Globalization
Shared beliefs, customs, practices, and social behavior of a particular group or nation.
Culture
The cost to convert one currency into another.
Foreign Exchange Rate
a governmental tax on imported goods.
Tariff
Are goods and services that are produced within a country's borders and sold in another country.
Exports
How many miles total are in an Ironman?
140.6 miles
Is all the business activity involved in making, buying, and selling products within a nation's borders.
Domestic Business
Is the difference between a nation's exports and its imports.
Balance of Trade
A limit on the amount of a product imported into a country during a specific period of time.
Quota
is any government action taken to control or limit the amount of imports.
Trade Barrier
What is Mr. Mackle's Favorite color?
Green
Is the buying and selling of goods and services across national borders.
International Trade
Means that its exchange rate is set by the market forces of supply and demand in the foreign exchange market.
Floating Currency
Is the body of laws related to the exchange of goods and services for international trade.
Trade Policy
Are goods and services and capital that are brought into a country from outside its borders.
Imports
What is Mr. Mackle's favorite food? (What continent?)
Asian Food
Is the connection made among nations when economics freely move goods, labor, and money move freely across borders.
Globalization
Is the total amount of money that comes into a country, minus the total amount of money that goes out for a specific period of time.
Balance of Payments
A government order that prohibits trade with a foreign country.
Embargo
a document listing the conditions and terms for importing and exporting products between countries.
Trade Agreement
What is the objective of studying chapter 5?
To master the Ch 5 business vocabulary terms.
Exists when a country can produce goods more efficiently and at a lower cost than another country.
Absolute Advantage
Explain Comparative Advantage. Give an example.
Exists when a country specializes in producing a product at which it is relatively more efficient.
What are Trade sanctions? Give an example.
Are embargoes that affect only certain goods.
What is a trading Bloc?
a group of countries that have joined together to trade as if they were a single country.
According to Mr. Mackles list, Name the top 5 countries that engage in international trade.
China
United States
Germany
Netherlands
Japan