International Business

Economic system - what, How & for whom to produce. Decided by the self-interest of individuals

A country with little economic wealth and an emphasis on agriculture or mining

Data are provided on price levels for various products & services in different USA

Factors of production

A Nation’s transportation, communications, and utility systems

The price at which supply and demand cross

A combination of the Command & Market economic systems

Economic system what, how and for whom based on traditional customs and beliefs of the society.

Inflation is

Foreign Debt

A business owned by its owners & operated for their benefit

A business owned by its owners & operated for their benefit

The process of changing an industry from public to private.

The most attractive alternative given up when a choice is made

Relationship between the amount goods or services, consumers are willing & able to purchase

Balance of Trade

GDP - Gross Domestic Product

Country w/strong business activity the result of advanced technology & educated population.

A country produce a good or service cheaper than other countries. due to natural resources

Limited resources available to satisfy the unlimited needs and wants of people.

The value of one country's money in the relation to the value of the money of another country

Economic System

Amount of goods/ services that businesses are willing & able to produce at a given price.

A country may have an absolute advantage in more than one area.

GNP - Gross National Product