Global Business Spring TEKS Review

A(n) ________ exists when items that consumers need and want are created in other countries

• domestic business

• market economy

• import economy

• global dependency

The accepted behaviors, customs, and values of a society is known as

• social behavior

• culture

• etiquette

• civilization

Free trade among countries can be restricted by

• import taxes

• trade barriers

• import quotas

• all of the above

Making, buying, and selling goods and services within a country is called

• importing

• exporting

• domestic business

• international business

Products bought from businesses in other countries are

• exports

• imports

• domestic products

• international business

Economics is the study of how

• purchasing decisions are made using the six-step decision-making process

• limited resources are used to satisfy unlimited wants and needs

• individuals make decision about buying products

• all of the above

_______________ is the relationship between the amount of a good or service that consumers are willing and able to purchase at a particular price

• supply

• demand

• market price

• inflation

The difference between a country’s exports and imports is known as the

• balance of trade

• trade surplus

• trade deficit

• foreign debt

The amount a country owes to other countries is called a

• trade deficit

• foreign debt

• balance of trade

• trade barrier

A country with little economic wealth and an emphasis on agriculture or mining is a

• developing country

• less-developed country

• industrialized country

• mixed economy