Podcast
Questions and Answers
In a commodity-based economy, two common items that are traded are ______ and ______.
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?
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.
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?
According to the Silk Road video, what mistaken belief did the Romans have about the origin of silk?
Match the following terms with their correct descriptions:
Match the following terms with their correct descriptions:
Which of the following best defines international business?
Which of the following best defines international business?
What primary motivation spurred the Franklin expedition?
What primary motivation spurred the Franklin expedition?
Canada is currently ranked as the number one best country to live in as of 2023.
Canada is currently ranked as the number one best country to live in as of 2023.
Approximately what percentage of Canada's total production is exported?
Approximately what percentage of Canada's total production is exported?
What distinguishes Canada's trade advantages in the global market?
What distinguishes Canada's trade advantages in the global market?
The Avro Arrow, a major project developed in Canada, occurred around the same time as ______ was launched into space by Russia.
The Avro Arrow, a major project developed in Canada, occurred around the same time as ______ was launched into space by Russia.
In what way did Jim Chamberlin, the Candian engineer, contribute to NASA's space program?
In what way did Jim Chamberlin, the Candian engineer, contribute to NASA's space program?
The war between the Roman and Ottoman empires increased European access to the Silk Road.
The war between the Roman and Ottoman empires increased European access to the Silk Road.
Which Portuguese explorer successfully discovered a new sea route to India by navigating around Africa?
Which Portuguese explorer successfully discovered a new sea route to India by navigating around Africa?
Who led the first Europeans to land in North America?
Who led the first Europeans to land in North America?
[Blank], mass-produced in China, allowed Shi Huang Di to become successful and also sparked mass production.
[Blank], mass-produced in China, allowed Shi Huang Di to become successful and also sparked mass production.
Which revolutionary writing technology, invented by the Phoenician people, is now used worldwide?
Which revolutionary writing technology, invented by the Phoenician people, is now used worldwide?
The concept of a stock exchange was developed in London, primarily trading tea.
The concept of a stock exchange was developed in London, primarily trading tea.
What are examples of ideas that companies are looking for from knowledge workers?
What are examples of ideas that companies are looking for from knowledge workers?
What were considered the driving forces behind change in the ancient world?
What were considered the driving forces behind change in the ancient world?
The oldest excavated shipwreck was found around ______ BCE.
The oldest excavated shipwreck was found around ______ BCE.
Which payment system dominated trading goods in the ancient world before the introduction of currency?
Which payment system dominated trading goods in the ancient world before the introduction of currency?
Around when did the coinage system originate and where?
Around when did the coinage system originate and where?
Canada did not contribute anything to the James Webb space program.
Canada did not contribute anything to the James Webb space program.
Which of the following contributions has Canada made to the Artemis 2 Mission?
Which of the following contributions has Canada made to the Artemis 2 Mission?
In a commodity-based economy, two commonly traded items were ______ and ______.
In a commodity-based economy, two commonly traded items were ______ and ______.
Which of the following best describes the concept behind the interdependence of countries in international trade?
Which of the following best describes the concept behind the interdependence of countries in international trade?
According to the 'Rise of Religion' video, what primary development facilitated most of mankind's accomplishments?
According to the 'Rise of Religion' video, what primary development facilitated most of mankind's accomplishments?
The traders mentioned in the 'Cities/Trade' video primarily connected North America to Asia through the spice trade.
The traders mentioned in the 'Cities/Trade' video primarily connected North America to Asia through the spice trade.
According to the 'Babylon' video, which revolutionary idea is attributed to the Jewish people concerning the Bible?
According to the 'Babylon' video, which revolutionary idea is attributed to the Jewish people concerning the Bible?
According to the 'Silk Road' video, what inaccurate belief did the Romans hold about the origin of silk?
According to the 'Silk Road' video, what inaccurate belief did the Romans hold about the origin of silk?
Match the following commodities with their corresponding uses or trade dynamics as highlighted in the videos:
Match the following commodities with their corresponding uses or trade dynamics as highlighted in the videos:
What significant development in Britain propelled the Industrial Revolution, leading to new workplaces?
