Trade Among Nations
items bought from other consumers
What is imports?
What is balance of trade?
nation's transportation, communication and utility systems
What is infrastructure?
quotas, tariffs and embargos
What is formal trade barrier?
What tends to discourage international trade
What is embargo?
goods and services sold to other countries
What is exports?
the difference between the amount of money that comes into a country and the amount of that goes out of it
What is balance of payment?
countries with better education systems usually provide more and better goods and services for their citizens is referred as
What is literacy level?
cultures traditions and religions of a country can create
What is informed trade barriers?
an agreement between two or more companies to share a business project
What is a joint venture?
exist when a country can produce a good or service at a lower cost than other countries
What is absolute advantage?
the amount of money one country owes to another country
What is foreign debt?
automated production, distribution and communications systems allow companies to create and deliver goods, services and ideas quickly is referred to as
What is technology?
to regulate international trade, governments set a limit on the quantity of a product that may be imported or exported within a given period is
What is a quota?
an organization that does business in several countries
What is multinational company (MNC)
situation in which a country specializes in the production of a good or service at which it is relatively more efficient
What is comparative advantage?
when a country exports more than it imports
What is a trade surplus
An economy where most workers are involved in agriculture does not have the manufacturing base to provide citizens with great quantity and high quantity of a product is referred as
a tax that a government places on certain imported products
What is a tariff?
the International Bank for Reconstruction and Development
What is World Bank?
the value of currency in one country compared with the value in another country
What is exchange rate?
when a country imports more than it exports
What is a trade deficit?
geography, cultural influences, economic development and political and legal concerns
What are the main elements of international business environment?
when a government stops the export or import of a product completely
What is embargo?
the cost of using someone else's money
What is interest rate?