1.03 POBF
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| domestic business | making, buying, and selling of goods and service within a country.
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| international business | foreign or world trade, refers to business activities needed for creating, shipping, and selling goods and services across national borders.
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| absolute advantage | exists when a country can produce a good or service at a lower cost than other countries
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| comparative advantage | a situation in which a country specializes in the production of a good or service at which it is relatively more efficient.
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| imports | items bought from other countries
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| exports | goods and services sold to other countries.
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| foreign debt | the amount of money a country owes to other countries
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| balance of trade | difference between a country’s total exports and total imports
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| favorable balance of trade | If a country exports more than it imports, it has a trade surplus
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| unfavorable balance of trade | If a country imports more than it exports, it has a trade deficit.
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| balance of payments | is the difference between the amount of money that comes into a country and the amount that goes out of it
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| favorable balance of payments | If a country receives more money in a year than it pays out
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| unfavorable balance of payments | If a country sends more money out than it brings in
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| foreign exchange market | where banks buy and sell different currencies.
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| exchange rate | the value of a currency in one country when compared with the value in another
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| embargo | Government bans the import or export of specified goods
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| quota | A limit on the quantity of good that may be imported or exported within a given period to regulate international trade.
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| tariff | Taxes on certain imported products which increases prices
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| common market | Countries that are members freely invest in one another
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| free-trade agreement | Countries that are members remove duties and trade barriers on products traded among them to increase trade between members.
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| free-trade zones | Include selected areas that allow duty-free products to be imported, and then stored, assembled, and/or used in manufacturing. The activities usually occur around a seaport or airport.
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| franchising | allowing a business the rights to use another company’s name or process in a specific way.
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| licensing | selling the right to a company to use some intangible property (production process, trademark, or brand name) for a fee or royalty.
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| joint venture | happens when two or more companies agree to share a business project.
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| international monetary fund | Helps promote economic cooperation and maintain an orderly system of world trade and exchange rates.
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| world bank | Provides economic aid to developing countries to fund building communications systems, transportation networks, and energy plans.
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| world trade organization | Settles trade disputes and enforces free-trade agreements among its members.
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Created by:
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