__________1. Exchange of capital, goods, and services across international borders or territories.

__________2. Deals with issues regarding problems of economic interaction between and among nations
__________3. 2 composition of international economics
__________4. Enable countries to obtain the greatest possible advantage from the exchange of one kind of commodity
__________5. Encompasses international transactions and exchange of goods and services as foreign assets
__________6. International vs. domestic
__________7. 4 major impact on international trade
__________8. Makes available a range of materials and processes that could not conceivable exist in one restricted country
__________9. According to him, international trade should be regarded as a special case within international economics
__________10. Trade between two countries
__________11. Author of an inquiry into the nature and causes of the wealth of nation
__________12. International trade begin only with the rise of ______ at ________
__________13. Trade between many countries
__________14. 10 reasons for international trade
__________15. Represents a significant share in NNP and GDP
__________16. Sole producer of an item
__________17. Consist of difference in capital, labor, and land
__________18. Study and understand the international business environment which consists of culture, legal, and economic
factors
__________19. 5 prevailing problems
__________20. 2 ways in which a nation can participate in international trade
__________21. Main historical theories
__________22. For a nation to become rich and powerful, it needs export more and import less
__________23. A situation where the value of exports are greater than the value of imports
__________24. A situation where the value of imports are greater than the value of exports
__________25. Value of using a resource measured in terms of the value of the best alternative for using that resource
__________26. One way to promote export was to impose restriction on imports. This strategy is called ___
__________27. Title of the book Adam Smith wrote
__________28. Us was abundant in capital but he found out that us was importing more capital
__________29. 4 modern or firm-based trade theories
__________30. He founded country similarity theory
__________31. Trade between two countries of goods produced in the same industry
__________32. They highlight how free trade benefits all member of the global community
__________33. He founded the product life cycle
__________34. Consumers in countries that are in the same stage of development would have similar preferences
__________35. 3 product life cycle
__________36. They founded global strategic rivalry
__________37. One nation can make something more cheaply than its competitors
__________38. 5 importance of international trade
__________39. They believed that a country should increase its holdings of gold and silver by promoting exports and
discouraging imports
__________40. Things we have to give up in order to get more of what we want
__________41. He proposed the neo-classical theory of trade
__________42. Brand names and product reputations are important factors in the buyers decision-making and purchasing
process
__________43. A nations competitiveness in an industry depends on the industry to innovate and upgrade
__________44. Factors of production
__________45. Nations ability to produce a particular product with fewer resources
__________46. National prosperity is created, not inherited. It does not grow out of a countrys natural endowments its labour
pools, itsinterest rarte, or its currency values, as classical
__________48. He founded the national competitive advantage
__________49. A country carries out that surplus part of the produce of their land and labor for which there was no demand
__________50. Good or services in which a country is more efficient, can produce more than the other can produce, or can
produce the same amount with using less resources
__________1. They proposed how a country could gain comparative advantage by producing products that utilized factors that
were in abundance in that country
__________2. They founded comparative advantage
__________3. Soliciting orders from foreign countries for goods and services that are made in a country and then shipped
abroad
__________5. Some countries may be better at producing both goods, and therefore have an advantage in some areas
__________7. A country soliciting another country to produce and sell their product
__________13. He founded the absolute advantage theory
__________14. According to him, a countrys wealth was determined by the amount of its gold and solver holdings