International Business: Global Economy

Trade partners are countries that trade products with one another.

• False

• True

If a country has low literacy levels, little to no technology and focuses on agricutlre or mining, that country is considered to be:

• Developing

• Industrialized

• Less-Developed

Silk is a product created by what type of resource?

• Labor

• Capital

• Land

Gross Domestic Product (GDP) is:

• The measure of the amount of money a country owes to other countries.

• The measure of the output of products created within a country.

• The measure of the difference between what a country sells versus what a country buys from other countries.

When a country can create products at a lower cost than other countries, this is a(n) _________________ advantage.

• comparative

• absolute

If a country has improving educational systems, increasing technology and expanding industries, that country is considered to be:

• Developing

• Industrialized

• Less-Developed

_________________ is the making, buying and selling of products within a country.

• International business

• Global economy

• Domestic business

A telephone is an example of a

• Service

• Good

A customer service representative is a product created by what type of resource?

• Capital

• Land

• Labor

_______________ refers to a world economy with movement of products and labor across international borders.

• International business

• Global economy

• Domestic business