MARKETNG 301 Midterm: marketing exam 2.docx

• School: UMASS-Amherst
• Department: Marketing
• Course: MARKETNG 301
• Professor: Bruce Weinberg

Document Summary

Chapter 7: understanding and reaching global consumers and markets. Countertrade is the practice of using barter rather than money for making global sales. Gross domestic product (gdp) is the monetary value of all goods and services produced in a country during one year. Balance of trade is the difference between the monetary value of a nation"s exports and imports. Protectionism is the practice of shielding one or more industries within a country"s economy from foreign competition through the use of tariffs or quotas. Tariffs are government taxes on goods or services entering a country that primarily serve to raise prices on imports. A quota is a restriction placed on the amount of a product allowed to enter or leave a country. The world trade organization (wto) is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.