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19 Cards in this Set
- Front
- Back
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Domestic business |
Making buying, selling goods and services within one's own country |
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International business |
Includes all business activities needed to create,ship, and sell goods and services across national borders |
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Nations |
Trade with one another to acquire goods they do not have, and to sell goods they can easily produce |
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Importing |
The buying of products or raw materials from other nations |
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Exporting |
The selling and shipping of finished products or raw materials to other nations
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Absolute advantage |
When a country is the only country that can provide a good or service or it can produce a greater quantity of a good or service than competitors using the same amount of resources |
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Infrastructure |
Systems that make an organization or nation run (such as transportation, communication, water, electrical systems) |
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Balance of trade |
The comparison between the total value of imports and the total value of exports |
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Trade surplus |
Total exports > total imports |
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Trade deficit |
Total exports < total imports |
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Balance of payments |
The total flow of money going into the country (receipts) minus the total flow of money leaving the country (payments) |
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Positive balance of payment |
Total flow of money going into the country > total flow of money leaving the country |
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Negative balance of payment |
Total flow of money going into the country < total flow of money leaving the country |
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International business or trade between nations improves.. |
Political relations |
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Protectionism |
When countries protect their domestic manufacturing by keeping out or limiting foreign-made goods through the use of tariff or non tariff barriers |
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Non-tariff barriers |
Such as import quotas (limit on the number of products that can come into the country), and trade embargoes (ending trade with another nation) |
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North American free trade agreement between Canada, the U.S and Mexico |
NAFTA |
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Common markets |
Agreements among member countries that eliminate trade barriers or restrictions that reduce free trade, and allow workers to move freely across borders |
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Deal with the rules of trade between nations Ex. The world trade organization (WTO), the International Monetary Fund (IMF), and the world bank |
International trade organizations |
