Trade & Economy
The difference between exports and imports.
What is the balance of trade
A business arrangement where two companies work together on a project.
What is a joint venture
The process of countries becoming more connected through trade, technology, and culture
What is globalization
Name one advantage of international trade.
What is access to new markets or more consumer choice
Citizens elect leaders in this system
What is democracy?
More exports than imports results in this.
What is a trade surplus
Two or more individuals share ownership of a business.
What is a partnership
Changing one country’s money into another; usually for business or travel.
What is currency exchange
One disadvantage of international trade.
What is job losses or dependence on foreign markets
One leader has absolute power in this system
What is autocracy
More imports than exports results in this.
What is a trade deficit
One reason Canada attracts foreign investment related to its workforce
What is a skilled labour market, stable political environment...
List one factor that has increased globalization
What is improved communication technology / transportation / foreign investment / immigration
Definition for producing a good more efficiently than another country
What is absolute advantage
Government controls all resources and production
What is a pure command economy
The total value of goods and services produced in a country.
What is GDP
One factor related to Canada’s infrastructure that attracts investment.
What is strong transportation, port cities or digital networks
How do exchange rates affect international business
they affect the cost of imports, exports, and profits
Producing a good more efficiently relative to another good.
what is comparative advantage
Decisions are made by private individuals and businesses
What is a pure market economy?
Government restrictions on trade, often for political reasons
What are trade sanctions
How Canada’s cultural diversity benefits foreign companies
What is connecting with global markets or understanding diverse customers
What is it called when countries rely on each other for resources or goods
What is interdependence
Something that gives a business or country an edge over competitors
What is competitive advantage
A combination of government involvement and free-market forces
What is a mixed economy