International and domestic business
By definition, what is a business?
A Business is defined as an organization that produces a good or offers a service in exchange for money with the goal of making a profit.
What is interdependence?
Name the three main areas related to this concept
The reliance of two or more nations on each other for products or services.
Three main areas of interdependence:
1. Primary industries
2. Secondary industries
3. Tertiary industries
A trade _____ can be imposed against countries or regimes that are promoting violence, violating human rights, or supporting terrorism.
Trade sanction
What is balance of trade?
The difference between a country’s exports and imports
Neil Armstrong and Buzz Aldrin were the first two men in the entire world to do what?
Walk on the moon.
What is rationalization?
From an organizational standpoint what can it include?
Rationalization is the process used by an organization to change its organization structure, product line, or production process to become more efficient, productive and competitive.
It can include:
combining departments or production lines,
building new factories to take care of special advantages
Name one protectionist policy set in place by the Canadian government?
1. It is illegal for an American to own a bookstore in Canada.
2. Radio and television stations in Canada are required to play/air specific amounts of Canadian content on Canadian television and radio.
This trade barrier is set in place to help regulate the volume of trade between countries?
Trade quota
What is the difference between a trade deficit and trade surplus
A trade surplus is when a country exports more goods and services than it imports.
A trade deficit is when a country imports more goods and services than it exports. .
What is the main character in a story called?
A protagonist.
**Wager your Points! **
This is three-part question
1. What is gross domestic product (GDP) and gross domestic product per capita
2. If a country has a low GDP it is not as ______ as others or has a ______ economy
Gross domestic product is the total value of all goods and services produced in a country during a specific period.
Gross domestic product per capita is the total GDP divided by the number of people in the country.
- Not as productive as others or has a low/struggling economy
Of the three industries: primary, secondary, and tertiary, which is most beneficial to the Canadian economy?
Tertiary industry (service sector)
This trade barrier completely severs trade relationships with a country, and trade ceases to exist.
Trade embargo
What is protectionism?
**Daily Double**
The theory or practice of shielding domestic industries from foreign competition, often through trade barriers such as tariffs etc
What is the deadliest animal in the jungle?
Elephant
Hippopotamus
Lion
Hippopotamus - said to kill approximately 3,000 people a year
Elephant - said to kill approximately 500 people a year
Lion - said to kill approximately 70 people a year
(hint 3)
In order to be considered a domestic business in Canada, a company must:
1. Be owned by Canadians.
2. Rely on products and services made in Canada.
3. Sell the products it makes and services it provides to people who live in Canada.
Globalization is the process whereby national and regional economies and cultures have become integrated.
Name 3 of the 6 ways that this takes place.
1. New global communication technologies
2. Foreign direct investment
3. International trade
4. Migration
5. New forms of transportation
6. Flow of money
Why would a country impose environmental trade restrictions?
Environmental trade restrictions are set in place to preserve the ecosystem of a country as foreign insects and animals could greatly affect various industries.
What are the 5 characteristics of an international business?
1. Export to businesses in another country.
2.Import from businesses in another country
3.Invest in business in another country
4.Own a retail or distribution outlet in another country
5. Own a manufacturing plant in another country
What are the three states of matter?
Solid, liquid, and gas.
Explain the concept of "outsourcing" using the example of the Hershey factory in Smith Falls, Ontario.
The American company outsourced their manufacturing plant resulting in the closing of the Canadian factory and the opening of the Mexican factory in order to:
- be closer to raw the materials
- benefit from the use cheaper labour or because the economy of the country in which they are located cannot support the business
Canada's trade began with our Indigenous people who initially traded ____ and _____ with Europe?
Fur
Food
Explain the "buy American" clause
What was it set in place and what was the intended outcome.
The "buy American" clause was set in place to boost the American economy after the economic recession in 2008.
The mandate was set in place to protect the American economy. Through this clause, only US steel, iron, and other manufactured goods required for buildings and construction.
There are 5 advantages and disadvantages of international trade. List 3 of each
1. Lower prices
2. Access to new markets
3. Cultural development
3. Increase in jobs
4. New processes and technology
Disadvantages
1. Loss of culture and identity
2. Job loss
3.Challenges to research and development
4. Reduced exports
5. Economic destabilization
Which geometrical shape has no vertices?
a spehere