Exam (elaborations)
BBB4M - IBF REVIEW QUESTIONS AND ANSWERS
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BBB4M - IBF REVIEW QUESTIONS AND ANSWERS
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BBB4M - IBF REVIEW QUESTIONS ANDANSWERS
Business - Answer-an organization that produces a good or offer service in exchange
for money with the goal of making profit
Transaction - Answer-an exchange of things of value
Domestic Business - Answer-one that makes most of its transactions within the borders
of the country in which it is based
International Business - Answer-The economic system of transactions conducted
between businesses located in different countries
Imports - Answer-products or services brought into a country for trade
Exports - Answer-products or services sent from one country to another
Balance of Trade - Answer-the difference between a country's imports and exports
Trade Surplus - Answer-A country that exports more goods and services than it imports
Trade Deficit - Answer-A country that imports more goods and services than it exports
Interdependence - Answer-The reliance of people on each other for goods, services, or
ideas
CETA - Answer-Comprehensive Economic and Trade Agreement
GDP - Answer-Gross Domestic Product - the value of all finished goods and services
produced by a country in a specific time period
Domestic Market - Answer-the in-country market
CKFTA - Answer-Canada Korea Free Trade Agreement
Duty (or Tariff) - Answer-A tax most countries place on foreign imports in order to make
the price of domestic goods competitive
OPEC - Answer-Organisation of the Petroleum Exporting Countries
4 Advantages of International Trade - Answer-Variety, prices, and foreign markets /
Auto Industry / Cultural Development / Foreign Investment
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