international business - buying or selling goods between two nations (countries), imports - items bought from other countries, exports - goods and services sold to other countries, balance of trade - the difference between a country's total exports and total imports, trade surplus - FAVORABLE-if a country exports (sells) more than it imports (buys), trade deficit - UNFAVORABLE-if a country imports (buys) more than it exports (sells), balance of payments - the difference between the amount of money that comes into a country and the amount that goes out of it, payment deficit - UNFAVORABLE-occurs when a nation receives more money in a year than it pays out, payment surplus - FAVORABLE-the result of a country sending more money out than it brings in, exchange rates - the value of a currency in one country compared with the value of another, infrastructure - a nation's transportation, communication, and utility systems, quotas - limits set by governments on the quantity of a product that may be imported or exported, tariffs - a tax that a government places on certain imported products , embargos - the act of a government to stop the export or import of a product completely, free-trade zone - select areas created by governments where products can be imported duty-free and then stored, assembled, and/or used in manufacturing, multinational company - an organization that does business in several countries, joint venture - an agreement between two or more companies to share a business project,

Business in the Global Economy

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