Week 3- Intl. Business

The exchange of capital, goods, and services across international borders or territories between two or more countries is known as?

• import

• export

• International trade

A country has an absolute advantage in making a product when it has a monopoly on producing a product or when it can produce the product at a lower cost than any other country

• Comparative advantage

• Absolute advantage

• Trade advantage

The overall money flows into or out of a country

• Balance of payments

• Balance-of-payments deficit

• Balance of trade

The free-trade area among United States, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua.

• ECOWAS (Economic Community of West African States)

• The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR)

• CETA

A trade restriction is an artificial restriction on the trade of goods and/or services between two or more countries.

• Trade restrictions

• Trade policies

• Trade agreements