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Chapter three-

What is Domestic business? the making, buying, and selling of goods and services within a country.
What is international business? business activities needed for creating, shipping, and selling goods and services.
What are imports? items bought from other countries.
What are exports? Goods and services sold to other countries.
What is the balance of trade? It's the difference between a country's total exports and total imports.
The balance of payments is...? The difference between the amount of money that comes into a country and the amount that goes out of it.
What is the exchange rate? The value of a currency in one country compared with the value in another.
What is a nation's infrastructure? A nation's transportation, communication, and utility system.
what are trade barriers? Restrictions to free trade.
What is a quota? A set limit on the quantity of a product that may be imported or exported within a given period.
What is a tariff? A tax that a government places on certain imported products.
What is an embargo? When the government stops an export or import of a product completely.
What is a Multinational Comapany? an organization that does business in several countries.
What is a Joint Venture? An agreement between two or more companies to share a business project.
Created by: stephhansen