Intro to Business Chapter 3

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Author:
dasafran
ID:
31335
Filename:
Intro to Business Chapter 3
Updated:
2010-08-26 15:10:26
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business intro biz
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Description:
Chapter 3 terms
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  1. International business
    all business activities that involve exchanges across national boundaries
  2. Absolute advantage
    the ability to produce a specific product more efficiently than any other nation
  3. Comparative advantage
    the ability to produce a specific product more efficiently than any other product
  4. Exporting
    selling and shipping raw materials or products to other nations
  5. Importing
    purchasing raw materials or products in other nations and bringing them into one's own country
  6. Balance of trade
    the total value of a nation's exports minus the total value of its imports over some period of time
  7. Trade deficit
    a negative balance of trade
  8. Import duty
    a tax levied on a particular foreign product entering a country
  9. Import Quota
    a limit on the amount of a particular good that may be imported into a country during a given period of time
  10. Embargo
    a complete halt to trading with a particular nation or in a particular product
  11. Licensing
    a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation

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