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International Trade and Global Economy Overview

Explore the key terms and concepts in international business, including tariffs, quotas, embargoes, and free trade. Learn about trade agreements like NAFTA and the advantages of specialization in global commerce. Discover how companies compete in the global economy.

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International Trade and Global Economy Overview

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  1. International Business Post Assessment Review

  2. Terminology • A tax on imports • International trade • Tariff • Quotas • Embargo • Global economy • Free trade

  3. Restrictions on the quantity of a good that can enter a country • International trade • Tariff • Quotas • Embargo • Global economy • Free trade

  4. A total ban on the import of a good from a particular country • International trade • Tariff • Quotas • Embargo • Global economy • Free trade

  5. A region where trade restrictions are reduced or eliminated. • International trade • Tariff • Quotas • Embargo • Global economy • Free trade area

  6. An economy in which companies compete all over the world • International trade • Tariff • Quotas • Embargo • Global economy • Free trade

  7. The exchange of goods and services by different countries • International trade • Tariff • Quotas • Embargo • Global economy • Free trade

  8. What does NAFTA stand for? • North American Free Trade Agreement

  9. What was the purpose of NAFTA? • To allow free trade with limited or no restrictions between the United States, Mexico, and Canada.

  10. Absolute Advantage • The idea that individuals, companies, and countries should specialize in what they do best • One country producing more than another country with the same input

  11. Comparative Advantage • The idea that individuals, companies, and countries should specialize in what they do best • One country producing more than another country with the same input

  12. The largest exporter in the world is • The United States • IBM • Japan • China

  13. Sales made over the World Wide Web • Internet dollars • Web sales • E-commerce • Internet exports

  14. An agreement to sell another company’s products abroad • Export agreement • Licensing agreement • International trade agreement • Import agreement

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