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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Domestic Business
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The making, buying, and selling of goods
and services within a country
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International business
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Refers to business activities needed for
creating, shipping, and selling goods and
services across national borders
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Foreign/world trade
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International business siness
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Absolute advantage
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Exists when a country can produce a good or service at alower 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 it is relatively more efficient
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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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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 between a 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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Trade deficit
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If it imports more than it exports
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Balance of payment
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The difference between the amount of money that comes into a country and the amount that goes out of it
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Foreign exchange market
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The process ofexchanging one currency for another
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Exchange rate
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The value of a currency in one country compared with the value in another
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Interest rates
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The cost of using someone else's money
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