International Business

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Questions and Answers

In a commodity-based economy, two common items that are traded are ______ and ______.

gold, silver

Which factor primarily contributed to most of mankind's achievements, according to the 'Rise Religion' video?

  • Sophisticated governance
  • Advanced weaponry
  • Agricultural development (correct)
  • Technological innovation

The Babylon video states that the Jewish people created polytheism as it pertains to the Bible.

False (B)

According to the Silk Road video, what mistaken belief did the Romans have about the origin of silk?

<p>They thought silk grew on trees.</p> Signup and view all the answers

Match the following terms with their correct descriptions:

<p>Joint Venture = A business arrangement where two or more companies collaborate on a specific project. Franchise = A business model allowing a party to use a brand's model for a fee. Licensing = Granting rights to use intellectual property for a fee. Globalization = The process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.</p> Signup and view all the answers

Which of the following best defines international business?

<p>The exchange of goods, services, technology, and capital across national borders. (A)</p> Signup and view all the answers

What primary motivation spurred the Franklin expedition?

<p>Finding the Northwest Passage (D)</p> Signup and view all the answers

Canada is currently ranked as the number one best country to live in as of 2023.

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

Approximately what percentage of Canada's total production is exported?

<p>30-35%</p> Signup and view all the answers

What distinguishes Canada's trade advantages in the global market?

<p>Abundant natural resources, stable economy, and skilled workforce (D)</p> Signup and view all the answers

The Avro Arrow, a major project developed in Canada, occurred around the same time as ______ was launched into space by Russia.

<p>Sputnik</p> Signup and view all the answers

In what way did Jim Chamberlin, the Candian engineer, contribute to NASA's space program?

<p>Helped design spacecraft for NASA, contributed to Apollo Lunar Module (B)</p> Signup and view all the answers

The war between the Roman and Ottoman empires increased European access to the Silk Road.

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

Which Portuguese explorer successfully discovered a new sea route to India by navigating around Africa?

<p>Vasco da Gama</p> Signup and view all the answers

Who led the first Europeans to land in North America?

<p>Leif Erikson (C)</p> Signup and view all the answers

[Blank], mass-produced in China, allowed Shi Huang Di to become successful and also sparked mass production.

<p>Coins</p> Signup and view all the answers

Which revolutionary writing technology, invented by the Phoenician people, is now used worldwide?

<p>The alphabet (D)</p> Signup and view all the answers

The concept of a stock exchange was developed in London, primarily trading tea.

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

What are examples of ideas that companies are looking for from knowledge workers?

<p>Software development, artificial intelligence and research &amp; design</p> Signup and view all the answers

What were considered the driving forces behind change in the ancient world?

<p>Trade and warfare (C)</p> Signup and view all the answers

The oldest excavated shipwreck was found around ______ BCE.

<p>1200</p> Signup and view all the answers

Which payment system dominated trading goods in the ancient world before the introduction of currency?

<p>Barter System</p> Signup and view all the answers

Around when did the coinage system originate and where?

<p>600 BCE in Lydia (modern-day Turkey) (C)</p> Signup and view all the answers

Canada did not contribute anything to the James Webb space program.

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

Which of the following contributions has Canada made to the Artemis 2 Mission?

<p>A Canadian astronaut is on the mission, and Canada contributed technology, including robotics and systems for deep-space exploration. (B)</p> Signup and view all the answers

In a commodity-based economy, two commonly traded items were ______ and ______.

<p>gold,silver</p> Signup and view all the answers

Which of the following best describes the concept behind the interdependence of countries in international trade?

<p>Countries depend on each other for goods, resources, and services, as no nation is entirely self-sufficient. (D)</p> Signup and view all the answers

According to the 'Rise of Religion' video, what primary development facilitated most of mankind's accomplishments?

<p>Agriculture</p> Signup and view all the answers

The traders mentioned in the 'Cities/Trade' video primarily connected North America to Asia through the spice trade.

