International Trade

3. Often described as "the way things are done here"
5. ________________ economies. Countries with high levels of industrialization, income, and advanced infrastructure.
6. Goods sent to another country for sale, e.g. Dutch tulips.
8. A legal agreement whereby a franchisee buys the rights to use the name and business model of a franchisor.
10. A variety of agreements entered into by countries in order to reduce barriers to trade between members. Examples include the Association of Southeast Asian Nations, the Southern African Development Community (SADC), and the Mercosur in South America.
12. _______________ markets. Economies undergoing rapid industrialization and experiencing higher-than-average growth rates
14. When one business purchases another business.
16. The value of one currency in terms of another
17. Goods purchased from another country, e.g. bananas.

1. where the average unit cost of production decreases as the level of output increases
2. ______ ______________ economies. Countries with lower levels of industrialization, income, and infrastructure
4. When a country or business focuses on producing a specific good or service that they are good at.
7. The unrestricted exchange of goods and services between countries without tariffs or trade barriers.
9. corporations that operate in at least two countries, one of which is outside the corporation's 'home' country.
11. United States-Mexico-Canada Agreement. A trade agreement between the United States, Mexico
13. The increasing interconnectedness of countries across the world in terms of communication, culture, trade, and the movement of people.
15. The increase in the general price level of goods and services in an economy.
16. A political and economic union of European countries aimed at fostering economic cooperation and integration.