category 1
Explain Absolute Advantage
the ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time
how does Technology influence a countries' development?
give rise to new goods, such as electric vehicles; new processes like automation and 3D printing; and new modes of transportation.
What is Donald Trump doing to impose a trade barrier?
Tariffs
A _______ is an organization that does business in several countries
MNC
Which teacher has a daughter in the military
Mrs. Metz
What is an export?
something sold and taken out of a country and into another
How does literacy influence a countries' development?
Bringing all adults to the equivalent of a sixth grade reading level would generate an additional $2.2 trillion – or 10% of GDP – in annual income for the country
What is a Quota?
To set a limit on the quantity of a product that may be imported or exported within a given period of time.
________ is selling the right to use some intangible property for a fee or royalty.
licensing
What is Mr. Klein's favorite color
Purple
Explain Comparative advantage.
How does agriculture influence a countries' development?
an important pathway to economic growth, poverty reduction, and integration into the world economy.
What is a Tariff?
is a tax that governments use to control international trade.
_________ is the right to use a company name or business process in a specific way.
Franchise
Who's teachers dad is a professor?
Mr. Frantzvog
explain a trade surplus vs. a trade deficit.
A trade deficit means that the country is importing more goods and services than it is exporting; a trade surplus means the opposite.
What does the infrastructure of Minot, ND consist of?
3 U.S. Highways: HWY 2, HWY 52, and HWY 83
What is an Embargo?
an order of a government prohibiting the departure of commercial ships from its ports.
____________ is an agreement between two or more companies to share a business or project.
Joint Venture
Which teacher is Native American?
Mr. Trottier
What is the exchange rate?
the rate at which one currency will be exchanged for another currency.
There are four main elements that make up the international business environment. What are TWO of the four elements?
Geographic and Economic.
What countries does NAFTA include?
Canada, Mexico, and the United States
Where is the World Trade Organization Located, and what is the current function of it?
Geneva Switzerland
Which teacher holds the record for the most coaching wins in MSU mens basketball?
Mr. Hultz