Vocabulary: Global Business Environment

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Global supply chain

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The international network of suppliers, manufacturers, and distributors that moves raw materials and finished products across countries.

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Exchange rate

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The price of one country's money expressed in terms of another country's money.

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Tariff

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A tax a government places on goods coming in from another country.

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Trade agreement

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A formal treaty between countries establishing shared rules for exchanging goods, services, investments, and intellectual property across borders.

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Import

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A good or service brought into one country from another for sale or use.

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Export

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A good or service sent from one country to another to be sold there.

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Outsourcing

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Hiring an outside company, often in another country, to handle work a business used to do itself.

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Multinational corporation

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A large company that operates and has facilities in two or more countries.

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Cross-cultural competence

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The ability to communicate and work effectively with people whose customs, values, and business practices differ from one's own.

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Balance of trade

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The difference between the value of what a country sells abroad and what it buys from abroad.