P&L
This is equal to sales minus costs, especially when sales are greater than costs.
What is Profit?
Goods that are brought INTO a country from outside.
What are Imports?
Trade restrictions based on a subjective feeling of "fairness".
What is Fair Trade?
They pay the bills and businesses want to make them happy to encourage repeat business.
Who is the Customer?
Less trade creates a ____ economy.
What is Smaller?
When sales are less than costs.
What is Loss?
Goods that are shipped OUT of the country from inside.
What are Exports?
A system of trade in which some industries are favored over consumers and other industries.
What is Mercantilism?
Sets the price of goods.
What is the Market?
Taxes on imports.
What is a Tariff?
An accounting of all the costs and sales associate with a business.
What is a Profit and Loss Statement?
Goods can pass across your border without restrictions or taxes.
What is Free Trade?
Government takeover of a private business or industry.
What is Nationalization?
Always an important factor in business and life.
What is Time?
"Free-er" trade than closed borders, but still not true Free Trade between countries.
What is Managed Trade?
Using the least necessary raw material to create the most product possible, and concentrating on the products that made the highest profit.
What is Profit Maximization?
A set of standards that specify exactly what a product is.
What is Specification?
A country that nationalized industries in the 1970s and paid dearly for it.
What is Mexico?
Prevents a more powerful opponent from dominating you in negotiations.
What is Your Next Best Option?
What is a Free Trade Agreement?