Praxis 5101: Law and International Business (2023/2024) 100% Pass

Praxis 5101: Law and International Business (2023/2024) 100% Pass Triangle Trade System A trade system that ran from the late 1500s to the early 1800s. It connected Africa, the American Colonies and the Caribbean and consisted of slaves, crops and manufactured goods. Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Balances of Trade the differential between a nation's imports and exports, can influence international trade Balances of Payments A compilation of economic transactions of a nation and the global companies with which it trades. It includes loan repayment, capital movements, money spent by tourists and more Dumping This is when a country exports products at an extremely low price compared to what they would be available for domestically. It can be catastrophic for manufacturers in that country Retalitory Actions Action taken by a country whose exports are adversely affected by the raising of tariff or other trade-restricting measures by another country. Also called retorsion. International Licensing Occurs when one business makes an agreement with another, giving special permission to make the product in a foreign country. It could include the right or resources to do this. It also might include the copyright, skills of managers, patents, technology, and more. It can make it more cost effective for a company to enter into an international market. The disadvantage is that there is a risk that the foreign firm will not adhere to the agreement. Also , with the lower involvement and risk comes a lowered expected return. Labor Laws The laws that deal with the many aspects of the relationships between employer and employees, such as working conditions, wages, and discrimination Tax Laws Deals with taxes business and business owners owe. Contract Laws Govern the contracts that many businesses enter into on a regular basis Property Laws Govern how the property is owned, commonly seen in business Antitrust Law Strives to keep a competitive market place by not allowing mergers that could form monopolies and other antitrust activities The Uniform Commercial Code Helps make the transactions easier between states by helping to make uniformity in commercial laws Consumer Product Safety Act Established