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Introduction to Business Unit 1 Chapter 3
Terms in this set (12)
Buying products from another country
Selling products to another country
Theories of Advantage (Card #'s 4 - 9)
Theory that states that a country should sell to other countries those products that it produces most effectively and efficiently and buy from other countries those products that it cannot produce as effectively or efficiently.
The advantage that exists when a country produces a specific product more efficiently than all other countries.
Balance of Trade
The total value of a nation's exports compared to its imports measured over a particular period.
Balance of Payments
The difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, military expenditures and foreign investment.
A kind of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price.
The use of government regulations to limit the import of goods and services.
Tariffs that are enacted with the aim of protecting a domestic industry.
A tax imposed on imports
A government-imposed trade restriction that limits the number, or monetary value, of goods that can be imported or exported during a particular period. They also are used in international trade to help regulate the volume of trade between countries.
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