Economies
Name the 4 types of economies.
Market, command, mixed, and traditional
What is an agency dedicated to helping small businesses and entrepreneurs succeed?
SBA or Small Business Administration
Not all countries use the same currency. What is the rate at which you exchange once currency for another?
Exchange or exchange rate
If you want to start an international business the most common two ways are: ___________ a new business or ___________ a franchise.
start or buy
What are governmental regulations that restrict trade with other countries?
Trade barriers
What is a type of economy that allows privately owned businesses to operate and make a profit with limited government regulation? They have fewer restrictions.
Market economy
The Better Business Bureau has tools to help ____________ and _______________.
Businesses and consumers
Which of the following is NOT a challenge of doing business globally?
Logistics, Culture, Increased Opportunities, or Communication
Increased opportunities
Export means ______ and import means ________.
out and in
What is an example of a trade barrier?
tariff
Which economy has total government regulation?
Command
Examples are Lion's club, Rotary, Kiwanis and they are good with networking and fundraising.
Service Clubs
Head shaking, hand shaking, and eye contact are all forms of ________________ communication.
non-verbal
Companies that help exporters find global buyers.
Export management company or
export trading company
What organization was formed in 1995 to reduce trade barriers and made up of 153 countries?
WTO - World Trade Organization
Which type of economy do most developed countries have?
Mixed
What is an association of business people that promote the commercial interests of a community.
Chamber of Commerce
Do all countries have the same labor laws as the US?
no
What are the businesses, people and activities involved in turning raw materials into products and delivering them to end users?
supply chain
North American Free Trade Agreement (NAFTA) of 1994 removed trade barriers between the US and ______________ and ________________.
Canada and Mexico
What kind of economy is one in which citizens have just enough to survive and are largely rural populations?
Traditional
The Small Business Administration also has _____________ centers or sbdc's throughout the country to offer small business guidance.
development
You may have to provide ___________ documents to do business in a foreign country and these can include: packing list, insurance certificate, and certificate of origin.
legal
What is it called when a business sells the right to manufacture its products or use its trademark? My example was the Disney play.
Licensing
What area of law governs the activities of administrative agencies of government such as the FTC and US DOL?
administrative