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Intro to business chapter 3 study guide

goods and services bought from other countries.
Imports
the result of a country spending more money out than it brings in.
Negative or unfavorable balance of payments
a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
joint venture
selling the right to use some intangible property (production process, trademark, or brand name) for a fee or royalty.
licensing
a written contract granting permission to operate a business to sell products and services in a set way.
franchise
the making, buying, and selling of goods and services within a country.
domestic business
occurs when a nation receives more money in a year than it pays out.
positive or favorable balance of payments
the difference between a country’s total exports and total imports.
balance of trade
the value of a currency in one country compared with the value in another.
exchange rate
a strategy that treats each country market differently. Firms develop products and marketing strategies that adapt to the customs, tastes, and buying habits of a distinct national market.
multinational strategy
a factor that supports international trade in industrialized countries, including a nation’s transportation, communication, and utility systems.
infrastructure
a market in which members do away with duties and other trade barriers.
common market
a situation where a country can produce a good or service at a lower cost than other countries.
absolute advantage
the accepted behaviors, customs, and values of a society.
culture
the amount a country owes to other countries.
foreign debt
restrictions to free trade.
trade barriers
banks that buy and sell different currencies.
foreign exchange market
an agreement between member countries to remove duties and trade barriers on products traded among them.
free trade agreement
a tax that a government places on certain imported products.
tariff
a situation in which a country exports (sells) more than it imports (buys).
trade surplus
goods and services sold to other countries.
exports
a situation in which a country imports (buys) more than it exports (sells).
trade deficit
a situation in which a country specializes in the production of a good or service at which it is relatively more efficient.
comparative advantage
the cost of using someone else’s money.
interest rates
the difference between the amount of money that comes into a country and the amount that goes out of a country.
balance of payments
a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing.
free trade zone
a government-set limit on the quantity of a product that may be imported or exported within a given period.
quota
business activities needed for creating, shipping, and selling goods and services across national borders.
international business
a strategy that uses the same product and marketing strategy worldwide.
global strategy
the country in which the multinational company (MNC) places business activities.
host country
an action imposed by the government to stop the export or import of a product completely.
embargo
an organization that does business in several countries. It usually consists of a home country and divisions or separate companies in one or more host countries.
multinational company(MNC)

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