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T tariff A tax levied on imports. tax credit Allows a firm to reduce the taxes paid to the home government by the amount of taxes paid to the foreign government. tax haven A country with exceptionally low, or even no, income taxes. tax treaty Agreement between two countries specifying what items of income will be taxed by the authorities of the country where the income is earned. technical analysis Uses price and volume data to determine past trends, which are expected to continue into the future. temporal method Translating assets valued in a foreign currency into the home currency using the exchange rate that existed when the assets were originally purchased. theocratic totalitarianism A political system in which political power is monopolized by a party, group, or individual that governs according to religious principles. time draft A promise to pay by the accepting party at some future date. time-based competition Competing on the basis of speed in responding to customer demands and developing new products. timing of entry Entry is early when a firm enters a foreign market before other foreign firms and late when a firm enters after other international businesses have established themselves. total quality management Management philosophy that takes as its central focus the need to improve the quality of a company's products and services. totalitarianism Form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited. trade creation Trade created due to regional economic integration; occurs when high-cost domestic producers are replaced by low-cost foreign producers in a free trade area. trade deficit See current account deficit. trade diversion Trade diverted due to regional economic integration; occurs when low-cost foreign suppliers outside a free trade area are replaced by higher-cost foreign suppliers in a free trade area. trade surplus See current account surplus. trademark Designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products. transaction costs The costs of exchange. transaction exposure The extent to which income from individual transactions is affected by fluctuations in foreign exchange values. transfer fee A bank charge for moving cash from one location to another. transfer price The price at which goods and services are transferred between subsidiary companies of a corporation. translation exposure The extent to which the reported consolidated results and balance sheets of a corporation are affected by fluctuations in foreign exchange values. transnational corporation A firm that tries to simultaneously realize gains from experience curve economies, location economies, and global learning, while remaining locally responsive. transnational financial reporting The need for a firm headquartered in one country to report its results to citizens of another country. transnational strategy Plan to exploit experience-based cost and location economies, transfer core competencies with the firm, and pay attention to local responsiveness. Treaty of Rome The 1957 treaty that established the European Community. tribal totalitarianism A political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power. turnkey project A project in which a firm agrees to set up an operating plant for a foreign client and hand over the "key" when the plant is fully operational. |
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