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=Chapter 6: Importing, Exporting, and Trade Relations= [|Ch6-ImportsExports.pdf]

‍Important Terms for this Chapter

 * Imports:** services or products bought by a company or government from businesses in other countries.
 * Customs official**: government employee authorized to collect the duties levied on imports.
 * Exports**: products sold in other countries
 * Direct exporting:** a company that actively seek and conducts exporting
 * Indirect exporting:** the selling of a company's products in a foreign market without any special activity for that purpose.
 * Trade leads**: lists for companies planning to do business overseas.
 * Balance of payments:** total flow of money coming into a country minus the total flow going out
 * Bill of Lading**: A document that states the agreement between the exporter and the transportation company.

‍Chapter Summary

 * Importing is important to business for meeting consumer demand, lowering operating costs, and obtaining production inputs.
 * The four steps of importing are: 1. determine demand, 2. contact suppliers, 3. finalize purchases, and 4. receive goods.
 * The five steps of the exporting process are: 1. find potential customers, 2. meet customer needs, 3. agree on sales terms, 4. provide products or services, 5. complete the transaction.
 * The exporting of services can be a significant percentage of a country's export activities.
 * A country's balance of payments measures the total flow of money coming into a courntry minus the total flow going out and may be positive or negative. a trade deficit is the total amount a country owes to other courntries as a result of importing more goods and services than are exported.
 * The main types of trade agreements are the World Trade Organization, economic communities, barter agreements, and free trade zones.
 * The comptetitive situation in a country is affected by 1. the number of companies, 2. business costs, and 3. product differences
 * The four main types of competitive markets are pure competition, monopolistic competition, oligopoly, and monopoly.