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BBB4M Exam Review - Chapter 2 Terms Questions and Answers
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BBB4M Exam Review - Chapter 2 Terms Questions and Answers
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BBB4M Exam Review - Chapter 2 TermsQuestions and Answers
Importing - Answer-buying products from another country
Global sourcing - Answer-the process of purchasing materials or services around the
world for local use
Exporting - Answer-selling products to another country
Value added - Answer-The gross value of the product minus the costs of raw materials
and energy.
licensing agreement - Answer-arrangement in which a licensor grants the rights to
intangible property to the licensee for a specified period and receives a royalty fee in
return
exclusive distribution rights - Answer-A form of licensing agreement that grants a
company the right to be the only distributor of a product in a specific geographic area or
country.
Franchise - Answer-An agreement granted to an individual or group by a company to
use that company's name, services, products, and marketing
Joint venture - Answer-an agreement between two or more companies to share a
business project
foreign subsidiary - Answer-a local operation completely owned by a foreign firm
Protectionism - Answer-the practice of shielding one or more industries within a
country's economy from foreign competition through the use of tariffs or quotas
Tariff - Answer-A tax on imported goods
Trade quota - Answer-a restriction on the quantity of goods that can be imported
Trade embargo - Answer-a government order that forbids trade with a specified nation
Trade sanctions - Answer-Economic action taken by a country to coerce another to
conform to an international agreement or norms of conduct.
World Trade Organization (WTO) - Answer-An international trade organization with
more than 160 countries. It provides a forum for countries to trade, sets rules that guide
trade between countries, and helps settle disputes over trade agreements
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