MGMT 100 Study Guide - Final Guide: Import Quota, Mutual Insurance, Insurable Interest
Document Summary
The advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries. balance of payments. The difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment. balance of trade. A nation"s ratio of exports to imports. common market. A regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange; also called a trading bloc. comparative advantage theory. A complex form of bartering in which several countries may be involved, each trading goods for goods or services for services. culture. The set of values, beliefs, rules, and institutions held by a specific group of people. devaluation. Lowering the value of a nation"s currency relative to other currencies. dumping embargo.
