Shared customs, practices, beliefs, and social behavior of a particular group or nation

Buying and selling of goods and services across national borders.

All business activity involved in making, buying, and selling product within a nation's borders.

Goods and services that are produced in one country and sold in another.

Goods and services brought into a country from outside their borders.

Countries depend upon each other to fill the wants and needs of their population.

Difference between a nation's money out and money in. Includes real estate, stock market, imports and exports, and tourism.

When money coming in is more than money going out.

When money out is more than money coming in.

Cost to convert one currency to another.

any action a government takes to limit imports

Prohibits trade with a specific country.

An embargo that only affects certain goods.

Tax on imported goods and services

limit on the amount of a product imported into a country for a specific time period.

A group of countries that joined together to trade as if they were a single country.

Largest trading bloc with 27 countries.

An agreement enacted in 1994 between USA, Canada, and Mexico as a trading bloc.

A new agreement signed in 2020 replacing NAFTA.

The exchange rate is set by market forces (supply and demand).

Selling the right to manufacture your products or use your trademark. Royalty fee is usually paid.

Harbors, airports, waybills, certificates of origin, packing lists, etc.

Planning and managing the flow of goods and services can be more challenging when they are going over borders.

backgrounds, cultures, language.

Sending and receiving messages between various cultures.

selling the right to use some process, trademark, patent, or other right for a fee or royalty

The right to sell a good or service within an exclusive market

A partnership in which two or more companies (often from different countries) join to undertake a major project.

The ability of a country to produce a good at a lower opportunity cost than another country can.

The ability to produce more of a given product using a given amount of resources.

Person who helps translate the languages between different people

Hiring workers in other countries to do a set of jobs usually at a lower wage

A region where a group of countries agrees to reduce or eliminate trade barriers