Intro to Business Chapter 3

all business activities that involve exchanges across national boundaries

the ability to produce a specific product more efficiently than any other nation

the ability to produce a specific product more efficiently than any other product

selling and shipping raw materials or products to other nations

purchasing raw materials or products in other nations and bringing them into one's own country

the total value of a nation's exports minus the total value of its imports over some period of time

a negative balance of trade

a tax levied on a particular foreign product entering a country

a limit on the amount of a particular good that may be imported into a country during a given period of time

a complete halt to trading with a particular nation or in a particular product

a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation