Global Economy
The development of the global economy is often called
globalization
The practice of government putting limits on foreign trade to shield businesses at home is called
protectionism
Culture only refers to countries.
False.
When a country exports more than it imports it has a trade
surplus
What is an Embargo?
A complete ban imports/exports from a country
Business etiquette is the same across all countries.
False.
Goods and services that one country sells to another country are called
exports
What is a tariff?
How do people from Brazil greet each other at a business meeting?
Handshake, eye contact, a smile
The price at which one currency can buy another currency is called the
exchange rate
What is a quota?
A number limit of imported goods
How do you address someone by their title at a business meeting who is from Indonesia?
Mr. (Bapak) or Mrs. (Ibu)
The ability of a country to produce a particular good more efficiently than another country or company is called
comparative advantage
All of the following are benefits of free trade except
A) it helps countries raise their standard of living.
B) it creates embargos.
C) creates new jobs, especially in shipping, banking, and communications.
D) opens up new markets in other countries.
What are three ways in which culture has an impact on business?
Language, Packaging, Marketing, Business Etiquette, Business Practices.