Exam (elaborations)
BBB4M FINAL EXAM QUESTIONS WITH CORRECT ANSWERS
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BBB4M FINAL EXAM QUESTIONS WITH CORRECT ANSWERS
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BBB4M FINAL EXAM QUESTIONS WITHCORRECT ANSWERS
advising bank - Answer-Bank that advices a customer regarding revenue due to the
customer; in international trade, usually the exporter's bank.
Big-box retailer - Answer-Retailers that specialize in providing a wide variety of products
in one category.
International Business - Answer-Business activities needed to create, ship, and sell
goods and services international from producer to consumer; includes international
trade, importing and exporting goods and services, licensing the use of assets in other
countries, and foreign investment.
Bilateral trade - Answer-Trade between two countries
Boycott - Answer-An organized refusal to buy goods or services
Globalization - Answer-A process whereby national or regional economies and cultures
have become integrated through new global communication technologies, foreign direct
investment, international trade, migration, new forms of transportation, and the flow of
money.
Interdependence - Answer-The reliance of two or more groups on the actions of one
another to fulfill certain wants or needs.
Primary industries - Answer-The sector of the economy characterized by the extraction
of natural resources from the earth of sea, and beginning to process those resources
(eg: agriculture, fishing, hunting, forestry & mining, water as sixth)
Secondary Industries - Answer-Industries that create a finished, usable product (trucks,
machinery, electrical equipment, clothing, TV, packaged food)
Exports - Answer-To send goods and services to another country, especially for sale
Import - Answer-A good or service brought into a country for sale
Protectionism - Answer-The practice of protecting domestic industries and economies.
Economic system - Answer-The way a country organizes its resources and distributes
goods and services to its citizens
Market Economy - Answer-An economic system determined by free competition, in
which businesses, consumers, and government act independently of one another,
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Unit 38 - Business and the Economic Environment P1
