Intro to Business Chapter 3 Review

Quotas, tariffs, and embargoes are examples of

MNC strategy that uses the same product and marketing strategy in each country

Selling the right to use an intangible property for a fee or royalty

Stops the exports and imports of a product completely

Stabilizes world trade and exchange rates

Promotes trade

Language/religion/values/customs are examples of

Accepted behaviors, customs, and values of society

A trade surplus is favorable.

Share the same policy on external trade barriers

Mexico is part of USMCA trade agreement.

Amount a country owes to other countries.

Area where products can be imported/then stored tax free until the product leaves the area

Set up to run and look like the parent company

Do business in several countries

Limit on the quantity of a product that may be imported or exported.

Which of the following is NOT a global entry method?

When a country produces a product at a lower cost than another country

Location/climate/terrain, and seaports are examples of

Literacy level/technology/agricultural dependency/infrastructure are examples of

Business activities needed for creating/shipping/selling goods and services across borders

Formula for Balance of trade is

Designed to remove formal trade barriers

Comparative advantage-a country doesn't have absolute advantage/ can produce a product cheaper

What must businesses consider when looking to go global?

Items bought from other countries.

Goods sold to other countries.

The US trades with less than 10 different countries.

Tax that the government places on certain imported products.

Government regulations in advertising/products/contracts are classified as

Agreement between two or more countries to share a project

One out of every 4 jobs rely on international business.

Trade deficit occurs when

Culture, traditions, and religion are examples of

Provides economic aid to less developed countries

MNC strategy that uses different products and marketing strategies for each country

Making buying and selling goods and services within a country.

Trade Surplus occurs when