Ch.5 Exploring Global Business Vocab

Front

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

Back

Culture

Front

All business activities in making, buying, and selling products within a nation's borders.

Back

domestic business

Front

Buying and selling goods/services across borders

Back

international trade

Front

Goods/services produced in a country and sold abroad

Back

exports

Front

Goods, services, and capital brought into a country from outside its borders

Back

imports

Front

Exists when a country produces goods more efficiently and at a lower cost than another.

Back

absolute advantage

Front

Exists when a country specializes in producing a product efficiently

Back

comparative advantage

Front

Difference between a nation’s exports and imports

Back

balance of trade

Front

Total money in a country minus money out for a period.

Back

balance of payments

Front

Cost to convert one currency to another

Back

foreign exchange