Chp. 1 We Live in a Global Economy

International trade usually reduces the product choices available to consumers.

Products that a buyer buys from businesses in other countries are called

Exists when a country specializes in the production of a good or service at which it is more efficient.

The main cultural and social factors that affect international business include all but one of the following...

Exports are greater than imports

Making, buying, and selling goods and services within a country is called?

Three types of resources used to produce goods and services.

A measure of the productive output of a country within its borders, including items produced with foreign resources.

Quotas do not restrict the number of imports.

An example of global dependency is when products are produced and used in the same country.

Domestic business is when a person living in Canada buys a product made in Germany.

Products sold by companies in the US to customers in India are exports.

All business activities needed to create, and sell goods and services across national borders

When consumers in the US buy products from Poland, they are buying exported goods.

Products that a seller sells in other countries are called