Vocab
Buying products from other countries
Importing
International business is a bad thing
What are examples of trade barriers
Tariffs and Quotas
What are three reasons Globalization is accelerated?
Communication
Transportation
IT
An international organization that promotes more free trade by extending GATT rules to services, by increasing protection for intellectual property rights, by arbitrating trade disputes and by monitoring the trade policies.
World Trade organization
A single country can produce everything its citizens needs
False
What are the international organizations that promote and help free trade?
Eu
NAFTA
WTO
How are importing and exporting different?
Importing- Buying products from another country
Exporting- selling products to other countries
A movement toward a more interconnected and interdependent world economy
Globalization
The United States is an importing country more than exporting.
True
What is the central bank of America?
Federal Reserve
what kind of supplies would you need to run a zoo
Fences
Food
Water
medicine
Is the sale of domestically produced products to other countries.
Exporting
Goods and services are produced more efficiently when each country specializes in products for which it had a comparative advantage
True
What kind of advantage is the ability to produce more of a product than any other nation?
absolute advantage
What is the difference between trade surplus and a trade deficient?
Trade surplus: positive balance of trade
Trade deficient: negative balance of trade
Is the assignment of certain tasks, such as production or accounting; to an outside company or organization
Outsourcing
South Africa producing more diamonds is an example of a comparative advantage?
What is a business that manufactures and markets in two or more countries?
Multinational enterprises
A total value of a national export minus the total value of its importance over some period of time is what?
Balance of trade