What is Korea?
What continent is Korea located in?
Asia
What is the name of the trade agreement between Canada and Korea
Canada-Korea Free Trade Agreement
What is Korea's market system
Mixed-market
What PRODUCTS is Korea known for?
South Korea is known for automobiles, electronics, semiconductors, steel, beauty products, and Korean food
What is the name of the South Korean currency?
South Korean Won
What is the official language used in Korea?
Korean
When did the trade agreement between Canada and Korea come into effect
2015
What is the difference between private businesses and the government in South Korea’s mixed economy?
Private businesses produce and sell goods, while the government makes laws, provides public services, and supports certain industries.
What are the five P’s of international business?
Product, price, place, promotion, and people.
What is the conversion of South Korean Won to CAD
Around 1000 Korean Won = 1 CAD
What are three things that Korea is known for internationally
K-pop, K-dramas, Korean food, and beauty products. (All possible answers)
What does the trade agreement do between the two countries
Reduce tariffs
List three types of businesses in South Korea
Samsung, Hyundai, LG and Kia
How does South Korea use technology and skilled workers to make products efficiently?
Modern technology and skilled workers help factories make products efficiently.
What is one difference between business etiquette in South Korea and Canada?
South Korea commonly uses bowing and gives business cards with both hands; handshakes are more common in Canada.
What natural resources and agricultural products does Canada export to South Korea?
Minerals, energy products, canola, meat, seafood, or wood.
Why does Canada and Korea trade with eachother
Canada lacks technological advancement; Korea has it
Korea lacks natural resources; Canada has it
What is an oligopoly, and how does Samsung fit this market structure?
An oligopoly is a market dominated by a few major companies. Samsung competes with companies such as Apple in the smartphone market.
Why might a company need to change its packaging or labels when selling products in another country?
To meet local language requirements, laws, and customer preferences.
Name one way Samsung shows corporate social responsibility.
Samsung supports recycling, emissions reduction, employee safety, or education and technology training.
What are three examples of advanced technology that Korea is known for
Electronics, Automobiles, and Modern Infrastructure.
Why does the Canada–Korea Free Trade Agreement make trade easier?
It reduces or removes tariffs on many products, making trade less expensive and helping businesses reach customers in both countries.
Why does South Korea import raw materials even though it is successful in manufacturing?
South Korea has fewer natural resources, so it imports raw materials to use in its factories.
How do product, price, place, promotion, and people help South Korean companies compete internationally?
They help companies make appealing products, manage costs, distribute goods, advertise, and understand customers.
How can changes in the exchange rate affect trade between Canada and South Korea?
A change in exchange rates can make imported products more or less expensive and affect business costs and profits.