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What are imports?
Products or Resources purchased and received by a country or company within a country
The difference between imports that come into a country and exports that go out is called what?
Balance of Trade
What is Agricultural Dependency?
Depending on agriculture and farming for your economic strength
What are exports?
Products/Services or Resources produced domestically and sold to other countries or companies within other countries
What does the WTO stand for?
World Trade Organization
What does the term “infrastructure” refer to?
A nation's transportation, communication, and utility systems. These are bridges, roads, rail systems, buildings, phone systems, manufacturing technology, etc.
A high tariff tends to _____ the demand for the product and _______ the quantity of that import.
decrease, reduce
The difference in the value of one countries currency compared to the value of another is called what?
Exchange Rate
What is a trade barrier and what are the three common types listed?
Any formal government action that restricts free trade. Tariffs, Quota's, Embargo's.
What is the term for the amount of money a country owes to other countries?
Foreign debt
A tax placed on an imported good
Tariff
When a country is the best at producing a certain thing OR they can obtain a resource the easiest
McDonald’s, Burger King, Wendy’s, KFC, and Pizza Hut all have used _________ to increase their presence in foreign markets.
Franchising
What would happen if we DID NOT have foreign trade?
Items would cost a lot more or not be available at all
The use of movie characters or sports team logos on hats, shirts, jackets, notebooks, luggage, and other items also involves a what?
Licensing agreement
Why can some countries produce goods at a lower cost that the U.S.?
Lower labor costs
If a government wishes to do so, it can stop the export or import of a product completely. This action is called a what?
Embargo
What is the term for an agreement between two or more companies to share a business project?
Joint Venture
What is the term for the limit a government sets on the quantity of a product that may be imported or exported within a given period?
Quota
Where does the process of exchanging one currency for another occur?
Foreign Exchange Market
Comparative advantage is a situation in which…
A country has absolute advantage in multiple areas and must choose which has more economic oppurtunity
What is one example of how Geography can influence international business?
A country with more rivers, seaports, and airports will be easier to conduct foreign trade with.
The difference in the money associated with a countries imports and exports is called what?
Balance of Payments
What is the top import of the U.S.?
Medicine, Pharmaceutical equipment
What is the top export of the U.S.?
Crude oil, Petroleum