5 reasons countries participate in international trade
100
Making, buying, and selling goods and services within a country.
What is domestic business.
100
heavy government control/input; little consumer control or choices; government owns many of the productive resources of the country.
command economy
100
Statements about the nature of a person, thing or concept
What is belief
100
all of the business activities necessary for creating, shipping and selling goods and services across national borders
What is International Business
100
oil, gas, iron, steel; auto parts
What is Source of raw materials
200
Restrictions that reduce free trade among countries.
What is trade barriers
200
a blend between government involvement in business and private ownership
What is a mixed economy
200
a subset or part of a larger culture
What is subculture
200
having more of one particular item than is necessary
What is a surplus
200
famines in other countries force the need for food imports; computer industry imports
What is Demand for foreign products
300
Products bought from businesses in other countries.
What are imports
300
based on forces of supply and demand
What is market economy
300
the belief a group is more important than the individual
What is collectivism
300
tax on imported items
What is tariff
300
McDonald’s, Microsoft increase sales profits through foreign trade
What is New market opportunities for businesses
400
The accepted behaviors, customs and values of a society
What is culture
400
cuba is a ___________
What is command economy
400
The belief that one culture is better than another
What is ethocentrism
400
a condition that exists when a country would better serve its own interests by producing one item over another, thus specializing in the production of a good or service at which they are more efficient.
What is Comparative advantage
400
individuals invest in businesses to add to their portfolio
What is Investment opportunities
500
a condition which exists when items consumers need and want are created in other countries.
What is global dependency.
500
method a country uses to answer the basic economic questions
What is Economic system
500
A system of learned, shared, unifying and interrelated beliefs, values and assumptions.
What is culture
500
measures the output of a country within its borders, including items produced with foreign resources
What is Gross domestic product
500
countries trading with each other have to be civil (for the most part!) helps improve mutual understanding among nations