The Problem Of International Business

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International business c Trade occurring between one or more countries worldwide. Balance of trade Difference in value of a countries imported and exported goods. Balance of payments Also known as BOP, is the monitoring of all international money transactions during specific times. Global dependency The dependency of one nation to another. Competitive advantage The advantage a company has over its competitors, allowing them to achieve greater sales. Absolute advantage A company can produce a product at a lower cost. Capital All the assets in which an individual upholds. Secondary industries An industry that converts raw material into produce for consumers.…show more content…
Trade surplus A country’s exports surpass their imports, allowing for control of their own currency. Team Canada The promotion of Canadian businesses in an attempt to increase trade. Trade barriers Barriers governments set in an attempt to make imported goods less competitive with local goods. Comparative advantage The advantage of an economy to be able to produce a product at a lower opportunity cost than individuals. Subsidy Imports A type of tax allowance given on imported goods. Economy The process where goods and services are exchanged throughout countries. Tertiary industries Also known as the service industry, this provides services to the consumers, such as education. Semi-manufactured goods A product that is completely assembled in the country that it has been imported to. Entrepreneurship St Start and manage a business, to make a profit. Human resources Recruit individuals for the positions available within a business. Political uncertainty A countries inability to provide public services, causing a delay in that country’s economic growth. Recovery Increasing business activity, typically after a recession. Gross Domestic Product Total value of goods and services produced in one country throughout one year. Subsidiary Also known as a parent company, where companies
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