Test #1 Review

Foreign Licensing is similar to

The relationship between price of a good and perceived benefits a customer receives in exchange

The value of all final goods and services produced within a country in a given period of time

Purchasing products or materials in other nations and bringing them into one's own country.

The World Trade Organization was created by the

The study of how humans make choices under scarcity

The amount of revenue a business owner retains after paying expenses for operating a business.

The decrease in the general price level of goods and services

A type of tax that is levied on goods and services coming into a country

Commerce in which goods, services or resources cross the borders of two or more nations.

Type of economic system where decisions are made through interaction of supply and demand.

The amount of some good or service consumers are willing and able to purchase at each price.

Resources that are found in nature and can be used for the production of goods and services

Any activity that provides goods and services to consumers for the purpose of making a profit

When a labor market is unable to provide jobs for everyone who wants to work

When a nation imports more than it exports

Measures changes in the price level of consumer goods and services purchased by households

The government's influence on savings and changing the levels of government spending

A person who risks his or her time, effort, and money to start and operate a business

The value of one country’s currency relative to the value of another country’s currency.

Digital tools such as computers, telecommunications and the Internet

A partnership formed to achieve a specific goal or to operate for a specific period of time.

Criminalized bribery of foreign public officials by American business enterprises

Total flow of money into a country minus the total flow of money out of the country over time

A system of exchange in which goods and services are used as payment rather than money.