• Author / Uploaded
• Sheryl Arce

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PROFESSIONAL ENGLISH FOR BUSINESS II

Qualified Practice Session 6 TEMA: INTERNATIONAL TRADE Sección:………………………..………………...

Apellido s

: ARCE CONTRERAS

Docente

: Rosa Ñaña Baquerizo

Nombre s

: SHERYL

Unidad

: II

Fecha

: .…../……/202010

I.

Read carefully the text and complete with the appropriate words

ANSWERS OF THE TEXT:      

International trade Competitive advantage Opportunity cost Absolute advantage Foreign direct investment Gross national product

A. VOCABULARY 1. Opportunity cost: Represent the benefits an individual, investor or business misses out on when choosing one alternative over another. 

2. Comparative advantage: It’s an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners 3. Competitive advantage: This can be gained by offering clients better and greater value. 4. Absolute advantage: It can be the basis of large profits from trade between producers of different goods with different absolute advantages. 5. International trade: Is the exchange of goods, and services across international borders or territories. 6. Foreing direct investment:   Are the investments made by one company into another located in another country.

7. Gross domestic products:  Is the monetary value of all finished goods and services made within a country during a specific period.

8. Gross national product : it is measures the output of a country's residents regardless of the location of the actual underlying economic activity. 9. Domestic trade : Known as internal trade or home trade, is the exchange of domestic goods within the boundaries of a country.

10. Protectionism : Protectionist policies place specific restrictions on international trade for the benefit of a domestic economy. 11. Free trade : Is a pact between two or more nations to reduce barriers to imports and exports among them. 12.

Investors : Use different financial instruments to earn a rate of return to accomplish financial goals and objectives.

13. Higher revenues: Are the income received from normal business operations and other business activities. 14. Swapped : is called the action of giving one thing or performing an action in exchange for something else or another action 15. Fairtrade : Changes the way trade works through better prices, decent working conditions and a fairer deal for farmers and workers in developing countries.