BUS 110 Chapter 1 Questions
with Accurate Answers
Absolute Advantage correct answer country's try to have the ability to produce
certain product more efficiently than other nations
Advantage of Licensing correct answer Advantage for small manufactures wanting
to launch a well-known brand internationally
Balance of Trade correct answer the total value of a nation's exports minus the
total value of its imports in a given time period
business correct answer any organization or activity that provides goods and
services in an effort to earn a profit
business environment correct answer the setting in which business operates - 5
key components are economic environment, competitive environment,
technological environment, social environment, global environment
business technology correct answer any tools - especially computers,
telecommunications, and other digital products - that businesses can use to
become more efficient and effective
Comparative Advantage correct answer when a country has the ability to produce
a specific product more efficiently than any other product
Cons of Trade Restriction correct answer higher prices for consumers, Restriction
of consumers choices, misallocation of internal resources, loss of jobs
, counter trade correct answer international barter transaction where goods and
services are exchanged for different goods and service
demographics correct answer the measurable characteristics of a population;
includes population size and density, as well as specific traits such as age, gender,
and race
e-commerce correct answer business transactions conducted online, typically via
the internet
Economic basis for international business correct answer International business
includes all business activities that involve exchanges across national borders
Embargo correct answer complete halt to trading with a particular nation or
product
entrepreneurs correct answer people who risk their time, money, and other
resources to start and manage a business
Exporting correct answer selling and shipping raw materials or products to other
nations
factors of production correct answer four fundamental elements that businesses
need in order to achieve their objectives- natural resources, capital, human
resources, and entrepreneurship
with Accurate Answers
Absolute Advantage correct answer country's try to have the ability to produce
certain product more efficiently than other nations
Advantage of Licensing correct answer Advantage for small manufactures wanting
to launch a well-known brand internationally
Balance of Trade correct answer the total value of a nation's exports minus the
total value of its imports in a given time period
business correct answer any organization or activity that provides goods and
services in an effort to earn a profit
business environment correct answer the setting in which business operates - 5
key components are economic environment, competitive environment,
technological environment, social environment, global environment
business technology correct answer any tools - especially computers,
telecommunications, and other digital products - that businesses can use to
become more efficient and effective
Comparative Advantage correct answer when a country has the ability to produce
a specific product more efficiently than any other product
Cons of Trade Restriction correct answer higher prices for consumers, Restriction
of consumers choices, misallocation of internal resources, loss of jobs
, counter trade correct answer international barter transaction where goods and
services are exchanged for different goods and service
demographics correct answer the measurable characteristics of a population;
includes population size and density, as well as specific traits such as age, gender,
and race
e-commerce correct answer business transactions conducted online, typically via
the internet
Economic basis for international business correct answer International business
includes all business activities that involve exchanges across national borders
Embargo correct answer complete halt to trading with a particular nation or
product
entrepreneurs correct answer people who risk their time, money, and other
resources to start and manage a business
Exporting correct answer selling and shipping raw materials or products to other
nations
factors of production correct answer four fundamental elements that businesses
need in order to achieve their objectives- natural resources, capital, human
resources, and entrepreneurship
