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Domestic Business The making, buying, and selling of goods and service within a country.
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International Business Business activities needed for creating, shipping, and selling goods and services
across national borders.
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Absolute Advantage A country can produce a good or service at a lower cost than other countries.
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Comparative Advantage A situation in which a country specializes in the production of a good or service at
which it is relatively more efficient.
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Balance of Trade The difference between a country’s total exports and total imports.
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Exchange Rate The value of a currency in one country when compared with the value in another.
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Geography Includes a country’s location, climate, terrain, seaports, natural resources
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Cultural Influence Includes language, religion, family, food, values, customs, social relationships
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Economic Development Includes education and literacy level, inflation, technology, exchange rate, agricultural,
dependency, infrastructure, transportation
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Political & Legal Concerns Includes type of government, stability of government, government policies for
businesses relevant to trade barriers
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Quota A limit on the quantity of good that may be imported or exported within a given period to
regulate international trade.
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Common Market When countries that are members freely invest in one another.
Such as: European Union (EU) or Latin American Integration Association (LAIA)
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Free Trade Agreement When countries that are members remove duties and trade barriers on products traded
among them to increase trade between members.
Such as: NAFTA (North American Free Trade Agreement)
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Free Trade Zones Include selected areas that allow duty-free products to be imported, and then stored,
assembled, and/or used in manufacturing. The activities usually occur around a seaport or
airport.
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Franchising Allowing a business the rights to use another company’s name or process in a specific way.
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Licensing Selling the right to a company to use some intangible property (production process,
trademark, or brand name) for a fee or royalty.
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Joint Venture When two or more companies agree to share a business project.
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International Monetary Fund Helps promote economic cooperation and maintain an orderly system of world trade and
exchange rates.
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World Bank Provides economic aid to developing countries to fund building communications
systems, transportation networks, and energy plans.