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Intro to Business #2

QuestionAnswer
Imports Items bought from other countries
Exports Goods and Services sold to other countries
Balance of Trade Difference between countries total exports and imports
Balance of Payments Difference between the amount of money that comes into a country and goes out
Exchange Rate Value of a currency in one country compared with the value in another
Infastructure Nations Transportation, communication and Ulity systems.
Trade Barrier Restrictions to free trade
Quota Governments limit on the quantity of a product that may be imported/exported
Tariff Tax government places on certain imported products.
Embargo Stop import or export completely
Multinational Company organization that does business in several countries.
Joint Venture Agreement between 2 or more countries to share a business product
Domestic Business All operations in one country
International Business Operates some way with another country
Advantages of International trade Increase in product choices, increase in sales, cheaper products
Disadvantages People loose jobs, regulations of products, dependency.
If exports greater then imports... Trade Surplus
If imports greater then exports... Trade Deficit
Exchange Rate Value of a currency in one country compared with the value in another
Factors that effect currency values Balance of Payments, Economic Conditions, Political Stability
Business's in other countries must consider four main factors Geography, Culture, Economics, Political/Legal factors
Free Trade Zone Area where products can be imported duty free
Free Trade Agreements Arrangement with other nations
Common Markets No duties or Trade barriers
Licensing Selling the right to use some intangible property
Franchising The right to use a company name or business
Joint Venture Agreement to share a business product, share costs and profits.
Created by: rhaskin9
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