Economics Unit 8 – Globalization: characteristics and trends

18.1 – 8a – globalization: characteristics and trends Globalization – the movement toward a more integrated and interdependent world economy People are buying more foreign products 16.1 – International Trade – absolute and comparative advantage Why nations trade Specialization is an important reason for trade Exports – the goods and services that a nation sells…

Economics Unit 4 – Free enterprise capitalism

Free enterprise capitalism Voluntary exchange Profit motive Economic freedom Private property rights Competition – businesses attract consumers; consumers obtain the best products at lowest prices 7.1 – competition and market structures Laissez-faire – philosophy that government should not interfere with business activities Market structure – nature and degree of competition among firms in the same…

Financial Management & Control

Management Financial management refers to the coordination of a business’s accounting and finance activities. Accounting: management tool used to record financial transactions to provide a summary of the business’s financial position. Finance: coordination of how a business funds (pays for) its activities Key elements include: Financial planning Financial control Financial decision making Business: an organization…

International Business – Marketing and Distribution Terminology

ADAPTATION – The process of adjusting to a different environment. BRANDING – A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. CROSSCULTURAL SYMBOLS – The meanings of symbols across several cultures. CUSTOMS BROKERS – An authorized agent specialized in customs clearance…