What significant development in Britain propelled the Industrial Revolution, leading to new workplaces?
A ______ is a business arrangement where two or more companies agree to collaborate for a specific project.
A ______ is a business arrangement where two or more companies agree to collaborate for a specific project.
Licensing involves a company granting another business the right to use its physical assets, such as factories, for a fee.
Licensing involves a company granting another business the right to use its physical assets, such as factories, for a fee.
Which of the following defines international business in the context of the provided content?
Which of the following defines international business in the context of the provided content?
What was the primary goal of the Franklin expedition?
What was the primary goal of the Franklin expedition?
Canada was ranked #______ in terms of the best country to live in 2023.
Canada was ranked #______ in terms of the best country to live in 2023.
Canada's trade advantages primarily stem from its reliance on imported goods, which drives down consumer prices.
Canada's trade advantages primarily stem from its reliance on imported goods, which drives down consumer prices.
What was the name of the major project developed in Canada around the time of the Sputnik launch?
What was the name of the major project developed in Canada around the time of the Sputnik launch?
How did Jim Chamberlin, a Canadian engineer, contribute to NASA's space program?
How did Jim Chamberlin, a Canadian engineer, contribute to NASA's space program?
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.
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.
Which Portuguese explorer is credited with discovering a new trade route to India by sailing around Africa?
Which Portuguese explorer is credited with discovering a new trade route to India by sailing around Africa?
The Dutch were the first Europeans to land in North America.
The Dutch were the first Europeans to land in North America.
What item, mass-produced in China, facilitated Shi Huang Di's success and spurred mass production?
What item, mass-produced in China, facilitated Shi Huang Di's success and spurred mass production?
Amsterdam's merchants are credited with giving birth to the ______ exchange, primarily trading in ______.
Amsterdam's merchants are credited with giving birth to the ______ exchange, primarily trading in ______.
Which of the following is NOT an example of an international business practice?
Which of the following is NOT an example of an international business practice?
Offshoring always leads to lower costs and improved quality for a business.
Offshoring always leads to lower costs and improved quality for a business.
Provide two reasons why the auto industry is a major driver of the Canadian economy.
Provide two reasons why the auto industry is a major driver of the Canadian economy.
In a commodity-based economy, common items traded include ______ and ______.
In a commodity-based economy, common items traded include ______ and ______.
What is the central idea behind the concept of interdependence in international trade?
What is the central idea behind the concept of interdependence in international trade?
According to the Rise Religion Video, what primary development was key for most of mankind's major achievements?
According to the Rise Religion Video, what primary development was key for most of mankind's major achievements?
The Silk Road was primarily important for the exchange of goods; there was little exchange of ideas.
The Silk Road was primarily important for the exchange of goods; there was little exchange of ideas.
According to the Salt Video, what was the major trading partner for salt in Mali?
According to the Salt Video, what was the major trading partner for salt in Mali?
What commodity did the British find most lucrative during a specific era, leading them to challenge China?
What commodity did the British find most lucrative during a specific era, leading them to challenge China?
Which technological development spurred the Industrial Revolution in Britain?
Which technological development spurred the Industrial Revolution in Britain?
Match the following international business terms with their descriptions:
Match the following international business terms with their descriptions:
The exchange of goods, services, technology, and capital across national borders is known as ______.
The exchange of goods, services, technology, and capital across national borders is known as ______.
Approximately what percentage of Canadian-produced goods are exported?
Approximately what percentage of Canadian-produced goods are exported?
Canada's trade advantages include a volatile economy, a skilled workforce, and a scarcity of natural resources.
Canada's trade advantages include a volatile economy, a skilled workforce, and a scarcity of natural resources.
What was the name of the major aviation project developed in Canada around the time Sputnik was launched?
What was the name of the major aviation project developed in Canada around the time Sputnik was launched?
Why was the war between the Roman and Ottoman empires significant for European trade?
Why was the war between the Roman and Ottoman empires significant for European trade?
Which Portuguese explorer found a new trade route to India by sailing around Africa?
