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Business 101 test 1 - UAB
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Business 101 test 1 - UAB
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Business 101 test 1 - UABabsolute advantage - ANS-benefit a country has in an industry when it produces more
of a product than other nations using the same amount of resources
access to factors of production, reduced risk, inflow of innovation - ANS-reasons for
international trade
balance of trade - ANS-measure of the difference in value between a nation's imports
and exports
barriers to international trade - ANS-sociocultural differences, economic differences,
political and legal differences
business - ANS-any organization or activity that provides goods and services in an effort
to earn a profit
communism - ANS-calls for public ownership of all enterprises under the direction of a
strong central government
comparative advantage - ANS-benefit a country has if it can make products at a lower
opportunity cost than other countries
competitive environment, technological environment, global environment, economic
environment, social environment - ANS-what environments are businesses affected by
countertrade - ANS-international trade that involves the barter of products for products
rather than for currency
demand - ANS-the quantity of a good or service that consumers are willing and able to
buy
demand curve - ANS-a graph of the relationship between the price of a good and the
quantity demanded
economic system - ANS-based on private ownership, economic freedom, and fair
competition; the structure of methods and principles that a society uses to produce and
distribute goods and services
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