All Over the World
Refers to commerce in which goods, services, or resources cross the borders of two or more nations
International business
Value of exports – Value of imports =
Balance of Trade
A good is brought into a jurisdiction, especially across a national border, from an external source
Import(ing)
Money serves three basic functions. What are they?
Medium of exchange
Store of value
Unit of account
Describes a shift toward an integrated world economy in which culture, ideas, and beliefs are exchanged in addition to goods, services, and resources.
Globalization
Occurs when a nation exports more than it imports.
Trade Surplus
This is the relocation of a business process from one country to another.
Offshoring
What is the term for digital currencies that operate independently of central banks?
Virtual currencies or Cryptocurrencies
When an entity (country, region, company, or individual) AND is the only source of a particular product, good, or service
Absolute Advantage
The difference between the total flow of money coming into a country and the total flow of money going out of a country during a period of time.
Balance of Payments
The licensor agrees to let someone else (the licensee) use the property of the licensor in exchange for a fee.
Licensing Agreement
This category consists of objects that have value in themselves as well as value in their use as money. An example of this material is gold, which possesses intrinsic value but has also served as commodity money in the past. What is the term for such materials?
What is commodity money?
This enables countries to acquire natural resources, capital, human capital and entrepreneurship
Access to factors of production
One company sells to another its obligation to make a purchase in a given country
Switch Trading
An investment in the form of controlling ownership in a business enterprise in one country by an entity based in another country.
Foreign Direct Investment (FDI)
Also known as checkable deposits – the amounts held in checking accounts.
Demand deposits
If a country or company trades or does business with multiple foreign partners, they are less dependent on the success of any single partnership, this concept is known as
Risk reduction
Not the RAPPER, but Agreement that a company will offset a hard-currency purchase of an unspecified product from that nation in the future.
Offset
Establishes a new business that is owned by two or more otherwise independent businesses.
Joint Venture
Uses monetary policy to regulate the money supply and the level of interest rates.
The Federal Reserve