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Related Flashcards
Related Topics
Cards In This Set
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International business
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All business activities that involve exchange across national boundaries
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Absolute advantage
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The ability to produce a specific product more efficiently than any other nation
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Comparative advantage
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The ability to produce a specific product more efficiently than any other product
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Exporting
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Selling and shipping raw materials or products to other nations
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Importing
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Purchasing raw materials or products in other nations and bringing them into one's own country
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Balance of trade
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The total value of a nation's exports minus the total value of its imports over some period of time
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Trade deficit
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A negative balance of trade
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Balance of payments
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The total flow of money into a country minus the total flow of money out of that country over some period of time
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Import duty (tariff)
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A tax levied on a particular foreign product entering a country
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Dumping
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Exportation of large quantities of a product at a price lower than that of the same product in the home market
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Nontariff barrier
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A nontax measure imposed by a government to favor domestic over foreign suppliers
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Import quota
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A limit on the amount of a particular good that may be imported into a country during a given period of time
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Embargo
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A complete halt to trading with a particular nation or in a particular product
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Foreign-exchange control
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A restriction on the amount of a particular foreign currency that can be purchased or sold
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Currency devaluation
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The reduction of value of a nation's currency relative to the currencies of other countries
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