Int. Business

  1. when items that consumers need or want are produced in foreign countries
    global dependency
  2. restrictions that reduce change
    trade barriers
  3. give three examples of trade barriers
    • 1. import taxes that increase the cost of foreign products 
    • 2. quotas that limit the number of imports
    • 3. laws that prevent certain products from coming into a country
  4. four factors that make International Business different from local business
    • Geographic Conditions
    • Cultural and Social Factors
    • Political and Legal Factors 
    • Economic Conditions
  5. six step decision making process
    • 1. define the problem
    • 2. identify the alternatives
    • 3. evaluate the alternatives 
    • 4. make a choice
    • 5. take an action on the choice
    • 6. review the decision
  6. the relationship between the amount of a good service that businesses are willing and able to make available and the price
  7. the relationship between the amount of a good or service that consumers are willing and able to purchase and the price
  8. when the supply equals demand
    market price/ equilibrium
  9. increase for expenses of labour and raw materials cause higher prices
    cost push inflation
  10. when demand exceeds price
    demand-pull inflation
Card Set
Int. Business
ch.1 and ch.2