What are 2 CONS for international business?

Countries demand certain goods from our country., We have to adjust to other countries economies.

What are 2 pros for domestic business?

Our economy will improve, We get goods within the country

What is absolute advantage?

Country can produce a good or service at a lower cost than other countries

What are 2 pros for international business?

We get more goods to sell., Our wants are fulfilled.

What are 2 CONS for domestic business?

Peoples wants are not fulfilled., We don't get everything we need.

What is an example of a free-trade-zone?

Dock where a product can be imported duty free but pays a duty tax leaving

What are examples of imports?

We receive goods from another country.

What are is free-trade-agreements?

member countries agree to remove duties and trade barriers on products

What is the definition of balance of payments?

The amount of money that comes into a country and the amount that goes out

What is comparative advantage?

Absolute advantage in more than one area

Which one is the definition of common markets?

members do away with duties and other trade barriers

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Business Essentials(Chapter 3 Project)

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Questions 25

Answers

1
What are tariffs?
a tax that a government places on certain imported products
a tax that is placed on goods that are exported
a tax placed on just food
a type of candy
2
What are embargos?
Government continues exporting and importing
Government stops the exporting and importing of a product completely
Certain goods that are taxed when exported
Goods that are exported and imported by regular people
3
Religion is an example of cultural influences
True
False
4
What are a quotas?
A quote given by a political figure
a selected area where products can be imported duty-free and then stored
members do away with duties and other trade barriers
Limit the quantity of a product imported or exported within a given period
5
What are 2 CONS for international business?
Countries demand certain goods from our country.
Some countries are difficult about trade or business.
It's to much work and wastes our resources.
We have to adjust to other countries economies.
6
What are 2 pros for domestic business?
Depend on countries for supplies
We don't have to deal with other countries economies.
Our economy will improve
We get goods within the country
7
Which one goes with geography?(International Business Environment)
Influences business activity
Social relationships
Government Systems
Customs
8
What is absolute advantage?
The process of exchanging one currency for another
Goods and services exports create many jobs
Country can produce a good or service at a lower cost than other countries
An absolute advantage in more than one area
9
What are 2 pros for international business?
We get more goods to sell.
We become friends with countries.
Our wants are fulfilled.
We get to travel more.
10
What are 2 CONS for domestic business?
People get mad because they can't get what they want.
Peoples wants are not fulfilled.
Other countries will not trade with us anymore.
We don't get everything we need.
11
What are examples of trade barriers?
Quotas,Tariffs,Embargos
Quotas,Common markets, Trade barriers
Absolute Advantage and Comparative Advantage
Climate,Terrain,Religion
12
What is an example of a free-trade-zone?
A mountain where products can be imported duty free
A dock where ships come in to trade without charge
Dock where a product can be imported duty free but pays a duty tax leaving
A dock where people have to pay to trade
13
Exports are goods transported out of the country.
False
True
14
What are examples of imports?
A state sends another state goods.
We give another country goods.
We receive goods from another country.
A bakery lends their next door neighbor sugar.
15
When a country exports more than it imports its a trade deficit.
False
True
16
What are is free-trade-agreements?
where countries can just trade for free without any agreements
countries decide to place a bigger tax on a certain good
member countries agree to remove duties and trade barriers on products
countries decide to just stop trading for free
17
What is the definition of balance of payments?
The amount of money that comes into a country and the amount that goes out
Occurs when a nation receives more money in a year than it pays out
A country has a favorable balance of payments the value of their currency
Interest rates are the cost of using someone’s money and can affect value
18
What is an example of Political & Legal Concerns?
Social Relationships
Waterways/Seaports
Exchange Rates
Government Systems
19
Which one is an example of economic development?
Political Stability
Terrain
Technology
Food
20
Trade surplus is when a country exports more than it imports.
False
True
21
International business environment is doing business in other countries requires knowledge of the difference that exists
False
True
22
What does political stability do?
It causes a decrease in goods
Decrease in currency
Increase in currency
It causes riots
23
Foreign exchange rate can change daily.
True
False
24
What is comparative advantage?
Comparing one absolute advantage to another
Absolute advantage in more than one area
Comparing certain trades made
Comparing to see if one good sells better than the other
25
Which one is the definition of common markets?
member countries agree to remove duties and trade barriers on products
markets in town's that everyone goes to
a selected area where products can be imported duty-free and then stored
members do away with duties and other trade barriers

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