BUSN 1101 Lecture Notes - Lecture 26: O.S.C.A., Civil Rights Act Of 1964, Whistleblower
16 Dec 2016
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Can make more of product using same or fewer resources than other countries. Opportunity costs- the products that country must decline in order to produce something else. When country specializes in particular product, it must sacrifice production of another product. Subsidies government payment made to domestic firms to encourage trade. Balance of trade- subtract value of (country"s) imports from the value of its exports. Balance of payments- the difference, over time, between the total flow of moneyinto a country and the total flow of money out. Trade surplus (favorable balance): sells more than it buys. Trade deficit (unfavorable balance): buys more than it sells. Importing and exporting: exporting: selling domestic products to foreign customers. Importing: buying products overseas and reselling them in one"s own country. Licensing agreement lets foreign company sell products of producer/licensor or use intellectual property for royalty fee. International franchise agreement company/franchisor grants foreign company right to use brand name and sell its products.
