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Chapter 3
Vocabulary
| Term | Definition |
|---|---|
| domestic business | the making, buying, and selling of goods and services within other countries |
| international business | business activities needed for creating, shipping, and selling goods and services across national borders |
| absolute advantage | exists when a country can produce a good or service at a lower cost than other countries |
| comparative advantage | a situation in which a country specializes in the production of a good or service at which it is relatively more efficient |
| imports | Items bought from other countries |
| exports | Goods and services sold to other countries |
| foreign debt | the amount a countries owes to other countries |
| balance of trade | Difference between a country's total exports and total imports |
| trade surplus | if a country exports more than it imports |
| trade deficit | if it imports more than it exports |
| balance of payments | Difference between the amount of money that comes into a country and the amount that goes out of it |
| exchange rate | Value of a currency in one country compared with the value in another |
Created by:
Jordan.Ray0411