Global Business Unit 1 Review

The point at which supply and demand cross  

Privatization is the process of changing an industry from publically to privately owned

International trade increases the product choices available to consumers

An increase in the average prices of goods and services in a country  

International business most commonly affects consumers by creating

The government regulates amount, distribution, and price of everything produced

The limited resources available to satisfy the unlimited needs and wants of people

_________is an economic system where the government owns basic industries yet there is still some private industry

The process of changing an industry from publicly to privately owned  

If the supply of an item decreases, the price usually goes down

Individual companies and consumers make the decisions about what, how, and for whom items will be produced   

Which of the following influences a country’s level of development?

The relationship between the amount of a good or service that consumers are willing and able to purchase and the price  

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

An embargo prevents certain products from coming in to a country or blocks trade entirely with that country

An example of exporting would be

Exists when items that consumers need and want are created in other countries

The method a country uses to answer the basic economic questions  

The study of how people choose to use limited resources to satisfy their unlimited needs and wants   

The 3 types of resources used to produce goods and services  

The basic economic problem states the finite resources available are insufficient to satisfy all human wants and needs

Of the following characteristics, a less-developed country is least likely to have

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

Products sold in other countries   

The relationship between the amount of a good or service businesses are willing and able to make available and the price

A blend between government involvement in business and private ownership  

Products bought from businesses in other countries  

Life expectancy at birth is typically highest for least developed countries

Natural resources include

Culture refers to the type of government of a country

Columbia has a large percentage of the world’s coffee plants.  This is an example of

The most attractive alternative given up when a choice is made  

Making, buying, and selling goods and services within a country  

Capital resources include

Private property, profit motive, and a free, competitive marketplace area characteristics of a

An example of a geographic condition that can affect international business is

Restrictions that reduce free trade among countries   

Which of the following is NOT a characteristic of capitalism?

The accepted behaviors, customs, and values of a society