Flashcard Set Preview
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| 1 |
Domestic Business
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The making , buying, and selling of goods and services within a country
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International Business (aka foreign or world trade)
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Business activities needed for creating, shipping, and selling goods and services across national...
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Abosolute Advantage
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When a country can produce a good or service at a lower cost than other countries
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Comparative Advantage
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A situation in which a country specializes in the production of a good or service at which...
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Trade Surplus
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When a country exports (sells) more that it imports (buys)
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Trade Deficit
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When a country imports more than it exports
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Positive or Favorable Balance of Payments
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When a nation receives more money in a year than it pays out
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Negative or Unfavorable Balance of Payments
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The result of a country sending more money out than it brings in
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Foreign Exchange Market
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Consists of banks that buy and sell different currencies
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Interest Rates
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The cost of using someone else's money
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Culture
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The accepted behaviors, customs, and values of a society
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Free-Trade Zone
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A selected area where products can be imported duty-free and then stored, assembled, and/or...
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Free-Trade Agreement
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When member countries agree to remove duties and trade barriers on products traded among them.
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Common Market 9aka Economic Community)
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Members do away with duties and other trade barriers
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Host Counry
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The country in which the MNC places business activities
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