Trade Among Nations
This refers to business activities needed for creating, shipping, and selling goods and services across national borders.
What is international trade?
The difference between a country's total exports and total imports is called this.
What is the balance of trade?
Location, climate, terrain, seaports, and natural resources are elements of this, which influence business activity in a country.
What is geography?
The three types of formal trade barriers are.
What are quotas, tariffs, and embargoes?
The two types of strategies which a country might follow when conducting international business.
What is global and multinational?
The United States conducts business with over this many countries.
What is 180?
The difference between the amount of money that comes into a country and the amount that goes out is known as this.
What is the balance of payments?
In some societies, hugging as a greeting is appropriate whereas in others it is not. This is known as a difference in ____________.
What is culture?
A country may put this on oil exports so that supply stays low and prices will remain at a certain level.
What is a quota?
Selling the right to use some intangible property for a fee or royalty, and one of the less risky methods of conducting international business is known as this.
When a country can produce a good or service at a lower cost than other countries, such as Columbia has with coffee, it has this.
What is an absolute advantage?
A ___________________ balance of payments is unfavorable.
What is negative?
The key factors that affect a country's level of economic development are literacy rate, agricultural dependency, and this.
What is technology?
Also referred to as a 'duty', this tax is placed on certain imported products.
What is a tariff?
McDonalds, Burger King, Wendy's, and Pizza Hut all use this business model for expansion into foreign markets.
What is franchising?
A situation in which a country specializes in the production of a good or service at which it is more efficient. The US has this with production of refridgerators.
What is comparative advantage?
The amount a country owed to other countries is known as this.
What is foreign debt?
The type of government, stability of the government, and polciies towards business fall under this category of business environment.
What is political/legal?
A government sometimes imposes this to express disapproval of the actions or policies of another country.
What is an embargo?
Commonly performed on the show 'Shark Tank' this is an agreement between two or more companies to share a business project.
What is a joint venture?
Goods and services sold to other countries and purchased from other countries are known as these.
What are imports and exports?
The value of a currency in one country compared with the value in another country is known as this.
A nation's transportation, communication, and utility systems are part of its ______________.
What is infrastructure?
A selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing (usually seen in airports) is known as this.
What is a free-trade zone?
Also known as the WTO, this helps promote trade around the world by assisting with lowering tariffs, reducing barriers for trade, and assisting poor countries.
What is the World Trade Organization?