IB - Ch. 3 Review (Business in the Global Economy)

Business activities needed for creating, shipping, & selling goods across national borders is

What factors affect the value of a country's currency?

A country's trade position is considered favorable if it imports more than it exports.

A(n) ______ is when the gov't stops the export or import of a product completely.

_____ refers to a nation's transportation, communication, and utility systems.

____ are items bought from other countries.

A _____ is a tax that a government places on certain imported products.

The difference between a country's total exports and total imports is called the ________.

Three important factors to the economic development of a nation are, except:

All of the following are actions that could be taken to encourage international trade, except:

Goods and services sold to other countries are called ______.

The ____ is the difference between the amount of money that comes into a country and out of it.

Exists when a country can produce a good or service at a lower cost than other countries

The making, buying, and selling of goods and services within a country is called

A ______ is an organization that does business in several countries.

The ______ is the value of a currency in one country compared with the value in another.

Occurs when a nation receives more money in a year than it pays out

A quota is a limit the gov't sets on the quantity of a product that may be imported or exported

A _____ is an agreement between two or more companies to share a business project.

If a country exports more than it imports, it has a