business key words

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developing economy
Different people have tried to classify countries into different groups. This is usually done either by looking at how rich people are, on average, in different countries, or how well-developed the political system is.
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globalisation
Globalization is the way that local or national ways of doing things become global, that is, done together around the world. It is about economics or trade, technology, politics, and culture. People feel differently about globalization: some think
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tariffs
A tariff is a tax charged on the imports or exports of a country.
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quotas
An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country
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imports
International trade is when one country trades with another, also known as importing and exporting goods. This provides a good source of money for the country, but is probably less valuable than it is worth
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exports
An export is a product that is sold to people outside of the country in which the product was made. Canada exports maple syrup to America and to many other countries. Tropical areas like the countries in the Caribbean send sugar cane around the world
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flow production
As a business grows the scale of its operations, it often needs to change its method of production to allow greater production capacity.
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just in time
Just in time (JIT) is a production strategy that strives to improve a business return on investment by reducing in-process inventory and associated carrying costs.
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social costs
Social cost in economics may be distinguished from "private cost". Economic theorists model individual decision-making as measurement of costs and benefits. Social cost is also considered to be the private cost plus externalities.
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social benifits
Welfare is the provision of a minimal level of well-being and social support for all citizens, sometimes referred to as public aid. In most developed countries, welfare is largely provided by the government, in addition to charities
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grants
Grants are non-repayable funds disbursed by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual.
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retained profits
In accounting, retained earnings refers to the portion of net income which is retained by the corporation rather than distributed to its owners as dividends.
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morgage
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.
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lease
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
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hire
Employment is a relationship between two parties, usually based on a contract, one being the employer and the other being the employee.
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working capital
Working capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity.
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cash flow forecats
Cash flow forecasting or cash flow management is a key aspect of financial management of a business, planning its future cash requirements to avoid a crisis of liquidity.
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ethical issues
Ethics, also known as moral philosophy, is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct.
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globalisation

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Globalization is the way that local or national ways of doing things become global, that is, done together around the world. It is about economics or trade, technology, politics, and culture. People feel differently about globalization: some think

Card 3

Front

tariffs

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Card 4

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quotas

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Preview of the front of card 4

Card 5

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imports

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