intro to biz

the original purpose of the ________ was to help build infrastructure in developing countries and help relief the debt burden of these countries

World Bank

the _________ is defined as the difference in value of a country's exports and imports over a period of time

balance of trade

in 1914, the united states prohibited the importation of mexican can avacados... the ban of importing mexican avacados is an example of

embargo

the ________ is the value of one currency in terms of another

exchange rate

_____ are goods and services that are made in one country and sold to other countries.

Exports

Venezuela can grow and sell cut flowers for floral bouquets more easily and more cheaply than most other countries can produce the same flowers. When it comes to flowers, Venezuela has a(n):

comparative advantage

why do so many people fear trade and globalization

many fear trade and globalization will lead to massive job losses

Free trade...

permits people to buy and sell where they please

japan bans importation of rice to protect its domestic rice industry. This ban is an example of

protectionism

China imposes a 45 percent tax on the market value of all chickens that are imported from the U.S. into China. Another name for this type of tax is a(n):

tariff