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

According to the 'Babylon' video, which revolutionary idea is attributed to the Jewish people concerning the Bible?

<p>Monotheism. (D)</p> Signup and view all the answers

According to the 'Silk Road' video, what inaccurate belief did the Romans hold about the origin of silk?

<p>They thought it grew on trees or came from tree bark.</p> Signup and view all the answers

Match the following commodities with their corresponding uses or trade dynamics as highlighted in the videos:

<p>Salt = Essential for preserving food; traded for gold in Mali. Silk = Originated in China; Romans believed it grew on trees. Opium = Most lucrative commodity during a certain era; led to wars involving Britain and China. Tulips = Rare bulbs sold for exorbitant prices in Holland during the tulip mania.</p> Signup and view all the answers

What significant development in Britain propelled the Industrial Revolution, leading to new workplaces?

<p>The steam engine. (A)</p> Signup and view all the answers

A ______ is a business arrangement where two or more companies agree to collaborate for a specific project.

<p>joint venture</p> Signup and view all the answers

Licensing involves a company granting another business the right to use its physical assets, such as factories, for a fee.

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

Which of the following defines international business in the context of the provided content?

<p>The exchange of goods, services, technology, and capital across national borders. (D)</p> Signup and view all the answers

What was the primary goal of the Franklin expedition?

<p>To find the Northwest Passage.</p> Signup and view all the answers

Canada was ranked #______ in terms of the best country to live in 2023.

<p>3</p> Signup and view all the answers

Canada's trade advantages primarily stem from its reliance on imported goods, which drives down consumer prices.

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

What was the name of the major project developed in Canada around the time of the Sputnik launch?

<p>Avro Arrow</p> Signup and view all the answers

How did Jim Chamberlin, a Canadian engineer, contribute to NASA's space program?

<p>He helped design spacecraft for NASA and contributed to the Apollo Lunar Module. (B)</p> Signup and view all the answers

The war between the Roman and Ottoman empires was significant to trade because it cut off European access to the ______, prompting the search for new trade routes.

<p>Silk Road</p> Signup and view all the answers

Which Portuguese explorer is credited with discovering a new trade route to India by sailing around Africa?

<p>Vasco da Gama (C)</p> Signup and view all the answers

The Dutch were the first Europeans to land in North America.

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

What item, mass-produced in China, facilitated Shi Huang Di's success and spurred mass production?

<p>Coins</p> Signup and view all the answers

Amsterdam's merchants are credited with giving birth to the ______ exchange, primarily trading in ______.

<p>stock,spices</p> Signup and view all the answers

Which of the following is NOT an example of an international business practice?

<p>Selling products exclusively within a company's home country. (A)</p> Signup and view all the answers

Offshoring always leads to lower costs and improved quality for a business.

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

Provide two reasons why the auto industry is a major driver of the Canadian economy.

<p>Provides thousands of jobs in manufacturing and engineering, contributes significantly to exports.</p> Signup and view all the answers

In a commodity-based economy, common items traded include ______ and ______.

<p>gold, silver</p> Signup and view all the answers

What is the central idea behind the concept of interdependence in international trade?

<p>Countries rely on one another for resources, trade, and services. (D)</p> Signup and view all the answers

According to the Rise Religion Video, what primary development was key for most of mankind's major achievements?

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

The Silk Road was primarily important for the exchange of goods; there was little exchange of ideas.

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

According to the Salt Video, what was the major trading partner for salt in Mali?

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

What commodity did the British find most lucrative during a specific era, leading them to challenge China?

<p>Opium</p> Signup and view all the answers

Which technological development spurred the Industrial Revolution in Britain?

<p>The steam engine (C)</p> Signup and view all the answers

Match the following international business terms with their descriptions:

<p>Joint Venture = A collaboration between two or more companies for a specific project. Franchise = A business model where a company allows another party to use its brand and processes for a fee. Licensing = Allowing another business to use a company’s intellectual property for a fee. Globalization = The increasing interconnectedness and interdependence of countries through trade, investment, and cultural exchange.</p> Signup and view all the answers

The exchange of goods, services, technology, and capital across national borders is known as ______.

