avoid a tariff

Joint Venture

a business arrangement that occurs when two companies share ownership of a business

Tariff

This kind of tax is placed on goods that are imported into a country. It limits a domestic consumer's purchasing power.

Import Quota

This regulation that controls how many goods can be brought into a country during a set length of time may help prevent businesses from engaging in dumping.

World Bank

This was designed to foster economic development. It has two components: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

International Finance Corporation (IFC)

This organization works to connect investors from the private sector with business sectors that have a lot of risk.

Multinational Investment Guarantee Agency (MIGA)

Lenders and investors can gain ''political'' insurance through this organization to reduce their risk of investing in potentially unstable countries.

International Centre for Settlement of Investment Disputes (ICSID)

This group offers aid in settling disputes that arise between investors and the countries that accepted their investments.

International Monetary Fund (IMF)

This was set up in 1944 to help countries cooperate regarding monetary policy on an international level.

International Bank for Reconstruction and Development (IBRD)

Developing countries can approach this organization to get loans that have little to no interest. It is part of the World Bank.

International Development Association (IDA)

This part of the World Bank focuses on assisting economies that are severely struggling.

Trade Barriers

These regulations make it difficult for one country to sell goods in a different country and may rise prices or restrict the number of possible imports into a country.

Mercantilism

Countries participate in this practice when they try to stop others from becoming wealthy through the use of a trade barriers.

Trade Barriers: Effects on Domestic Manufacturers

These regulations support domestic manufacturers, especially those who are just getting started in the market. They can also save domestic jobs.

Trade Barriers: Effects on Consumers

Setting up these regulations generally results in rising prices for domestic consumers; governments must consider this before the regulations are set.

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