Ch.5 Exploring Global Business Vocab

Front

The shared beliefs, customs, practices, and social behavior of a particular group or nation

Back

Culture

Front

All the businesses activity involved in making, buying, and selling product within a nation’s borders

Back

domestic business

Front

The buying and selling of goods and services across national borders

Back

international trade

Front

Goods and services that are produced within a country’s borders and sold in another country

Back

exports

Front

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

Back

imports

Front

Exists when a country can produce goods more efficiently and at a lower cost than another country

Back

absolute advantage

Front

Exists when a country specializes in producing a product at which it is relatively more efficient

Back

comparative advantage

Front

The difference between a nation’s exports and it’s imports

Back

balance of trade

Front

The total amount of money that comes into a country, minus the total amount of money that goes out for a specific period of time

Back

balance of payments

Front

The cost to convert one currency into another

Back

foreign exchange