Trading Among Nations
The making, buying, and selling of goods and services within a country
What is Domestic Business?
The difference between a country's total exports and total imports
What is Balance of Trade?
The four factors of International Business Environment
What are Geography, Cultural Influences, Economic Development, and Political and Legal Concerns?
A selected area where products can be imported duty-free and then used in manufacturing
What are Free-Trade Zones?
Business activities needed for creating, shipping, and selling goods and services cross national borders
What is International Business?
If a country exports more than it imports
What is a Trade Surplus?
A nation's transportation, communication, and utility systems
What is Infrastructure?
When member countries agree to remove duties and barriers on products traded among them
When a country can produce a good or service at a lower cost than other countries
What is Absolute Advantage?
If a country imports more than it exports
What is a Trade Deficit?
Restrictions to free trade
What are Trade Barriers?
Selling the right to use some intangible property for a fee or royalty
What is Licensing?
A situation in which a country specializes in the production of a good or service at which it is relatively more efficient
What is Comparative Advantage?
The difference between the amount of money that comes into a country and the amount that goes out of it
A limit on the quantity of a product that may be imported/exported within a period
What is a Quota?
The right to use a company name or business process in a specific way
What is Franchising?
Items brought from other countries, and items sold to other countries
What are Imports and Exports?
The value of a currency in one country compared to the value in another
What is Exchange Rate?
A tax that a government places on certain imported products
What is a Tariff?
An agreement between two or more companies to share a business project
What is a Joint Venture?