DESCRIPTION OF INTERACTIVE
The exchange of goods and services between two countries with a focus on reducing trade barriers. Is this Bilateral trade, Interdependence, Durable consumer goods, or Commodities? Answer:Bilateral trade. Goods that do not need to be purchased frequently, but instead are designed to last for a longer period of time. Is this Bilateral trade, Interdependence, Durable consumer goods, or Commodities? Answer:Durable consumer goods. Primary agricultural products/raw materials. Is this Bilateral trade, Interdependence, Durable consumer goods, or Commodities? Answer:Commodities. The economic growth of a nation is dependent on the economic welfare its trade partners. Is this Bilateral trade, Interdependence, Durable consumer goods, or Commodities? Answer: Interdependence. Production that a country must forgo in order to produce something else. Is this Absolute Advantage, Opportunity cost, Comparative Advantage or Specialization? Answer: Opportunity cost. A country is better at producing something than another country. Is this Absolute Advantage, Opportunity cost, Comparative Advantage or Specialization? Answer: Absolute Advantage. A country can produce a good with a lower opportunity cost than another country. Is this Absolute Advantage, Opportunity cost, Comparative Advantage or Specialization? Answer: Comparative Advantage A country focuses its production on what it does best. Is this Absolute Advantage, Opportunity cost, Comparative Advantage or Specialization? Answer: Specialization. Extract and process raw materials. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer: Primary Industry. Manufacturing. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer:Secondary Industry Provide services to customers. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer:Tertiary Industry. A good or service that is brought in from another country for sale. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer:Import. A good or service that is taken to another country for sale. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer:Export. The total value of goods or services produced by a country. Is this Primary Industry, Secondary Industry, Tertiary Industry, GDP, Export or Import? Answer:GDP. Conducts economic transactions within a country’s borders. Is this Domestic Business, Licensing or International Business? Answer: Domestic Business. Conducts economic transactions across a country’s borders. Is this Domestic Business, Licensing or International Business? Answer: International Business. A company allows another company to use some of its assets (such as brand name or technology) in exchange for a royalty. Is this Domestic Business, Licensing or International Business? Answer: Licensing. The cooperative agreement between two or more countries for mutual gain. Is this Joint Venture, Foreign Direct Investment or Strategic Alliance? Answer: Strategic Alliance. A strategic alliance in which the cooperating companies form a new company together. Is this Joint Venture, Foreign Direct Investment or Strategic Alliance? Answer: Joint Venture. When a company builds a branch plant in another country, purchases a foreign company, or purchases a subsidiary in another country. Is this Joint Venture, Foreign Direct Investment or Strategic Alliance? Answer: Foreign Direct Investment.