Ch.5 Exploring Global Business Vocab

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

• Religion

• Government

• Culture

• Democracy

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

• domestic business

• nationalism

• americanism

• personal business

The buying and selling of goods and services across national borders

• Nationalism

• Mercantilism

• international trade

• Trading Partnerships

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

• imports

• exports

• trading goods

• profitable goods

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

• imports

• exports

• trading goods

• profitable goods

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

• Trading Imbalance

• comparative advantage

• absolute advantage

• deficit

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

• Trading Imbalance

• comparative advantage

• absolute advantage

• deficit

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

• Trading Imbalance

• balance of trade

• profit and loss

• deficit

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

• Trading Imbalance

• balance of trade

• balance of payments

• deficit

The cost to convert one currency into another

• Trading Imbalance

• balance of trade

• balance of payments

• foreign exchange