COMMERCE 1B03 Chapter Notes - Chapter 3: Complex Differential Form, World Trade Organization, Multinational Corporation
18 Dec 2015
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Document Summary
The advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries. The difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment. A regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange. Theory that states that a country should sell to other countries those products that is produces most effectively and efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently. A foreign country"s production of private-label goods to which a domestic company then attaches its brand name or trademark; also called outsourcing. A complex form of bartering in which several countries may be involved, each trading goods for goods or services for services.
