global economy

Globalization: the exchange of goods and services between nations.

multinational corporation: a company that does business in many countries around the world

type of businesses

sole propitorship:A busniess owned by one person

partnerships:A busniess owned by two people who share risks and rewards.

corporation:a busniess that is owned by share holders

code of ethics: a set of guide lines for maintiang ethics in a work place

Sweatshops:a factory or workshop where wokers are paid very low wages and are working unsafe conditions

does not pass the code of ethics

Fair trade:a arrangment designed help producers in developing countries achieve sustanablie trade relationships

passes the code of ethics

Balance of trade: The difference in value between a country's imports and exports

Trade deficit:when a country imports more
than it exports

Trade surplus: When a country exports
more products then it imports

Comparative advantage: is the ability of a country
to produce a particular good more efficiently than anothercountry

Free trade: an economic policy that determines which companies trade with each other

tariff: is a tax placed on imports to increase the price

quota:is a limit placed on the quantities of a product that can be imported.

Embargo:is a ban on the import or expire of a product

Functions of busniess

Production:creating goods and services

Procurment:re-selling of goods that have already been produced

Marketing :The process of planning ,promoting and selling goods and services .

Managment:is the process of acheving company goals by,planning organzing and leading

finance: the busniess of money managment Accounting: maintaing and checkig record

Imports: bring goods into a country that were made in another country

Exports: to send goods to another country for sale