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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