marketing vocab chapter 5

absolute advantage

When a business can create goods or services more efficiently than another business.

balance of trade

The difference between a country's imports and exports

competitive advantage

When countries specialize in products that they are comparably more efficient at producing.

cross cultural communication

The communication of people from different cultures, to effectively deliver messages in a global business environment.

exchange rate

amount one currency is worth in another form of currency

globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

trade

The buying and selling of goods and services