Which Portuguese explorer found a new trade route to India by sailing around Africa?
Shi Huang Di's success was aided by the mass production of paper, which allowed for efficient record-keeping.
Shi Huang Di's success was aided by the mass production of paper, which allowed for efficient record-keeping.
What was the main item traded by Amsterdam's merchants that led to the development of the stock exchange?
What was the main item traded by Amsterdam's merchants that led to the development of the stock exchange?
Software development, artificial intelligence, and research & design are examples of ideas sought by companies from ______ workers.
Software development, artificial intelligence, and research & design are examples of ideas sought by companies from ______ workers.
According to course content, what was a main driving force behind change in the ancient world?
According to course content, what was a main driving force behind change in the ancient world?
Which of the following is an example of offshoring?
Which of the following is an example of offshoring?
Tariffs are designed to lower the price of imported goods to benefit consumers.
Tariffs are designed to lower the price of imported goods to benefit consumers.
Mention three reasons why the auto industry is a major driver of the Canadian economy.
Mention three reasons why the auto industry is a major driver of the Canadian economy.
What main factor attracts many Canadians to seek cosmetic surgery overseas?
What main factor attracts many Canadians to seek cosmetic surgery overseas?
Explain why Canada imports oil despite being a significant oil producer. Mention an issue and a potential solution related to this situation.
Explain why Canada imports oil despite being a significant oil producer. Mention an issue and a potential solution related to this situation.
In a commodity-based economy, goods like ______ and ______ are commonly traded.
In a commodity-based economy, goods like ______ and ______ are commonly traded.
In a knowledge-based economy, ______ and ______ are key items that are traded.
In a knowledge-based economy, ______ and ______ are key items that are traded.
Complete self-sufficiency is achievable for most countries in today's global economy.
Complete self-sufficiency is achievable for most countries in today's global economy.
According to the Rise Religion Video, what was the key to most of the achievements of mankind?
According to the Rise Religion Video, what was the key to most of the achievements of mankind?
How did traders impact the world, as seen in the Cities/Trade Video?
How did traders impact the world, as seen in the Cities/Trade Video?
The Jewish people created the revolutionary idea of ______, the belief in one God, as it pertains to the Bible created in Babylon.
The Jewish people created the revolutionary idea of ______, the belief in one God, as it pertains to the Bible created in Babylon.
According to the Silk Road video, what was the Roman's misconception about silk?
According to the Silk Road video, what was the Roman's misconception about silk?
Why was salt such a valuable commodity traded by North African nomads?
Why was salt such a valuable commodity traded by North African nomads?
During 1636 in Holland, tulipmania saw the rarest tulip bulbs selling for less than their weight in gold.
During 1636 in Holland, tulipmania saw the rarest tulip bulbs selling for less than their weight in gold.
During the era discussed, what commodity did the British trade that proved most lucrative, eventually challenging China?
During the era discussed, what commodity did the British trade that proved most lucrative, eventually challenging China?
What invention led to the Industrial Revolution?
What invention led to the Industrial Revolution?
Match the following business terms with their correct definition:
Match the following business terms with their correct definition:
Which definition accurately describes international business?
Which definition accurately describes international business?
In 2023, Canada was ranked as the number one best country to live in.
In 2023, Canada was ranked as the number one best country to live in.
What are Canada’s main trade advantages?
What are Canada’s main trade advantages?
During the time when Sputnik was launched, which major project was developed in Canada?
During the time when Sputnik was launched, which major project was developed in Canada?
Jim Chamberlin only helped NASA with administrative tasks and did not contribute to spacecraft design.
Jim Chamberlin only helped NASA with administrative tasks and did not contribute to spacecraft design.
How did the war between the Roman and Ottoman empires significantly affect trade?
How did the war between the Roman and Ottoman empires significantly affect trade?
Which Portuguese explorer discovered a new trade route to India?
Which Portuguese explorer discovered a new trade route to India?
Which of the following technologies allowed Shi Huang Di to become successful and sparked mass production?
Which of the following technologies allowed Shi Huang Di to become successful and sparked mass production?
