Self Check Chapter 6

Self Check Chapter 6 - Chapter 6 International Business...

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Chapter 6 International Business
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Self Check Flash Cards Each card will present a term, concept, or question. Formulate a mental response (answer). In 7 seconds a correct response will appear. Check your answer. Click the “right” arrow to proceed to the next slide.
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1. Define international trade. International trade consists of the exchange of goods and services by different countries. McGraw-Hill/Irwin
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2. What is absolute advantage? The law of comparative advantage? Absolute advantage is the ability to produce more of a good than another producer. The law of comparative advantage means that producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing. McGraw-Hill/Irwin
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Define export and import. Exports are goods and services that are sold abroad. Imports are goods and services that are purchased from abroad. McGraw-Hill/Irwin
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This note was uploaded on 06/15/2010 for the course MG 352DLB taught by Professor Joibascomb during the Spring '10 term at Park.

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Self Check Chapter 6 - Chapter 6 International Business...

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