<p>International Business</p> Signup and view all the answers

Approximately what percentage of Canadian-produced goods are exported?

<p>30-35%</p> Signup and view all the answers

Canada's trade advantages include a volatile economy, a skilled workforce, and a scarcity of natural resources.

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

What was the name of the major aviation project developed in Canada around the time Sputnik was launched?

<p>The Avro Arrow (C)</p> Signup and view all the answers

Why was the war between the Roman and Ottoman empires significant for European trade?

<p>It cut off European access to the Silk Road, forcing them to seek new routes. (D)</p> Signup and view all the answers

Which Portuguese explorer found a new trade route to India by sailing around Africa?

<p>Vasco da Gama</p> Signup and view all the answers

Shi Huang Di's success was aided by the mass production of paper, which allowed for efficient record-keeping.

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

What was the main item traded by Amsterdam's merchants that led to the development of the stock exchange?

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

Software development, artificial intelligence, and research & design are examples of ideas sought by companies from ______ workers.

<p>knowledge</p> Signup and view all the answers

According to course content, what was a main driving force behind change in the ancient world?

<p>Trade and warfare (B)</p> Signup and view all the answers

Which of the following is an example of offshoring?

<p>A clothing company moves its production to Bangladesh to reduce labor costs. (A)</p> Signup and view all the answers

Tariffs are designed to lower the price of imported goods to benefit consumers.

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

Mention three reasons why the auto industry is a major driver of the Canadian economy.

<p>Provides jobs in manufacturing, contributes to exports, drives technological innovation</p> Signup and view all the answers

What main factor attracts many Canadians to seek cosmetic surgery overseas?

<p>Shorter wait times and lower costs (D)</p> Signup and view all the answers

Explain why Canada imports oil despite being a significant oil producer. Mention an issue and a potential solution related to this situation.

<p>Eastern Canada lacks pipelines from Western Canada, so it imports foreign oil. Economic inefficiency, Build more pipelines.</p> Signup and view all the answers

In a commodity-based economy, goods like ______ and ______ are commonly traded.

<p>gold, silver</p> Signup and view all the answers

In a knowledge-based economy, ______ and ______ are key items that are traded.

<p>technology, information</p> Signup and view all the answers

Complete self-sufficiency is achievable for most countries in today's global economy.

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

According to the Rise Religion Video, what was the key to most of the achievements of mankind?

<p>agriculture</p> Signup and view all the answers

How did traders impact the world, as seen in the Cities/Trade Video?

<p>They connected different regions by spreading ideas. (D)</p> Signup and view all the answers

The Jewish people created the revolutionary idea of ______, the belief in one God, as it pertains to the Bible created in Babylon.

<p>monotheism</p> Signup and view all the answers

According to the Silk Road video, what was the Roman's misconception about silk?

<p>They believed silk grew on trees or was made from tree bark.</p> Signup and view all the answers

Why was salt such a valuable commodity traded by North African nomads?

<p>It was essential for preserving food. (D)</p> Signup and view all the answers

During 1636 in Holland, tulipmania saw the rarest tulip bulbs selling for less than their weight in gold.

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

During the era discussed, what commodity did the British trade that proved most lucrative, eventually challenging China?

<p>Opium (C)</p> Signup and view all the answers

What invention led to the Industrial Revolution?

<p>the steam engine</p> Signup and view all the answers

Match the following business terms with their correct definition:

<p>Joint Venture = A business arrangement where two or more companies agree to collaborate for a specific project. Franchise = A business model where a company allows another party to use its brand, business model, and processes for a fee. Licensing = Allowing another business to use a company’s intellectual property (like trademarks or patents) for a fee.</p> Signup and view all the answers

Which definition accurately describes international business?

<p>The exchange of goods, services, technology, and capital across national borders. (B)</p> Signup and view all the answers

In 2023, Canada was ranked as the number one best country to live in.

