Introduction to Business chapter 3 ; 4 Key Terms – Flashcards
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Embargo
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An action imposed by the government to stop the export or import of a product completely
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Exchange rate
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The value of a currency in one country compared with the value in another
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Exports
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Goods and services sold to other countries
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Imports
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Goods and services bought from other countries
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Infrastructure
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A factor that supports international trade in industrialized countries, including a nation's transportation, communication and utility systems
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Joint venture
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a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
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Multinational company (MNC)
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An organization that does business in several countries. It usually consists of a home country and divisions or separate companies in one or more host countries.
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Tariff
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A tax that a government places on certain imported products
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Trade barrier
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Restrictions to free trade.
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Chapter 4 starts Now
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Chapter 4 starts now
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Antitrust laws
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Laws that Prevent monopolies and promote competition and fairness. Other unfair business practices such as false advertising, deceptive pricing, and misleading labeling
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Business ethics
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Rules about how businesses and their employees should behave
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Code of ethics
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Set of rules for guiding the actions of employees or members of an organization
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Contract
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An agreement to exchange goods or services for something of value, usually money. (Basic part of doing business)
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Copyright
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The Protection of the creative work of authors, composers, and artists
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Ethics
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Principles of morality or rules of conduct
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Monopoly
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Exists when a business has control of the market for a product or service
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Non-renewable resource
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A natural resource that cannot be replaced when used up
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Patent
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Gives the inventor the sole right to make, use , or sell the item for 20 years
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Public utility
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An organization that supplies a service or product vital to all people including companies that provide local telephone service, water, and electricity
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social responsibility
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The duty of a business to contribute to the well-being of community
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Trademark
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A distinctive name, symbol, word, picture, or combination of these use to identify products or services
