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B balance-of-payments accounts National accounts that track both payments to and receipts from foreigners. banking crisis A loss of confidence in the banking system that leads to a run on banks, as individuals and companies withdraw their deposits. barriers to entry Factors that make it difficult or costly for firms to enter an industry or market. barter The direct exchange of goods or services between two parties without a cash transaction. basic research centers Centers for fundamental research located in regions where valuable scientific knowledge is being created; they develop the basic technologies that become new products. bilateral netting Settlement in which the amount one subsidiary owes another can be cancelled by the debt the second subsidiary owes the first. bill of exchange An order written by an exporter instructing an importer, or an importer's agent, to pay a specified amount of money at a specified time. bill of lading (or draft) A document issued to an exporter by a common carrier transporting merchandise. It serves as a receipt, a contract, and a document of title. Bretton Woods A 1944 conference in which representatives of 40 countries met to design a new international monetary system. bureaucratic controls Achieving control through establishment of a system of rules and procedures. |
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