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Chapter 3

Vocabulary

TermDefinition
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
 

 



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