ITB Chapter 3

2. the difference between a country’s total exports and total imports.
5. governments set a limit on the quantity of a product that may be imported or exported within a given period.
6. if it imports more than it exports.(unfavorable)
11. items bought from other countries.
13. a nation’s transportation, communication, and utility systems.
15. refers to business activities needed for creating, shipping and selling goods and services across national borders.
16. goods and services sold to other countries.
17. is selling the right to use some intangible property.
18. situation in which a country specializes in the production of a good or service at which it is relatively more efficient.

1. the location, climate, terrain, seaports, and natural resources of a country influence business activity
3. exists when a country can produce a good or service at a lower cost than other countries.
4. a tax that a government places on certain imported products.
7. if a country exports more than it imports.
8. a government can stop the export or import of a product completely.
9. the right to use a company name or business process in a specific way.
10. an agreement between two or more companies to share a business project.
12. debt the amount a country owes to other countries.
14. the making, buying, and selling of goods and services within a country.