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INTERNATIONAL BUSINESS AND TRADE > CH1- EVOLUTION OF INTERNATIONAL TRADE > Flashcards

CH1- EVOLUTION OF INTERNATIONAL TRADE Flashcards

1
Q

The direct trade/exchange of goods and services.

A

Bartering

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2
Q

What is the advantage of bartering?

A

It does not involve money and very simple.

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3
Q

Disadvantage of bartering

A

No standard measure of value

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4
Q

Examples of online bartering arrangements

A
  1. Swap markets
  2. Online Auctions
  3. Numerous websites
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5
Q

In what BC does bartering started?

A

6000 BC

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6
Q

Why is salt so valuable at the time of bartering?

A

Because it is the salary of Roman soldiers.

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7
Q

In what country do metal coins first appeared?

A

China during 1000 BC

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8
Q

What objects which became some of the first coins?

A

Circle

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9
Q

Where was the first mint (industrial facility to manufactures coins) established?

A

Lydia (Western Turkey)

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10
Q

The process of making a coin by stamping metal

A

Minting

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11
Q

He was credited with installing the world’s first bimetallic monetary system of pure gold and pure silver coins, the Croeseid around 550 BC.

A

KING CROESUS OF LYDIA

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12
Q

Who issued the first paper currency in Canada and issued IOUs(promissory notes) that traded as a currency.

A

European colonial governments in North America

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13
Q

Accepted Medium of exchange in Quebec.

A

Beaver pelt

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14
Q

The currency of the Kingdom of France

A

Livre

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15
Q

It refers to currency such as coin and paper money. Valid and sufficient for the payment of debts.

A

Legal Tender

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16
Q

The increase in prices, reducing the purchasing power of money.

A

Inflation

17
Q

Money rendered for a product or service through a portable electronic device, such as a cellphone, smartphone, or a tablet device.

A

Mobile Payments

18
Q

The technology that allows contact less payments using close-promixity radio frequency identification.

A

Near field communication (NFC)

19
Q

Mobile Payments or pay-by sound uses an advanced, ultra-low power, wireless transmission technology.

A

Sound wave based (SWB)

20
Q

It makes use of a magnetic signal to process paymenusing a secure tokenization system.

A

Magnetic Secure Transmission (MST)

21
Q

It works thrigh complex encryption and tokenization to process specific transactions.

A

Mobile/Digital wallets

22
Q

The trademark of a type of matrix barcode readable by smartphones used in ecommerce to process payments.

A

Quick response (QR Codes)

23
Q

Also called premium SMS payments, which means paying for products or services via a text messages.

A

Short message (or messaging) service (SMS)

24
Q

Similar to SMS payments where you enter your phone number on a payment page or in an app and the payment will then be added to your phone or prepaid SIM Card.

A

Direct Carrier Billing (DCB)

25
Q

used to be the most common facility on smartphones through a more limited-capacity WAP browser or app.

A

Wireless application protocol (WAP) payments

26
Q

It is most commonly referring to a button/link sent in an email, text messaging app, or over social media to process a transacon for a specified merchant.

A

Payment links/pay by link

27
Q

The umbrella term for the new generation of cutting-edge, fully digital banking services classified as a type of financial technology (fintech) solution.

A

Neobank

28
Q

Any type of digital unit that is used as a medium of exchange or a form of digitally stored value generated by agreement within the community of virtual currency users.

A

Cryptocurrency, virtual/digital currency

29
Q

The real currency, coins and paper money (bills) issued and printed by the Central Bank of a country.

A

Flat currency/fiat money or cash

30
Q

Currencies work through blockchain technology.

A

Cryptocurrencies

31
Q

A special kind of database, a “distributed ledger” or a “global ledger” built on a data structure known as blocks.

A

Blockchain

32
Q

The process of protecting information by using codes for security.

A

Cryptography

33
Q

What country that has already developed Central bank backed crypto?

A

China

34
Q

The cryptocoin market is decentralized. True or false?

A

True

35
Q

Cryptocurrency exchange websites are centralized. True or false?

A

True

INTERNATIONAL BUSINESS AND TRADE (5 decks)

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