Satisfying Needs & Wants | Economic Choices | International Business Basics | The Global Marketplace | International Business Organization |
---|---|---|---|---|
What are things that are required in order to live?
Needs
|
What is not having enough resources to satisfy
Scarcity
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What exists when a country can produce a good or service at a lower cost than other countries?
Absolute Advantage
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What is a factor that supports international trade in industrialized countries, including a nation's transportation, communications, and utility systems.
Infrastructure
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What is a company that does business in several countries?
Multinational Company
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What are activities provided for the satisfaction of others?
Services
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What is giving up something to have something else?
Trade off
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What are items brought from other countries?
Import
|
What is a tax that a government places on certain imported products.
Tariff
|
What is the right to use a company name or business process in a specific way?
Franchise
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What are things available to be used to produce goods and services?
Economic Resources
|
What is the value of the next-best alternative that you were not able to choose?
Opportunity Cost
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What the difference between a country's total exports and total imports?
Balance of Trade
|
What is the stopping of export or import of a product by the government?
Embargo
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What is an agreement between two or more companies to share a business project?
Joint Venture
|
What are things that add comfort and pleasure to your life?
Wants
|
What is the process of choosing which needs and wants will be satisfied?
Economic Decision-making
|
What are goods and services sold to other countries?
Exports
|
What is the regulations that government set on the quantity of product that may be imported or exported?
Quotas
|
What is sending work from one company to another company or to another country?
Outsourcing
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What are things that you can see and touch?
Goods
|
What is the mismatch of unlimited wants and needs and limited economic resources?
The basic Economic Problem
|
What is a treaty between two or more nations?
Trade Agreement
|
What is a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing?
Free Trade Zone
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What resource are people?
Human Resources
|