Chapter 3 Review (POB)

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Across
  1. 5. the difference between the amount of money that comes into a country and the amount that goes out of it
  2. 7. an agreement between 2 or more companies to share a business project
  3. 9. a tax that a government places on certain imported products
  4. 10. when a country can produce a good or service at a lower cost than other countries
  5. 14. the location, climate, terrain, seaports, and natural resources of a country
  6. 16. A _____ or favorable balance of payment occurs when a nation receives more money in a year than it pays out
  7. 18. one of the global market entry modes- allows organizations to enter into contracts with people in other countries to set up a business that looks and runs like the parent company
  8. 20. a selected area where products can be imported duty free, and then stored, assembled, and/or used in manufacturing
  9. 21. The process of exchanging one currency for another occurs in the _________ ______ ____, which consists of banks that buy and sell different currencies.
  10. 23. (initials) international trade organization- Maintains an orderly system of world trade and exchange rates
  11. 24. member countries agree to remove duties, also called import taxes, and trade barriers on products traded among them
  12. 26. differences in accepted behaviors, customs, and values of a society
  13. 27. (initials) international trade organization- 150 member countries, Promotes trade, Settles trade disputes
Down
  1. 1. members do away with duties and other trade barriers
  2. 2. a limit on the quantity of a product that may be imported or exported within a given period
  3. 3. a nation’s transportation, communication, and utility systems
  4. 4. when a country specializes in the production of a good or service at which is relatively more efficient
  5. 6. A _____balance of payments is unfavorable which is when a country is sending more money out than it brings in
  6. 8. an organization that does business in several countries
  7. 11. items bought from other countries
  8. 12. the value of a currency in one country compared with the value of another
  9. 13. restrictions to free trade
  10. 15. the difference between a company’s total exports and total imports
  11. 17. one of the global market entry modes- allows companies to produce items in other countries without being actively involved
  12. 19. international trade organization- Created in 1944 to provide loans for rebuilding after World War II
  13. 22. goods and services sold to other countries
  14. 25. the authority of the government to stop the export or import of a product completely