industries are more competitive towards foreign competitors

What is Traditional economy?

Based on traditions and rituals

No government involvement in economic decisions

Government puts restrictions on trade for competitors

United States, Canada, and Mexico

What are the resources?

Land, Labor, Capital, Entrepreneurship

System characterized by private ownership and competition

Increased government involvement in the economy

Countries government makes economic decisions

Global Market Strategies

Globalization, Adaption, Customization

Coalition of nations that govern international trade

Way a nation provides for the needs and wants of its people

Exchange between nations conducted without regulations

What is International Trade?

The exchange of goods and services among nations

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Economy and International Trade

21 termsStudBud Administration25 plays

Chapters 3 and 4 of marketing #marketing

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Questions 21

Answers

1
Subsides
Governments puts restrictions on trade for completitors
industries are more competitive towards foreign competitors
2
What is Traditional economy?
Based on traditions and rituals
Countries government makes economic decisions
no government involvement in economic decisions
3
Market economy?
No government involvement in economic decisions
Countries government makes economic decisions
Based on tradition and rituals
4
Surplus
Imports>Exports
Exports>Imports
5
Protectionism
Industries are more competitive towards foreign competitors
Government puts restrictions on trade for competitors
6
What are the 3 Questions that define an economy?
Why? How Much?
Why? Where? How?
What? How? For Whom?
7
Imports
goods going out
goods coming in
8
NAFTA
United States, Canada, and Mexico
coalition of nations that govern international trade
27 member countries
9
What are the resources?
Land, Labor, Capital, Entrepreneurship
what, How, To whom
WTO,NAFTA, EU
Capitalism, Socialism, Communism
10
What is Capitalism?
Government runs everything
System characterized by private ownership and competition
Increased government involvement in the economy
11
What is Socialism?
Increased government involvement in the economy
Economy characterized by private ownership and competition
Government runs everything
12
Command Economy?
Countries government makes economic decisions
Based on tradition and rituals
No government involvement in economic decisions
13
Exports
goods going out
goods coming in
14
Global Market Strategies
Globalization, Adaption, Customization
Surplus, Deficit
Protectionism, Subsides
Importing, Exporting
15
EU
27 member countries
Coalition of nations that govern international trade
United States, Canada, and Mexico
16
Deficit
Exports>Imports
Imports>Exports
17
What is Communism?
System characterized by private ownership and competition
Government runs everything
Increased government in people's lives
18
WTO
United States, Canada, and Mexico
Coalition of nations that govern international trade
27 member countries
19
What is economy?
Commercial exchange between nations without restrictions
All people who work
Way a nation provides for the needs and wants of its people
Increased government involvement in the economy
20
What is Free Trade?
Surplus
Exchange between nations conducted without regulations
The exchange of goods and services among nations
Deficit
21
What is International Trade?
a commercial exchange between nations without restrictions
Imports
Free trade
The exchange of goods and services among nations

Economy and International Trade Flashcards | StudBud