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Buisness and Marketing > Unit 3 Test > Flashcards

Unit 3 Test Flashcards

1
Q

Goods and services bought from other countries

A

Imports

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2
Q

Goods and services sold to other countries

A

Exports

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3
Q

The difference between a country’s total exports and total imports

A

Balance of trade

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4
Q

The difference between the amount of money that comes into a country and the amount that goes out of a country

A

Balance of payments

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5
Q

The value of a currency in one country compared with the value in another

A

Exchange rate

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6
Q

Restrictions to free trade

A

Trade barriers

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7
Q

A government-set limit on the quantity of a product that may be imported or exported within a given period

A

Quota

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8
Q

A tax that a government places on certain imported products.

A

Tariff

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9
Q

An action imposed by the government to stop the export or import of a product completely

A

Embargo

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10
Q

A factor that supports international trade in industrialized countries, including a nation’s transportation, communication, and utility systems

A

Infrastructure

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11
Q

A selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing, usually near a seaport or airport

A

Free-trade zone

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12
Q

(True or False)

Infrastructure is a significant factor that affect the economic development of a country

A

True

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13
Q

(True or False)

An informal trade barrier is created by government actions

A

False

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14
Q

A country that wishes to enhance international trade activities would most likely use:

A

Common market

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15
Q

An organization that does business in several countries. It usually consists of a home country and divisions or separate companies in one or more host countries.

A

Multinational company (MNC)

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16
Q

A unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.

A

Joint venture

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17
Q

Protects the creative work of authors, composers, and artists

A

Copyright

18
Q

Gives the inventor the sole right to make, use, or sell the item for 20 years

A

Patent

19
Q

A word, letter, or symbol linked with a specific company or product

A

Trademark

20
Q

An agreement to exchange goods or services for something of value, usually money

A

Contract

21
Q

Principles of mortality or rules of conduct

A

Ethics

22
Q

A written set of principles and rules intended to serve as a guideline for determining appropriate ethical behavior for those individuals under its authority

A

Code of Ethics

23
Q

A natural resource that cannot be replaced when used up

A

Nonrenewable resource

24
Q

The duty of a business to contribute to the well-being of a community

A

Social responsibility

25
Q

Rules about how businesses and their employees ought to behave

A

Business ethics

26
Q

OSHA

A

Occupational safety and health administration

Goal: ensures safe and healthful working conditions for workers

27
Q

ADA

A

Americans with disabilities act

Goal: prohibits discrimination against people with disabilities

28
Q

EPA

A

Environmental protection agency

Goal: protect people and the environment from significant health issues

29
Q

WTO

A

World trade organization

  • Over 160 members countries representing 95% of world trade
  • Settle trade disputes
30
Q

MNC

A

Multinational company

  • Organization that does business in several countries
31
Q

IMF

A

International Monetary Fund

  • Maintains orderly system of world trade and exchange rates
32
Q

A form of business that is owned and operated by one person

A

Sole Proprietorship

33
Q

A business owner is responsible for all losses experienced by the business

A

Unlimited Liability

34
Q

An association of two or more persons to carry on a business for profit

A

Partnership

35
Q

A body formed and authorized by law to act as a single person, distinct from its members or owners

A

Corporation

36
Q

Company’s share profits to the shareholders based on the corporation’s performance

A

Dividends

37
Q

:)

A

:)

38
Q

An arrangement that allows one to purchase the right to sell the goods or services of another

A

Franchise

39
Q

A group of countries that agree to eliminate all tariffs

A

Common market

40
Q

An increase in the general price level

A

Inflation

Buisness and Marketing (5 decks)

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