BAIC
What does BAIC stand for?
Bahamas Agricultural and Industrial Corporation.
What does BDB stand for?
Bahamas Development Bank.
What is trade promotion?
Trade promotion is government assistance that encourages businesses to trade, export, and sell products in local or foreign markets.
What is government control in business?
Government control includes rules or actions that limit, regulate, or restrict business activities.
Name one type of assistance BAIC provides to entrepreneurs.
BAIC provides technical assistance, advice, guidance, or business training.
What is the main type of assistance BDB provides?
Financial assistance, including loans and other financial resources.
How can an embassy help a Bahamian business?
An embassy can help advertise and market Bahamian products and provide information about foreign markets.
Is a government ban on selling expired food products support or control?
Control.
Which sector does BAIC especially help develop?
Agriculture
Name two sectors that BDB may finance.
Acceptable answers include tourism, industrial enterprises, agro-based enterprises, fishing, marine-related enterprises, transportation, and service-based businesses.
What is foreign market intelligence?
Foreign market intelligence is information about foreign customers, markets, business opportunities, and trade conditions.
Why might government set a maximum price for bread?
To help make an essential product affordable and protect consumers when prices are too high.
How does BAIC support economic development in The Bahamas?
BAIC supports economic diversification, import substitution, trade competitiveness, job creation, agriculture, commerce, and industry.
How does BDB help entrepreneurs create employment?
BDB provides financial resources that help entrepreneurs start, expand, or improve businesses.
Name two forms of trade promotion assistance.
Acceptable answers include tax-free loans, training, low-cost loans, subsidies, grants, advertising, and marketing support.
Name two methods of import control.
Quotas and tariffs.
A young farmer needs advice about starting a vegetable farm and processing local produce. Which agency would be appropriate, and why?
BAIC, because it supports agricultural development, provides technical assistance, and assists with the processing of agricultural produce.
A Bahamian entrepreneur has a business idea but needs a long-term loan to purchase equipment. Which agency is most appropriate, and why?
BDB, because it offers financial resources and flexible borrowing terms to entrepreneurs.
Why would an entrepreneur who wants to export products need foreign market intelligence?
The entrepreneur needs information about foreign customers, competitors, regulations, demand, and marketing opportunities.
Why must government balance business support with business control?
Government must encourage economic growth while also protecting consumers, workers, local industries, and the economy.