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Unit 1 part 1
Review for Unit 1 Chapters 1-4
| Question | Answer |
|---|---|
| Products made in one country and sold in another. | Exports |
| Products bought in one county that were made in another country. | Imports |
| Occurs when people in one country need to buy products from another country. | Global Dependency |
| Accepted behaviors, customs & values of a society are referred to a that society's | Culture |
| Activities necessary for creating, shipping, & selling goods & services across national borders. | International Business |
| Restrictions that reduce free trade among countries. | Trade Barriers |
| An economic system with most basic industries owned and operated by government. | Socialism |
| When a country can produce a good or service at a lower cost than other countries. | Absolute advantage |
| The amount of a good or service that consumers are willing and able to purchase at a certain price. | Demand |
| The difference between a country's exports and imports. | Balance of Trade |
| A nation's transportation, communication, and utility systems. | Infrastructure |
| This occurs when a country exports more than it imports. | Favorable balance of Trade |
Created by:
esmithwsbg
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