GLOBBUS - Ch 1 Vocabulary

Business which operates internationally

• Global Business
• Local Business
• Foreign Exchange
• Public Debt

When a business creates the efficient production of a specific product or service

• Global Business
• Local Business
• Foreign Exchange
• Specialization

When a company sells goods and services at a lower price than its competitors and still gains larger profits

• Global Business
• Local Business
• Comparitive Advantage
• Specialization

Exchange of one currency for another; conversion of one currency into another

• Global Business
• Local Business
• Foreign Exchange
• Specialization

Rate at which the level of prices for goods and services are rising and purchasing is falling

• Inflation
• Interest Rate
• Deficit
• Public Debt

Amount charged by a lender to a borrower for the use of their money

• Inflation
• Interest Rate
• Deficit
• Public Debt

When a country is spending more on foreign trade than it is earning

• Inflation
• Interest Rate
• Deficit
• Public Debt

Debt owed by a government

• Inflation
• Interest Rate
• Deficit
• Public Debt

Different countries or regions agree to reduce or eliminate trade barriers and coordinate monetary and fiscal policies

• Economic Integration
• Global Business
• Local Business
• Foreign Exchange

Goods or services brought into one country from another

• Deficit
• Public Debt
• Exports
• Imports