FBLA International Business Test
Preparation
1. Internationa and coun- tries
l Business
5. Define terms
2. types of
econom- ic
systems
3. Terms
Character-
izing
Economic
Development
4. impact
interna-
tional
business has
on con-
sumers,
busi- ness,
, FBLA International Business Test
Preparation
any business that operates every man, woman, and child in a particular group including those living
across international borders in group quarters.
Unemployment rates: the percentage of the labor force who do not have
a job Dependence of primary sector: increased economic activity in
Traditional economies: a
agriculture, fishing, forestry, mining, and deposits
system that relies on
Level of Productivity: how much output can be produced with a given set
customs, history, and time-
of inputs Human development rank: better qualities of life which include
honored beliefs
high literacy rates, life expectancy, infant mortality rate, access to
(agriculture, fishing, etc.)
healthcare, income
Command economies: the
Technological
central government
advancements
dictates the level of
Infrastructure Rates
production of goods and
controls their distribution allows countries to expand their markets and access goods and
and prices services that otherwise may not have been available domestically. As a
Mixed Economies: protects result of international trade, the market is more competitive. This
private property and allows ultimately results in more competitive pricing and brings a cheaper
a level of economic free- product home to the consumer. (Apple, McDonalds, Coca-Cola)
dom in the use of capital, but
also allows for governments
to interfere in economic
activities in order to
achieve social aims
Market economies:
economic decisions and the
pricing of goods and
services are guided by the
interactions of a country's
individual citizens and
businesses
Per capita Real Income: the
mean income computed for
, FBLA International Business Test
Preparation
Inflation: a general increase in the prices of goods and services in an
economy. When the general price level rises, each unit of currency
buys fewer goods and services
Gross domestic product: a monetary measure of the market value of all
the final goods and services produced and sold in a specific time period
by countries Purchasing power parity (PPP): the rates of currency
conversion that try to equalize the purchasing power of ditterent
currencies, by eliminating the ditterences in price levels between
countries
Balance of trade: the ditterence in value between a country's imports and
exports. Cost of Living: the level of prices relating to a range of
everyday items
Foreign debt: money borrowed by a government, corporation or private
6. Describe the household from another country's government or private lenders.
decision-
making Decision making process: Identify a business problem. Seek
process, information about ditterent possible decisions and their likely ettect.
opportunity Evaluate the alternatives and choose one of them. Implement the
costs, and decision in business operations.
scarcity Opportunity cost: which is reflected in the comparative advantage, is the
key to international trading. We benefit from trade if we are able to
obtain a good from a foreign country by giving up less than we would
have to give up to obtain the good at home
Scarcity: one of the most significant factors that influences supply and
demand. The scarcity of goods plays a significant role in attecting
competition in any price-based market. Because scarce goods are
7. Identify the
typically subject to greater demand, they often command higher prices
im- pact of
as well.
geogra- phy
on interna-
Geography: helps you understand how the climate and terrain of a
tional
country can attect transportation, housing, and other business activities.
business
Climate: As the risk of extreme weather events increases, premiums for flood
and storm protection will likely rise to mitigate insurance companies'
, FBLA International Business Test
Preparation
risk. This could result in
higher insurance costs for
many firms and negatively
impact their bottom lines.
Time Zones: Ditterent time
zones force businesses to
factor in time zone conver-
Preparation
1. Internationa and coun- tries
l Business
5. Define terms
2. types of
econom- ic
systems
3. Terms
Character-
izing
Economic
Development
4. impact
interna-
tional
business has
on con-
sumers,
busi- ness,
, FBLA International Business Test
Preparation
any business that operates every man, woman, and child in a particular group including those living
across international borders in group quarters.
Unemployment rates: the percentage of the labor force who do not have
a job Dependence of primary sector: increased economic activity in
Traditional economies: a
agriculture, fishing, forestry, mining, and deposits
system that relies on
Level of Productivity: how much output can be produced with a given set
customs, history, and time-
of inputs Human development rank: better qualities of life which include
honored beliefs
high literacy rates, life expectancy, infant mortality rate, access to
(agriculture, fishing, etc.)
healthcare, income
Command economies: the
Technological
central government
advancements
dictates the level of
Infrastructure Rates
production of goods and
controls their distribution allows countries to expand their markets and access goods and
and prices services that otherwise may not have been available domestically. As a
Mixed Economies: protects result of international trade, the market is more competitive. This
private property and allows ultimately results in more competitive pricing and brings a cheaper
a level of economic free- product home to the consumer. (Apple, McDonalds, Coca-Cola)
dom in the use of capital, but
also allows for governments
to interfere in economic
activities in order to
achieve social aims
Market economies:
economic decisions and the
pricing of goods and
services are guided by the
interactions of a country's
individual citizens and
businesses
Per capita Real Income: the
mean income computed for
, FBLA International Business Test
Preparation
Inflation: a general increase in the prices of goods and services in an
economy. When the general price level rises, each unit of currency
buys fewer goods and services
Gross domestic product: a monetary measure of the market value of all
the final goods and services produced and sold in a specific time period
by countries Purchasing power parity (PPP): the rates of currency
conversion that try to equalize the purchasing power of ditterent
currencies, by eliminating the ditterences in price levels between
countries
Balance of trade: the ditterence in value between a country's imports and
exports. Cost of Living: the level of prices relating to a range of
everyday items
Foreign debt: money borrowed by a government, corporation or private
6. Describe the household from another country's government or private lenders.
decision-
making Decision making process: Identify a business problem. Seek
process, information about ditterent possible decisions and their likely ettect.
opportunity Evaluate the alternatives and choose one of them. Implement the
costs, and decision in business operations.
scarcity Opportunity cost: which is reflected in the comparative advantage, is the
key to international trading. We benefit from trade if we are able to
obtain a good from a foreign country by giving up less than we would
have to give up to obtain the good at home
Scarcity: one of the most significant factors that influences supply and
demand. The scarcity of goods plays a significant role in attecting
competition in any price-based market. Because scarce goods are
7. Identify the
typically subject to greater demand, they often command higher prices
im- pact of
as well.
geogra- phy
on interna-
Geography: helps you understand how the climate and terrain of a
tional
country can attect transportation, housing, and other business activities.
business
Climate: As the risk of extreme weather events increases, premiums for flood
and storm protection will likely rise to mitigate insurance companies'
, FBLA International Business Test
Preparation
risk. This could result in
higher insurance costs for
many firms and negatively
impact their bottom lines.
Time Zones: Ditterent time
zones force businesses to
factor in time zone conver-
