BUS 150 Lecture 3: Business Chapter 3 – Business in Action
Document Summary
Business chapter 3 business in action (bovee) book. Worlds most competitive countries: switzerland, singapore, finland, united states, sweden, hong kong, germany, netherlands, japan, united kingdom. The increasing integration and interdependence of national economies around the world. 6 reasons why nations trade: focusing on relative strengths, expanding markets, pursuing economies of scale, acquiring materials, goods, and services, keeping up with customers, keeping up with competitors. Total value of the products a nation exports minus the total value of the products it imports, calculated over a period of time. A favorable trade balance created when a country exports more than it imports. An unfavorable trade balance is created when a country imports more than it exports. The sum of all payments a country receives from other countries minus the sum of all payments it makes to the other countries, over some specified period of time. The rate at which the money of one country is traded for the money of another.