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

What are Canada’s main trade advantages?

<p>Abundant natural resources, stable economy, skilled workforce</p> Signup and view all the answers

During the time when Sputnik was launched, which major project was developed in Canada?

<p>Avro Arrow (D)</p> Signup and view all the answers

Jim Chamberlin only helped NASA with administrative tasks and did not contribute to spacecraft design.

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

How did the war between the Roman and Ottoman empires significantly affect trade?

<p>It cut off European access to the Silk Road, prompting the search for new trade routes. (B)</p> Signup and view all the answers

Which Portuguese explorer discovered a new trade route to India?

<p>Vasco da Gama</p> Signup and view all the answers

Which of the following technologies allowed Shi Huang Di to become successful and sparked mass production?

<p>Coins (C)</p> Signup and view all the answers

The Phoenicians are credited with inventing the printing press, which is now used worldwide.

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

The fall of Constantinople primarily led to:

<p>Europeans finding new routes by sea (D)</p> Signup and view all the answers

A ______ occurs when a company hires an external organization to handle services or production; for example, Apple using Foxconn in China for iPhone production

<p>outsourcing</p> Signup and view all the answers

Flashcards

International Business

Exchange of goods, services, technology, and capital across national borders.

Joint Venture

A business arrangement where two or more companies agree to collaborate for a specific project.

Franchise

A business model using an established brand's model and processes for a fee.

Licensing

Allowing another business to use a company’s intellectual property for a fee.

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Exports

Goods and services sold to other countries.

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Imports

Goods and services bought from other countries.

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Tariffs

Taxes imposed on imported goods.

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Trade Agreements

Agreements between countries to facilitate trade by reducing restrictions.

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Interdependence

Countries depend on each other for trade, resources, and services. No country is fully self-sufficient.

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Barter System

The exchange of goods and services using other goods and services.

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Coinage System

A system of standardized metallic units of account and store of value.

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Offshoring

Moving part of a business's operations to another country to reduce costs.

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Outsourcing

When a company hires an external organization to handle services or production.

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Foreign Direct Investment (FDI)

When a company invests in a business in another country.

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Trade Balance

The result of exports minus imports.

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Globalization

The increasing interconnectedness and interdependence of countries.

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Key to mankind's achievements

Agriculture

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Two things traded in a knowledge-based economy

Technology, information

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Two things traded in a commodity-based economy

Gold, silver

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Why auto industry is important

Provides thousands of jobs in manufacturing and engineering, contributes significantly to exports, drives technological innovation and supports a wide supply chain of businesses

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How did fall of Constantinople lead to Age of Discovery?

Europe lost access to the Silk Road, forcing them to find new routes by sea. Led to the exploration of the Americas, as European explorers searched for new trade routes.

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Rise Religion Video: Agriculture

Developed in the Fertile Crescent enabled mankind's achievements.

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Cities/Trade Video: Traders

They spread ideas across the world, connecting the Middle East to India, Europe, and beyond.

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Babylon Video: The Bible

The Phoenician alphabet used to write the Bible.

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Babylon Video: Monotheism

Belief in one God.

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Silk Road Video: Silk origin

China

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Salt Video: Salt Value

It was essential for preserving food.

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Salt Video: Salt traded for

Gold

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Opium Video: Lucrative Commodity

Opium

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Industrial Revolution origin:

Britain

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New workplace due to the Industrial Revolution:

A new workplace called the factory.

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Franklin expedition objective

To find the Northwest Passage.

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Canada ranked in terms of the best country to live (2023)

#3

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How much do Canadians export?

About 30-35%

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How many jobs are maintained by exports?

About 3.3 million jobs

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Canada's trade advantages

Abundant natural resources, stable economy, skilled workforce

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Biggest project in Canada when Sputnik launched

Avro Arrow

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Jim Chamberlin's contribution

Helped design spacecraft for NASA, contributed to Apollo Lunar Module

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How did Canadians contribute to the space program?

