Ch. 5 Business in a Global Economy

A partnership of two or more companies that work together for a specific business purpose is called a ______.

A trade barrier is any government action taken to control or limit the amount of imports.

Negative balance of trade.

English as a second language is the use of English by people with a different native language.

The business activity in making, buying , and selling product within a nation's borders is ____ business.

Money is also known as currency.

Having people from different backgrounds, cultures, or demographics coming together in a group.

Planning and managing the flow of goods, services, and people to a destination is ______.

Goods and services that are produced within a country's borders and sold in another country.

Parent company that owns a chain and the brand.

Licensing is when a business sells the right to manufacture its products or use its trademark.

_____ is the process of sending and receiving message between people of various cultures.

All the business activity involved in making, buying, and selling product within a nation's borders.

A _______ is a body of laws related to the exchange of goods and services for international trade.

The shared beliefs, customs, practices, and social behaviors of a particular group or nation is the _____.

Currency with an exchange rate set by the market forces of supply and demand in the foreign exchange market.

The _____ is the difference between a nation's exports and its imports.

The cost to convert one currency into another.

When a country can produce goods more efficiently and at a lower cost than another country.

Shared beliefs, customs, practices, and social behavior of a particular group or nation.

A trading bloc is a group of countries that join together to trade as if they are a single country.

The document listing the conditions & terms for importing & exporting products between countries is a trade agreement.

An international joint venture allows a company in one country to enter a foreign market without assuming all the risk.

When a country specializes in producing a product at which it is relatively more efficient.

A(n) _____ a group of countries that have reduced or eliminated trade among themselves.

A government tax on imported goods.

_____ is when a business sells the right to manufacture its products or use its trademark.

Person or company that buys the rights to use a brand.

Buying & selling goods & services across national borders is called_____.

A quota is a limit on the amount of a product imported into a country during a specific period of time.

An embargo that only affects only certain goods.

The goods and services produced within a country's borders and sold in another country are _______.

_____ is the connection made among nations when economies freely move goods, labor, and money across borders.

Total amount of money that comes into a country, minus the total amount of money that goes out for a specific . of time

The difference between a nation's exports and imports.