BUSN 201 Lecture Notes - Lecture 3: International Monetary Fund, Uruguay Round, General Agreement On Tariffs And Trade
Document Summary
International monetary fund (imf): an international organization headquartered in. General agreement on tariffs and trade (gatt): an international organization of nations dedicated to reducing or eliminating tariffs and other barriers to world trade. World trade organization (wto): powerful successor to gatt that incorporates trade in goods, services, and ideas bill of lading: document issued by a transport carrier to an exporter to prove that merchandise has been shipped. Draft: issued by the exporter"s bank, ordering the importer"s bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer"s bank strategic alliance: a partnership formed to create competitive advantage on a worldwide basis. The world trade organization was created by the uruguay round. International business encompasses all business activities that involve exchanges across national boundaries. International trade is based on specialization, whereby each country produces the goods and services that it can produce more efficiently than any other goods and services.