Canadarm, satellites, engineers working with NASA

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Why Roman/Ottoman war significant?

Cut off European access to the Silk Road, forcing them to explore new trade routes

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Who found new trade route to India?

Vasco da Gama

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First Europeans in North America

The Vikings (led by Leif Erikson)

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Chinese Item mass produced?

Coins

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Amsterdam's merchants gave birth to?

Stock exchange, spices

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Major part of new Canadian economy?

Technology and innovation

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Driving force behind change in ancient world?

Trade and warfare

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What is a Barter system?

A payment method first used when exchanging goods in the ancient world, using goods/services.

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Coinage system origin?

Around 600 BCE in Lydia (modern-day Turkey).

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Ideas desired from knowledge workers?

Software development, artificial intelligence, and research & design.

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Oldest shipwreck found when?

Around 1200 BCE.

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When was Avro Arrow developed?

During the time when Sputnik was launched into space by Russia.

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Why import so much oil?

Eastern Canada lacks pipelines from Western Canada, so it imports foreign oil.

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Why cosmetic surgery overseas?

Cheaper abroad, shorter wait times.

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Artemis 2 Canadian contribution?

Technology, including robotics and systems for deep-space exploration, and a Canadian astronaut is on the mission.

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Canadian contributions to James Webb?

Fine guidance sensor and instruments for precision.

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Effect on Canada's healthcare?

Costs rise due to complications that require treatment upon return.

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Opium Wars

A series of conflicts in the mid-19th century where Britain forced trade concessions from China, notably regarding opium.

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The Industrial Revolution

A period of rapid technological advancement and industrial growth, starting in Britain with the development of the steam engine.

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Study Notes

Commodity-Based Economy

  • Gold and silver are traded.

Knowledge-Based Economy

  • Technology and information are traded.

Interdependence

  • Countries rely on each other for trade, resources, and services
  • No country is entirely self-sufficient

Rise of Religion

  • Agriculture was key to most achievements of mankind.
  • Agriculture developed in the Fertile Crescent.

Cities/Trade

  • Traders spread ideas, connecting the Middle East to India, Europe, and beyond.
  • The trade in spices, and the struggle to control it, lead to the birth of the modern global economy.

Babylon

  • The Bible was created in Babylon using the Phoenician alphabet.
  • The Jewish people created the revolutionary idea of monotheism.
  • Over 5 billion copies of the Bible have been printed in the last 500 years.

Silk Road

  • Romans thought silk grew on trees or was made from tree bark.
  • Silk originates from China.
  • China guarded the secret of silk production for over 2000 years.

Salt

  • Nomads from North Africa traded salt, one of the most valuable commodities.
  • Salt was valued for preserving food.
  • Salt was found in salt mines and evaporated seawater.
  • In Mali, salt was traded for gold.
  • The trade in gold allowed Mali's cities to become centers of learning and culture.

Tulip Market in the Netherlands

  • In Holland in 1636, the rarest Tulip bulbs sold for 10 times their weight in gold.

Opium

  • Opium was the most lucrative commodity
  • The British challenged China
  • The British won the Opium Wars.

The Industrial Revolution

  • The steam engine, a tool with unlimited power developed
  • The Industrial Revolution developed in Britain because of the steam engine
  • Factories developed as a new workplace because of the development of the steam engine.

Joint Venture

  • A business arrangement where two or more companies collaborate for a specific project.

Franchise

  • A business model where a company allows another party to use its brand, business model, and processes for a fee.

Licensing

  • Allowing another business to use a company’s intellectual property (like trademarks or patents) for a fee.

Why Trade Matters

  • Includes globalization, exports, imports, trade balance, tariffs, etc.

International Business

  • The exchange of goods, services, technology, and capital across national borders.

Franklin Expedition

  • It was undertaken to find the Northwest Passage.

