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Chapter 3 Intro to
| Question | Answer |
|---|---|
| Refers to business activities needed for creating, shipping, and selling good across national borders. | International business |
| If a country exports more than it imports, it has a ___________. | Trade Surplus |
| The value of currency in one country compared with the value in another is called the_____________. | Exchange rate |
| What can be said about the manufacturing of an economy that is largely involved in agriculture? | It is generally unable to provide citizens with a large number of high-quality products. |
| Name 3 informal trade barriers. | country's culture, traditions, and religion |
| With a _________________, member countries agree to remove duties and trade barriers on products traded among them. | Free trade agreement |
| __________________ sometimes control a country's political power. | Multi National Companies (MNCs) |
| ____________is selling the right to use a trademark or brand name for a fee or royalty. | Licensing |
| What organization's goals include: lower tariffs, eliminate quotas, reduce barriers for financial services, assist poor countries | World Trade Organization |
| Give an example of an absolute advantage | Saudi Arabia in oil production |
| What items does the US import entirely? | bananas, coffee, cocoa, spices, tea, silk, crude rubber |
| The amount a country owes to other countries is called ______________. | Foreign Debt |
| What factors of the international business environment should you research before expanding your businesses to Korea? | Geographic, Economic, Cultural, Political & Legal |
| ____________ refers to a country's transportation, communication, & utility systems. | Infrastructure |
| Name 3 formal trade barriers that discourage international trade. | Quotas, Tariffs, Embargoes |
| ____________ strategy uses the same product and marketing strategy worldwide. | Global Strategy |
| An agreement for two or more companies to share a business project is called ____________________________. | Joint Venture |
| This___________________ group helps maintain an orderly system of world exchange rates. | International Monetary Fund |
| Items bought from other countries | Imports |
| A tax that a government places on certain imported products | Tariff |
| Occurs when a country sells more than it buys | Trade Surplus |
| A limit on the quantity of a product that may be imported or exported. | Quota |
| Exists when a country can produce a good or service at an absolutely, lower cost than other countries. | Absolute Advantage |
| Exists when a country specializes in the production of a good or service at which it is relatively more efficient. | Comparative Advantage |
| Occurs when a country buys more than it sells. | Trade Deficit |
| The difference between a country's total exports and total imports is called a _____________________________. | Balance of Trade |
| The difference between the amount of money that comes into a country and the amount that goes out of it is called ______________. | Balance of Payments |
| The three main factors that affect currency exchange rates among countries? | balance of payments, economic conditions, & political stability |
| The three key effects on a country's level of economic development? | literacy level, technology, and agricultural dependency |
| A(n) ______________________ is an organization that does business in several countries. | Multinational Company (MNC) |
| __________ strategy treats each country market differently. | Multinational strategy |
| __________ is the making, buying, and selling of goods and services within a country. | Domestic business |
| The _____________ makes loans to help developing countries & provides capital and technical help to private businesses in nations with limited resources. | World Bank |
Created by:
smithcarla
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