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Business 101_ chapter 4 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Business 101_ chapter 4 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Business 101: chapter 4
Globalization - ANS-process by which the world economy is becoming a single
interdependent system

Import - ANS-grown abroad - sold domestically

Export - ANS-grown domestically - sold abroad

Markets - ANS-high income
upper middle income
lower middle income
low income

NAFTA - ANS-eliminates tariffs and other trade barriers

European Union - ANS-agreement among major European nations

ASEAN - ANS-agreement among southeast asian nations

Balance of Trade - ANS-value of products a country exports minus the economic value
of all products it imports

Balance of Payments - ANS-flow of all money into or out of a country

Exchange Rates - ANS-rate between 2 nations currency

Absolute Advantage - ANS-the ability to produce something more efficiently than any
other

Comparative Advantage - ANS-the ability of a country to produce a good at a lower cost
than another country can

National Competitive Advantage - ANS-international competitive advantage (different
factors)

Licensing Agreement - ANS-arrangement in which firms choose foreign individuals to
manufacture of market their products in another country

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