BUS 1000 Lecture Notes - Lecture 6: Outsourcing, Lvmh, Single Market

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Key Words/Terms Chapter # 3
o Importing
o Exporting
o Balance of trade
o Trade surplus/deficit
o Balance of payments
o Licensing
o Franchising
o Contract Manufacturing
o Joint venture
o Multinational corporation
o Exchange rate
o Trade protectionism
o Tariff
o Import quota
o GATT
o WTO
o Common market
o NAFTA
o Common Markets
o Dumping
Housing Bubble in China?
Class Film on Outsourcing to India
BUSINESS in the GLOBAL MARKET
o Over 90% of companies doing business globally believe it is important for employees to
have international experience.
o U.S. organizations (like UPS, the WWE, the NFL and the NBA) are also expanding abroad.
WORLD POPULATION by CONTINENT
IMPORTING and EXPORTING
o Importing -- Buying products from another country.
o Exporting -- Selling products to another country.
o US exports were nearly $184.1 Billion in October alone and over $2 Trillion in 2015
o The U.S. is the largest importer and the nearly the 2nd or 3rd largest exporting nation in
the world.
o China is the leading exporting country
WHERE ARE THEY FROM? Countries of Origin for World’s Most Poerful Brands
o U.S. 51 brands Apple
o Germany 9 brands BMW
o Japan 8 brands SONY
o France 8 brands LVMH
o U.K. 6 brands BP
o Switzerland 5 brands Rolex
TRADING with OTHER NATIONS
o Countries with abundant natural resources (like Venezuela or Russia) need technological
resources from other countries (like Japan).
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