Chapter 3 Vocab

Front

Business activities for creating, shipping, and selling goods/services across borders.

Back

International business

Front

When a country produces a good/service at a lower cost than others

Back

absolute advantage

Front

Country specializes in producing a good/service efficiently

Back

comparative advantage

Front

Items brought from other countries

Back

imports

Front

Goods and services sold to other countries

Back

exports

Front

Difference between total exports and imports

Back

balance of trade

Front

Difference between money in and out of a country

Back

balance of payments

Front

Value of a currency in one country vs another

Back

exchange rate

Front

A nation's transport, communication, and utility systems

Back

infrastructure

Front

Restrictions to free trade

Back

Trade barrier