Principles of Business: Chapter 3 review

a situation in which a country specializes in the production of a good/service at which it is relatively more efficient

goods and services sold within our country

If a country exports (sells) more than it imports (buys), it has a ​

If a nation imports more than it exports, it has a trade

The difference between a country’s total exports and total imports is

the value of a currency in one country compared with the value in another.

The United States conducts trade with more than ____________________ countries.

Because of international trade, all nations of the world use the same banking system.

This is an favorable balance of trade

Items bought from other countries are called

A country specializes in the production of a good/service at which it is relatively more efficient is ​_ advantage.

This is an unfavorable balance of trade

If it imports more than it exports, it has a

Foreign ____ ​ is the amount a country owes to other countries.

A society's culture has a strong influence on business activities. Which of these is an example of a cultural influence?

the difference between the amount of money that comes into a country and the amount that goes out of it.

Some countries limit the amount of money their citizens can take out of the country when they travel.

Which of the following counties has an absolute advantage in coffee production?

When a country's imports exceeds its exports, there is a trade

A positive or favorable balance of payments occurs when a nation receives more money in a year than it pays out. 

Which of the following would be an example of international business?

International business is frequently referred to as world or ​ ____  trade.

A negative or ​​ ____ balance of payments occurs when a country sends out more money than it brings in.

goods and services sold to other countries

The value of a country's currency is likely to decline as a result of