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…

International Business – Terminology

  International Business: Includes all commercial transactions (such as private and governmental, sales, investments, and transportation) that take place between two or more regions, countries, and nations beyond their political boundaries Balance of Trade: The difference in value between a country’s imports and exports Balance of Payments: The difference in total value between payments into…