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IBT Ch 03-01 BUSINESS IN A GLOBAL ECONOMY Vocab

AB
Balance of paymentsthe difference of a country's total payments and total receipts with other countries
balance of tradethe difference between a country's total exports and total imports of goods
embargostopping the importing or exporting of a certain product or service
exchange ratevalue of one country expressed in terms of the money of another country
exportsgoods and services sold to another country
importsgoods and services bought from another country
infrastructurea nation's transportation, communication, and utility systems
joint venturean agreement between two or more companies from different countries to share a business project
multinational company (MNC)an organization that conducts business in several countries
quotalimit on the quantity of goods imported or exported within a given period
tariffa tax that a government places on certain imported products
trade barriergovernment restriction to reduce free trade

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