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domestic business making, buying, and selling of goods and service within a country.
international business foreign or world trade, refers to 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 of money a country owes to other countries
balance of trade difference between a country’s total exports and total imports
favorable balance of trade If a country exports more than it imports, it has a trade surplus
unfavorable balance of trade If a country imports more than it exports, it has a trade deficit.
balance of payments is the difference between the amount of money that comes into a country and the amount that goes out of it
favorable balance of payments If a country receives more money in a year than it pays out
unfavorable balance of payments If a country sends more money out than it brings in
foreign exchange market where banks buy and sell different currencies.
exchange rate the value of a currency in one country when compared with the value in another
embargo Government bans the import or export of specified goods
quota A limit on the quantity of good that may be imported or exported within a given period to regulate international trade.
tariff Taxes on certain imported products which increases prices
common market Countries that are members freely invest in one another
free-trade agreement Countries that are members remove duties and trade barriers on products traded among them to increase trade between members.
free-trade zones Include selected areas that allow duty-free products to be imported, and then stored, assembled, and/or used in manufacturing. The activities usually occur around a seaport or airport.
franchising allowing a business the rights to use another company’s name or process in a specific way.
licensing selling the right to a company to use some intangible property (production process, trademark, or brand name) for a fee or royalty.
joint venture happens when two or more companies agree to share a business project.
international monetary fund Helps promote economic cooperation and maintain an orderly system of world trade and exchange rates.
world bank Provides economic aid to developing countries to fund building communications systems, transportation networks, and energy plans.
world trade organization Settles trade disputes and enforces free-trade agreements among its members.
Created by: jpennington