Principles of Bus., Mkt., & Fin.--Global Business

Balance of Trade

The difference in value between how much a country imports and how much it imports

Imports

Goods and services one country buys from another country

Exports

Goods and services one country sells to another country

Multinational Corporation

A company that does business and has facilities in many countries around the world

Exchange Rate

The price at which the currency of one country can buy the currency of another country

Protectionism

Limiting trade with other countries to protect business at home

Embargo

A ban on the import or export of a product

Tariff

A tax placed on imported products to make them more expensive than domestic products

Quota

A limit placed on the quantities of a product that can be imported

Free Trade

Few or no limits on trade between countries