I NTERNATIONAL T RADE. E NTREPRENEUR People take a risk when they start their own business- they...
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Transcript of I NTERNATIONAL T RADE. E NTREPRENEUR People take a risk when they start their own business- they...
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INTERNATIONAL TRADE
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ENTREPRENEURPeople take a risk when they start their own business- they have no guarantee that they will succeed.
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PROFITThe difference between the revenue a business receives and it’s cost of production
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TRADE
the exchange of goods or services for other goods and services or money.
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EXPORTGoods sold in one country but produced in another country
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IMPORTGoods and services bought from sellers in another nation.
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TRADE BARRIERSsomething that prohibits trade
Restrictions on trade such as tariffs, quotas and regulations
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TARIFFa tax imposed on imported goods.
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QUOTAan allotment or a production assignment (the amount ) of a good
In international trade, the limit on the quantity of a product that may be imported or exported, established by government laws or regulations
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REGULATIONEconomic regulation is the prescription of price and output (amount produced) for a specific industry, often a natural monopoly.
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ECONOMIC SANCTION
The withholding, usually by several nations, of loans or trade relations with a nation violating international law, to force it to comply.
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EMBARGOgovernment restriction placed on trade
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EXCHANGE RATE the price of one currency in relation to another currency
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WARWar plays an important roll in international trade.
Blockades of ports and attacks on merchant ships inhibit trade.
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WEATHERChanges in weather conditions such as hurricanes, tropical storms, blizzards and other conditions can disrupt the distribution of goods and services.
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BOYCOTTConsumers refuse to buy certain products because they are protesting against some issue