Shared Flashcard Set

Details

Business ethics and social responsibility
Chapter 2
4
Business
Undergraduate 1
09/09/2014

Additional Business Flashcards

 


 

Cards

Term
What are the 2 types of business advantages and define?
Definition
  1. Absolute Advantage - Monopoly exists when a country is the only source
  2. Comparative Advantage - Basis of most international trade, Country provides supply more efficiently or at a lower cost than others
Term
What is balance of trade?
Definition
Difference between amount being imported and exported
Term
Name the 4 trade barriers:
Definition
  1. Economic
  2. Social/cultural
  3. Ethical/legal/political
  4. Technological
Term
Name 3 exchange controls:
Definition

1. Tariff

2. quota

3. Embargo

Supporting users have an ad free experience!