International Money and Business summary Questions and Answers 2023

Absolute advantage - -a situation where a country can produce a good or service at a lower cost than other countries. -Balance of payments - -the difference between the amount of money that comes into a country and the amount that goes out of a country. -Balance of trade - -the difference between a country's total exports and total imports. -Common market - -a market in which members do away with duties and other trade barriers. -Comparative advantage - -a situation in which a country specializes in the production of a good or service at which it is relatively more efficient. -Culture - -the accepted behaviors, customs, and values of a society. -Domestic business - -the making, buying, and selling of goods and services within a country. -Embargo - -an action imposed by the government to stop the export or import of a product completely. -Exchange rate - -the value of a currency in one country compared with the value in another. -Exports - -goods and services sold to other countries. -Foreign debt - -the amount a country owes to other countries