The Phoenicians are credited with inventing the printing press, which is now used worldwide.
The Phoenicians are credited with inventing the printing press, which is now used worldwide.
The fall of Constantinople primarily led to:
The fall of Constantinople primarily led to:
A ______ occurs when a company hires an external organization to handle services or production; for example, Apple using Foxconn in China for iPhone production
A ______ occurs when a company hires an external organization to handle services or production; for example, Apple using Foxconn in China for iPhone production
Flashcards
International Business
International Business
Exchange of goods, services, technology, and capital across national borders.
Joint Venture
Joint Venture
A business arrangement where two or more companies agree to collaborate for a specific project.
Franchise
Franchise
A business model using an established brand's model and processes for a fee.
Licensing
Licensing
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Exports
Exports
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Imports
Imports
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Tariffs
Tariffs
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Trade Agreements
Trade Agreements
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Interdependence
Interdependence
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Barter System
Barter System
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Coinage System
Coinage System
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Offshoring
Offshoring
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Outsourcing
Outsourcing
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Foreign Direct Investment (FDI)
Foreign Direct Investment (FDI)
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Trade Balance
Trade Balance
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Globalization
Globalization
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Key to mankind's achievements
Key to mankind's achievements
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Two things traded in a knowledge-based economy
Two things traded in a knowledge-based economy
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Two things traded in a commodity-based economy
Two things traded in a commodity-based economy
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Why auto industry is important
Why auto industry is important
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How did fall of Constantinople lead to Age of Discovery?
How did fall of Constantinople lead to Age of Discovery?
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Rise Religion Video: Agriculture
Rise Religion Video: Agriculture
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Cities/Trade Video: Traders
Cities/Trade Video: Traders
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Babylon Video: The Bible
Babylon Video: The Bible
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Babylon Video: Monotheism
Babylon Video: Monotheism
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Silk Road Video: Silk origin
Silk Road Video: Silk origin
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Salt Video: Salt Value
Salt Video: Salt Value
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Salt Video: Salt traded for
Salt Video: Salt traded for
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Opium Video: Lucrative Commodity
Opium Video: Lucrative Commodity
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Industrial Revolution origin:
Industrial Revolution origin:
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New workplace due to the Industrial Revolution:
New workplace due to the Industrial Revolution:
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Franklin expedition objective
Franklin expedition objective
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Canada ranked in terms of the best country to live (2023)
Canada ranked in terms of the best country to live (2023)
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How much do Canadians export?
How much do Canadians export?
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How many jobs are maintained by exports?
How many jobs are maintained by exports?
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Canada's trade advantages
Canada's trade advantages
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Biggest project in Canada when Sputnik launched
Biggest project in Canada when Sputnik launched
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Jim Chamberlin's contribution
Jim Chamberlin's contribution
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How did Canadians contribute to the space program?
How did Canadians contribute to the space program?
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Why Roman/Ottoman war significant?
Why Roman/Ottoman war significant?
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Who found new trade route to India?
Who found new trade route to India?
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First Europeans in North America
First Europeans in North America
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Chinese Item mass produced?
Chinese Item mass produced?
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Amsterdam's merchants gave birth to?
Amsterdam's merchants gave birth to?
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Major part of new Canadian economy?
Major part of new Canadian economy?
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Driving force behind change in ancient world?
Driving force behind change in ancient world?
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What is a Barter system?
What is a Barter system?
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Coinage system origin?
Coinage system origin?
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Ideas desired from knowledge workers?
Ideas desired from knowledge workers?
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Oldest shipwreck found when?
Oldest shipwreck found when?
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When was Avro Arrow developed?
When was Avro Arrow developed?
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Why import so much oil?
Why import so much oil?
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Why cosmetic surgery overseas?
Why cosmetic surgery overseas?
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Artemis 2 Canadian contribution?
Artemis 2 Canadian contribution?
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Canadian contributions to James Webb?
Canadian contributions to James Webb?
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Effect on Canada's healthcare?
Effect on Canada's healthcare?
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Opium Wars
Opium Wars
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The Industrial Revolution
The Industrial Revolution
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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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