BBB4M - Introduction to International Business Review

The process of buying, selling, or trading goods and services.

The exchange of goods or services between people or businesses in a deal.

A business run in a local area to its local consumer base.

<p>The area of origin, local customers, local raw or finished materials, production of goods.</p> Signup and view all the answers

<p>Markets outside of the country of origin, customers around the world, international trade, international logistics (shipping, SKUs).</p> Signup and view all the answers

<p>Own a retail or distribution plant in a foreign country</p> Signup and view all the answers

<p>When they buy, sell, or trade goods.</p> Signup and view all the answers

<p>Canada began trading with Japan and Asia after World War II.</p> Signup and view all the answers

<p>Mexico's trade has developed since the North American Free Trade Agreement (NAFTA) in 1993. It is characterized by free trade, meaning that goods can cross US, Mexico, and Canada borders without taxes. Mexico has been one of Canada's top trading partners since 2000.</p> Signup and view all the answers

<p>Money that is owned to the government for selling or buying goods or services that come from international borders.</p> Signup and view all the answers

<p>Tariffs are able to control independence of countries by allowing them to become more locally developed. For example, higher tariffs can lead to less foreign competition.</p> Signup and view all the answers

<p>Countries impose duties on imported products to make money off of transactions, to control transactions (for example, the quantity of items sold), and to ensure transactions are overseen and safe for the country (for example, military weapons).</p> Signup and view all the answers

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

<p>Oil seeds, fruit, grain, meat, seafood, salt, sulfur, earth stone, cement.</p> Signup and view all the answers

<p>The process when a business creates international influence and distributes, manufactures, and sells its goods or services around the globe.</p> Signup and view all the answers

<p>Industries that harvest or extract raw materials from the earth.</p> Signup and view all the answers

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

<p>Service sector.</p> Signup and view all the answers

<p>A country that hosts many branch plants from other countries.</p> Signup and view all the answers

<p>Canada has many foreign businesses in many different industries, such as clothing, food, and other sectors, contributing to the presence of branch plants.</p> Signup and view all the answers

<p>Secondary industries transform raw materials into finished products, adding value through quality improvement, product diversification, and efficient manufacturing processes.</p> Signup and view all the answers

<p>International business helps Canadians by providing a variety of products, cheaper prices, new processes and technologies, creating jobs, and creating ties with foreign countries.</p> Signup and view all the answers

<p>Foreign direct investment.</p> Signup and view all the answers

<p>Portfolio investment protects investors.</p> Signup and view all the answers

<p>It is important to gather data of strengths and weaknesses to improve, driving innovation and enhancing competitiveness.</p> Signup and view all the answers

<p>Local businesses have more competition.</p> Signup and view all the answers

<p>The US is a very close trading partner of Canada. The US is very close to Canada and similar due to things such as language.</p> Signup and view all the answers

<p>At least 35% between 6 a.m. - 6 p.m. Monday - Friday.</p> Signup and view all the answers

<p>A significant percentage of Canadian corporations are foreign-owned.</p> Signup and view all the answers

<p>Domestic businesses suffer</p> Signup and view all the answers

<p>Importing refers to the process of bringing goods into a country from another country. An example is the import of spices.</p> Signup and view all the answers

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

<p>Exporting is the process of sending goods out of a country to another country. An example is the export of coffee.</p> Signup and view all the answers

<p>The process of making products more valuable by making it in a certain way, marketing it, or using better materials.</p> Signup and view all the answers

<p>A contract between the copyright holders of software to people who want to produce, and distribute these goods.</p> Signup and view all the answers

<p>An authorization to run a franchise from franchisor to franchisee to produce and distribute goods.</p> Signup and view all the answers

<p>A franchising agreement typically includes details regarding marketing, product development, brand reputation, store layout, customer base, and employee base.</p> Signup and view all the answers

<p>Mr. Lube</p> