ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Counter-Trade
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Export
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Import
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Bartering
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Detailed explanation-1: -What Is Countertrade? Countertrade is a reciprocal form of international trade in which goods or services are exchanged for other goods or services rather than for hard currency.
Detailed explanation-2: -On the basis of the types of goods traded, the financial arrangements in-volved, and the length of time it takes to complete the transactions, four types of countertrade may be distinguished. These are barter, compensation, buy-back, and counterpurchase.
Detailed explanation-3: -Countertrade exchanges commodities or services for money. Bartering is the practice of exchanging goods and services.
Detailed explanation-4: -What are countertrade products? In this kind of trade involving reciprocity, the products can be different things that may vary with countries. For example, a country abundant in oil can exchange it for military equipment from another country. In this case, the products are oil and military equipment.