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Intro to business

Quiz 10/1/21

QuestionAnswer
Global economy Interconnected economies of the nations of the world.
International trade The exchange of goods and services between nations
Multinational corporation A company that does business in many different countries and has facilities around the world.
Trade The activity of buying and selling goods and services in domestic or international markets.
Imports Goods and services that one country buys from another country
Exports Goods and services that one country sells to another country.
Comparative advantage The ability of a country to produce a particular good more efficiently than another country or company
Exchange rate The price at which one currency can buy another currency
Balance of trade The difference in value between a country's imports and exports over a period of time
Protectionism The practice of the government putting limits on foregin trade to protect business at home.
Tariff Tax placed on imports to increase their price in the domestic market.
Quota The limit placed on the quantities of a product that can be imported.
Embargo A ban on the import of or export of a product.
Free trade Occurs when there are few or no limits on trade between countries.
Created by: 22toestm
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