UNIT 1 LESSON 1

Question 1

defined as organization that buys and/or sells goods and services across two or more national boundaries, even if management is located in a single country.

Answer 1

International Business

Question 2

the process of exchange of goods
and services between countries

Answer 2

International trade

Question 3

Global or _____ is the buying and selling of goods or services across the globe. Alternatively, it also refers to ______made by one country into another.

Answer 3

international trade, capital investment

Question 4

requires the least amount of involvement by a firm in terms of resources needed and allocated to servicing an overseas market. The firm uses existing domestic capacity for production, distribution, and administration and designates a part or all of its home production to a market abroad.

Answer 4

Exporting

Question 5

______ is the mirror image reflection of the exporting process. The country receiving the goods and services is called the _______

Answer 5

Importing, importing country.

Question 6

______ are goods and services produced in one country and sold to another.

______ are goods and services bought by one country from another.

Answer 6

Exports, Imports

Question 7

Types of International trade

Answer 7

Import, Export, Import Trade, Export Trade

Question 8

An_____ is a product your home country acquires from another country.

An ______ is a product produced in your home country and sold to consumers in other nations.

Answer 8

Import, Export

Question 9

The countries that sell the products outside their geographical boundaries are said to engage in _______

When a nation buys goods or services from a foreign country, it is termed ___

Answer 9

Export Trade, Import Trade