International Trade — definition?
Exchange of goods, services, capital across borders.
Exporters vs Importers — difference?
Exporters sell abroad; importers buy from abroad.
Trade Growth — drivers?
Technology, policies, globalization increase trade volume.
Market Entry Strategies — types?
Exporting, licensing, joint ventures, wholly owned subsidiaries.
Success factors in trade — key?
Logistics, regulations, cultural adaptation, partnerships.
Hofstede's Dimensions — purpose?
Compare cultural traits across nations.
Hall's Cultural Theory — high vs low?
High-context relies on implicit cues; low-context on explicit communication.
International Logistics — role?
Manage movement, packaging, and trade facilitation.
Trade Documents — examples?
Bill of lading, invoice, certificate of origin.
Incoterms — purpose?
Define responsibilities, risks, costs in shipping.
Transaction Risks — types?
Currency, political, payment default, legal risks.
Payment Methods — options?
Open account, letter of credit, cash-in-advance.
Customs — role?
Control imports/exports, enforce regulations, collect tariffs.
Tariffs — effect?
Increase import costs, protect domestic industries.
Trade Deficit — meaning?
Imports exceed exports; negative trade balance.
Trade Surplus — meaning?
Exports exceed imports; positive trade balance.
Bretton-Woods — significance?
Established IMF, World Bank, post-WWII economic order.
GATT — what?
Trade negotiation rounds reducing tariffs, leading to WTO.
WTO — role?
Enforce trade rules, resolve disputes, promote liberalization.
Major Exporters — top country?
China, with highest export value and share.
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1. What is meant by 'International Trade' in the context of global economics?
2. In which year was the Bretton-Woods Conference, a pivotal event in establishing the post-World War II economic order, held?
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