Canada Ranking

  • Canada is ranked #3 in terms of the best country to live (2023)

Canadian Exports

  • About 30-35% of everything Canadians produce is exported

Jobs Maintained by Exports

  • About 3.3 million Canadian jobs are maintained by exports

Canada's Trade Advantages

  • Abundant natural resources, stable economy, skilled workforce

Avro Arrow

  • One of the biggest projects developed in Canada when Sputnik was launched into space by Russia.

Jim Chamberlin

  • A Canadian engineer, helped design spacecraft for NASA
  • He contributed to Apollo Lunar Module

Canadian Contribution to Space Program

  • Canadarm, satellites, engineers working with NASA

Roman and Ottoman Empire War

  • Cut off European access to the Silk Road, forcing them to explore new trade routes

Vasco da Gama

  • A Portuguese explorer who discovered a new trade route to India around Africa.

First Europeans in North America

  • The Vikings (led by Leif Erikson)

Shi Huang Di

  • Coins that were mass produced in China allowed Shi Huang Di to become successful and sparked mass production

Phoenician People

  • Invented the alphabet, now used around the world

Amsterdam's Merchants

  • Gave birth to the stock exchange, spices were the main item traded by the merchants

New Canadian Economy

  • Technology and innovation

Ideas companies are looking for

  • Software development, artificial intelligence, research & design

Driving Force in Ancient World

  • Trade and warfare

Oldest Shipwreck

  • Excavated shipwreck found around 1200 BCE

Payment System in Ancient World

  • Barter system

Coinage System

  • Thought to have originated around 600 BCE in Lydia (modern-day Turkey)

James Webb Space Program

  • Fine guidance sensor and instruments for precision

Artemis 2 Mission

  • A Canadian astronaut is on the mission
  • Canada contributed technology, including robotics and systems for deep-space exploration

International Business Practices

  • Could include outsourcing, offshoring, joint ventures, franchising, licensing, foreign direct investment, tariffs, trade agreements

Outsourcing

  • When a company hires an external organization to handle services or production
  • Example: Apple outsourcing iPhone production to Foxconn in China.

Offshoring

  • Moving part of a business's operations to another country to reduce costs
  • Example: Nike manufacturing shoes in Vietnam instead of the USA

Joint Ventures

  • Two companies partnering for a specific business goal
  • Example: Sony and Ericsson forming Sony Ericsson for mobile phones

Franchising

  • A business model where an individual or company operates under an established brand's name.
  • Example: McDonald's franchise locations worldwide

Licensing

  • Allowing another company to use a brand’s technology or intellectual property for a fee
  • Example: Disney licensing Marvel characters to toy manufacturers

Foreign Direct Investment (FDI)

  • When a company invests in a business in another country
  • Example: Toyota building a manufacturing plant in Canada

Tariffs

  • Taxes imposed on imported goods to protect domestic industries
  • Example: The U.S. imposing tariffs on Chinese steel imports

Trade Agreements

  • Agreements between countries to facilitate trade by reducing tariffs and restrictions.
  • Example: NAFTA (now USMCA) between Canada, the U.S., and Mexico

Auto Industry in Canada

  • Provides thousands of jobs in manufacturing and engineering.
  • Contributes significantly to exports.
  • Drives technological innovation.
  • Supports a wide supply chain of businesses.

Cosmetic Surgery Overseas

  • It is cheaper abroad
  • There are shorter wait times

Effects on Canada's healthcare system from cosmetic surgery abroad

  • Costs rise due to complications that require treatment upon return.

Canadian Oil Imports

  • Eastern Canada lacks pipelines from Western Canada, so it imports foreign oil.
  • Different types of oil are needed for different refineries.

Issues with Canadian Oil Imports

  • Economic inefficiency, dependency on foreign suppliers

Solutions for Canadian Oil Imports

  • Build more pipelines, invest in refining capacity.

Fall of Constantinople

  • Europe lost access to the Silk Road, forcing them to find new routes by sea.
  • Led to the exploration of the Americas, as European explorers searched for new trade routes.

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