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POBF Chapter 3 Vocabulary

Domestic Businessis the making, buying, and selling of goods and service within a country.
International businessalso called foreign or world trade, refers to business activities needed for creating, shipping, and selling goods and services across national borders.
Absolute Advantageexists when a country can produce a good or service at a lower cost than other countries
Comparative Advantageis a situation in which a country specializes in the production of a good or service at which it is relatively more efficient
Importsitems bought from other countries
Exportsgoods and services sold to other countries
Foreign Debtis the amount of money a country owes to other countries.
Balance of Tradethe difference between a country’s total exports and total imports.
Balance of Paymentsthe difference between the amount of money that comes into a country and the amount that goes out of it.
Foreign Exchange Marketwhere banks buy and sell different currencies
Exchange Ratethe value of a currency in one country when compared with the value in another
EmbargoGovernment bans the import or export of specified goods.
QuotasA limit on the quantity of good that may be imported or exported within a given period to regulate international trade.
TariffsTaxes on certain imported products which increases prices.
Common MarketCountries that are members freely invest in one another.
Free-Trade AgreementCountries that are members remove duties and trade barriers on products traded among them to increase trade between members.
Free-trade zonesInclude selected areas that allow duty-free products to be imported, and then stored, assembled, and/or used in manufacturing. The activities usually occur around a seaport or airport
Franchisingallowing a business the rights to use another company’s name or process in a specific way.
Licensingselling the right to a company to use some intangible property (production process, trademark, or brand name) for a fee or royalty.
Joint venturehappens when two or more companies agree to share a business project.
International Monetary Fund (IMF)Helps promote economic cooperation and maintain an orderly system of world trade and exchange rates.
World BankProvides economic aid to developing countries to fund building communications systems, transportation networks, and energy plans.
World Trade Organization (WTO)Settles trade disputes and enforces free-trade agreements among its members.

North Davidson Senior High
Lexington, NC

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