GMS 723 Final Exam Terms with Complete Solutions!!

Andean Pact - ANSWER-A customs union between Bolivia, Colombia, Peru, and Ecuador Anti-Dumping - ANSWER-Tax charged on an imported product that is priced below normal market prices or below cost ASEAN (Association of Southeast Asian Nations) - ANSWER-A free trade agreement between Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Brunei, Cambodia, Myanmar, and Laos Autonomous Trade - ANSWER-Trade that is conducted on its own BCG Matrix - ANSWER-a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market Bill of Lading - ANSWER-A document that provides the terms of the contract between the shipper and the transportation company to move freight between stated points at a specified charge Buyer Insolvency - ANSWER-When aa buyer can no longer meet their financial obligations to lenders Capitalism - ANSWER-An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state Clear Commerce - ANSWER-Commerce without restriction Collectivism - ANSWER-The practice or principle of giving a group priority over each individual in it Common Market - ANSWER-No barriers to trade between member countries. A common external trade policy. Free movement of the factors of production Commonwealth of Nations (CON) - ANSWER-A group of nations who were formerly a part of the British Empire Countertrade - ANSWER-A general international trade term for a variety of methods to conduct reciprocal traded in which the seller is required to accept goods or other instruments of trade in partial or whole payment for its products