AFM 131/ARBUS 101: Introduction to Business
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Questions and Answers

Why do businesses go global?

Businesses go global for opportunities to expand markets, increase revenue, diversify risk, and access new resources.

What are some reasons for trading with other nations?

  • Increased competition (correct)
  • Protectionism policies
  • Access to a variety of goods and services (correct)
  • None

What is trade protectionism?

Trade protectionism is the economic policy of shielding a country's domestic industries from foreign competition by imposing tariffs or quotas.

Which factors can influence a business' success in a global market?

<p>All of the above (D)</p> Signup and view all the answers

How can one prepare for the changing global landscape?

<p>One can prepare for the changing global landscape by staying informed about global trends, continuously learning, and acquiring new skills.</p> Signup and view all the answers

What strategies can Canadian businesses use to enter new global markets?

<p>Strategies include exporting, licensing, joint ventures, and foreign direct investment.</p> Signup and view all the answers

Free trade is considered ideal.

<p>True (A)</p> Signup and view all the answers

What percentage of jobs are estimated to be invented by 2030?

<p>85% (B)</p> Signup and view all the answers

Why do businesses go global?

<p>To take advantage of new opportunities, access larger markets, and improve competitiveness.</p> Signup and view all the answers

What are some challenges businesses face when going global?

<p>Cultural differences, geopolitical risks, regulatory environments.</p> Signup and view all the answers

What is Canada's trade experience?

<p>Canada has a strong trade relationship, particularly through agreements like NAFTA and CETA.</p> Signup and view all the answers

What strategies can be used by Canadian businesses to enter new global markets?

<p>Exporting, franchising, joint ventures, and direct investment.</p> Signup and view all the answers

What is trade protectionism?

<p>Trade protectionism involves measures to protect domestic industries from foreign competition.</p> Signup and view all the answers

How can you prepare yourself for the changing global landscape?

<p>Stay informed about global trends, develop relevant skills, and be adaptable to change.</p> Signup and view all the answers

85% of the jobs in 2030 haven't been invented yet.

<p>True (A)</p> Signup and view all the answers

The shift from CDs to _______ is an example of evolving consumer preferences.

<p>cloud storage</p> Signup and view all the answers

What is a key factor influencing business success in global markets?

<p>Understanding local regulations (C)</p> Signup and view all the answers

Flashcards

AFM 131/ARBUS 101

An introductory business course focusing on the North American business environment. Topics include the future of work, global markets, and business frameworks.

Global Market

The interconnected network of international trade, where businesses from different countries compete and cooperate.

Business Environment

The external factors influencing how businesses operate, including economic conditions, government policies, and social trends.

Future of Work

The predicted changes in the nature of work, including the rise of new jobs, automation, and remote work.

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Course Syllabus

A document outlining the course structure, learning objectives, assessments, and policies.

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Quizzes

Short assessments testing your understanding of course content.

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Midterm Exams

Major assessments evaluating your comprehension of key concepts covered in the course.

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Final Exam

A comprehensive assessment covering all the course material, determining your final grade.

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Teaching Assistants

Student support staff providing guidance and assistance with coursework.

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Course Manager

The staff member responsible for administrative tasks and communication.

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Basic Economic Principles

Fundamental concepts like supply and demand, scarcity, and market forces.

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Global Economy Impacts

How global events affect businesses, including trade wars, currency fluctuations, and economic growth.

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Government Roles in Business

How federal and provincial governments influence business activity through policies, regulations, and taxes.

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Job Market Changes

The rapid evolution of job types and skills required, driven by technology and globalization.

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Global Market Expansion

When businesses expand their operations internationally.

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International Trade

The exchange of goods and services across national borders.

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Trade Protectionism

Government policies aimed at protecting domestic industries from foreign competition.

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Study Notes

Course Overview

  • The course is AFM 131/ARBUS 101, focusing on Introduction to Business in North America.
  • Key topics include the future of work, global markets, and the business environment.
  • Important course components: course schedule, syllabus, activities, and frameworks.

Course Administration

  • Course syllabus can be found on LEARN under the "Content" section.
  • Major course activities are broken down as follows:
    • Quizzes: 20%
    • Midterm 1: 20%
    • Midterm 2: 20%
    • Final exam: 40%
  • Coordination details:

Business Environment Frameworks

  • Understanding the business environment is crucial for comprehending the conditions under which Canadian businesses operate.
  • Essential knowledge includes:
    • Basic economic principles.
    • The impact of the global economy.
    • Government roles at federal and provincial levels in Canada.

Module 1: The Future of Work and Competing in Global Markets

  • In 2030, it is predicted that 85% of jobs will be newly invented, emphasizing rapid job market changes.
  • Shift from physical storage (USBs) to cloud services (e.g., Google Drive, Dropbox) indicates evolving technological needs.
  • Music consumption has transitioned from physical CDs to digital formats, showcasing changes in consumer behavior.

Key Questions for Understanding Global Business

  • Why do businesses expand globally? Identify opportunities and challenges.
  • Importance of international trade and Canada’s trade history.
  • Strategies for Canadian businesses entering global markets, alongside advantages and disadvantages of each.
  • Factors impacting success in global markets, with examples of potential hindrances.
  • Understanding trade protectionism and Canada's approaches to safeguarding domestic industries.
  • Preparing for ongoing changes in the global market landscape.

Course Overview

  • The course is AFM 131/ARBUS 101, focusing on Introduction to Business in North America.
  • Key topics include the future of work, global markets, and the business environment.
  • Important course components: course schedule, syllabus, activities, and frameworks.

Course Administration

  • Course syllabus can be found on LEARN under the "Content" section.
  • Major course activities are broken down as follows:
    • Quizzes: 20%
    • Midterm 1: 20%
    • Midterm 2: 20%
    • Final exam: 40%
  • Coordination details:

Business Environment Frameworks

  • Understanding the business environment is crucial for comprehending the conditions under which Canadian businesses operate.
  • Essential knowledge includes:
    • Basic economic principles.
    • The impact of the global economy.
    • Government roles at federal and provincial levels in Canada.

Module 1: The Future of Work and Competing in Global Markets

  • In 2030, it is predicted that 85% of jobs will be newly invented, emphasizing rapid job market changes.
  • Shift from physical storage (USBs) to cloud services (e.g., Google Drive, Dropbox) indicates evolving technological needs.
  • Music consumption has transitioned from physical CDs to digital formats, showcasing changes in consumer behavior.

Key Questions for Understanding Global Business

  • Why do businesses expand globally? Identify opportunities and challenges.
  • Importance of international trade and Canada’s trade history.
  • Strategies for Canadian businesses entering global markets, alongside advantages and disadvantages of each.
  • Factors impacting success in global markets, with examples of potential hindrances.
  • Understanding trade protectionism and Canada's approaches to safeguarding domestic industries.
  • Preparing for ongoing changes in the global market landscape.

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Related Documents

Module 1 - The Future of Work and Global Markets - STUDENT.pptx
Module 1 - The Future of Work and Global Markets - STUDENT.pptx

Description

Explore the fundamentals of business in North America with AFM 131/ARBUS 101. This introductory course covers key frameworks, future work trends, and strategies for competing in global markets. Perfect for students looking to understand the business landscape in North America.

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