Intro to Business - Chapter 5, Section 1

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

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

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

An embargo that affects only certain goods.

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

All the business activity involved in making, buying, & selling product within a nations border

_ is the connection made among nations when economies freely move goods/money across border

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

The business activity involved in making/buying/selling product within a nation's borders is _

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

The document listing the conditions & terms for importing/exporting products between countries

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

A government may impose a _ on imported goods to protect domestic businesses.

A government tax on imported goods.

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

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

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

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

Total amount of money that comes in to a country, minus the total amount of money that goes out

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

Negative balance of traade.

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

The shared beliefs, customs, practices, & social behavior of a particular group or nation is _

The cost to convert one currency into another.