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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| 2 |
International Business
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business activites needed for creating,
shipping and selling goods and services.
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| 3 |
Absolute Advantage
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When a country cn produce a good or service at a lower cost than other countries.
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| 4 |
Comparative Advantage
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A country specializes in the productionin the production of a good or service at which it is...
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Imports
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Items bought from other countries
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Exports
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Goods and services sold to other countries
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| 7 |
Foreign Debt
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the amount a country owes to other countries
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Balance of trade
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the difference betweena country's total exports and total imports
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Trade Surplus
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if a country exports more than it imports
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| 10 |
Trade Deficit
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If a country imports more than it exports
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| 11 |
Balance of Payments
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The difference between the amount of money that comes into a country and the amount that goes...
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| 12 |
Positive or Favorable balance
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occurs when a nation receives more money in a year than it pays out
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negative or unfavorable balance
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a country sending more money out than it bring in
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| 14 |
Foreign exchange market
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banks that buy and sell different currencies.
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| 15 |
foreign exchange rates
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is the value of a currency in one country compared to the value in another
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| 16 |
interest rates
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the cost of using someone else's money
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