Chapter 3 Business in the Global Economy
Terms in this set (32)
a situation where a country can produce a good or service at a lower cost than other countries.
Balance of payments
the difference between the amount of money that comes into a country and the amount that goes out of a country.
Balance of trade
the difference between a country's total exports and total imports.
a market in which members do away with duties and other trade barriers.
a situation in which a country specializes in the production of a good or service at which it is relatively more efficient.
the accepted behaviors, customs, and values of a society.
the making, buying, and selling of goods and services within a country.
an action imposed by the government to stop the export or import of a product completely.
the value of a currency in one country compared with the value in another.
goods and services sold to other countries.
the amount a country owes to other countries.
Foreign exchange market
banks that buy and sell different currencies.
a written contract granting permission to operate a business to sell products and services in a set way.
an agreement between member countries to remove duties and trade barriers on products traded among them.
a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing.
a strategy that uses the same product and marketing strategy worldwide.
the country in which the multinational company (MNC) places business activities.
goods and services bought from other countries.
a factor that supports international trade in industrialized countries, including a nation's transportation, communication, and utility systems.
the cost of using someone else's money.
business activities needed for creating, shipping, and selling goods and services across national borders.
a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
selling the right to use some intangible property (production process, trademark, or brand name) for a fee or royalty.
Multinational company (MNC)
an organization that does business in several countries. It usually consists of a home country and divisions or separate companies in one or more host countries.
a strategy that treats each country market differently. Firms develop products and marketing strategies that adapt to the customs, tastes, and buying habits of a distinct national market.
Negative or unfavorable balance of payments
the result of a country sending more money out than it brings in.
Positive or favorable balance of payments
occurs when a nation receives more money in a year than it pays out.
a government-set limit on the quantity of a product that may be imported or exported within a given period.
a tax that a government places on certain imported products.
restrictions to free trade.
a situation in which a country imports (buys) more than it exports (sells).
a situation in which a country exports (sells) more than it imports (buys).
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