1.1 An Introduction to business and trade.
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Last updated 6:41 PM on 9/24/22
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16 Terms
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Transaction
A transaction is an exchange of value
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Domestic business
________: a business that makes most transactions within the borders of the country in which its based- owned by a person belonging to a country.
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International Business
An economic system of transactions conducted between businesses located in different countries
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Interdependence
________: When countries work together to fulfill each others wants and needs.
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Trading partner
When a business develops a relationship with a business in another country
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Imports
________: To bring products or services into a country.
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Exports
________: To send goods or services to another country.
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Balance of trade
________: The difference between a countrys exports and imports is known as the ________.
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Balance of trade
The difference between a countrys exports and imports is known as the balance of trade
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Trade surplus
A country that exports more goods and services than it imports - sells more than it buys
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Trade surplus
Export > Imports
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Trade deficit
________: A country that imports more goods and services than it exports- buys more than it sells.
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Interdependence
When countries work together to fulfill each others wants and needs
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Imports
To bring products or services into a country
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Exports
To send goods or services to another country
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trade deficit
Imports > Exports