PBMF Chapter 3

Value of a currency in one country compared with the value in another country

A country in which a MNC places business activities is called the

Joint venture-agreement between 2 + countries to remove duties and trade barriers

A franchise has the right to 

A corporation that is involved in doing business in several different countries is known as

Because of international trade, all nations of the world use the same currency.

Selling the right to use some intangible property for a fee or royalty is called

develops same products and uses same marketing strategy worldwide

Other countries can produce goods cheaper because their labor costs are lower.

two or more companies agree to share a business project.

The amount a country owes to other countries is called

items sold to other countries

Most business activities occur within a country’s own borders.

Common market members

The key elements that reflect a country’s level of economic development are

The difference between a country’s total exports and total imports is called the

Without foreign trade, many of the items we purchase would not be available.

treats each country market differently and develops products based on their tastes and customs

A nation with a trade deficit is said to have a favorable trade position.

When a country has favorable balance of payments, they receive more $$$ in a year than pay out

A(n) _____is the value of a currency of one country compared with the value of another country.

Economy involved most in ag might be unable to provide citizens with a high-quality products.

Comparative advantage is a situation in which a nation produces products that it

Goods and services sold to other countries are called

main function to give economic aid to less developed countries

The countries involved in the North American Free Trade Agreement are

Licensing

A tax that a government places on certain imported products is called a(n)

items bought from other countries

Infrastructure refers to a country’s 

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

limit placed on quantity of a product that may be exported or imported during given period

About how many U.S. jobs depend on international business?