BBB4M Chapters 1-3

Definition: a situation that exists when a country specializes in the production of a good or service at which it is relatively more efficient.

• Comparative Advantage

• Balance Of Trade

• Opportunity Cost

• Absolute Advantage

Definition: all business activities needed to create, ship, and sell goods and services across national borders.

• Comparative Advantage

• Global Dependency

• Domestic Business

• International Business

Definition: a condition that exists when items consumers need and want are created in other countries.

• Trade Barriers

• International Business

• Global Dependency

• Absolute Advantage

Definition (consumer price index) the monthly Canadian federal government report on inflation

• CPI

• GNP

• GDP

• PPI

Definition: a group that consists of the parents, children, and other relatives living together

• Nuclear Family

• Extended Family

• Collectivism

• Culture

Definition: a group that consists of a parent or parents and unmarried children living at home together

• Nuclear Family

• Extended Family

• Culture

• Joint Family

Definition: a situation that exists when a country can produce a good or service at a lower cost than other countries

• Absolute Advantage

• Balance Of Trade

• Opportunity Cost

• Comparative Advantage

Definition: products sold in another country

• Trade Barriers

• Supply

• Exports

• Imports

Definition: the accepted behaviors, customs, values, and assumption with you at all times

• Demand

• Culture

• Values

• Collectivism

Definition: the relationship between the amount of a good or service that consumers are willing and able to purchase and that price

• Demand

• Collectivism

• Supply

• Scarcity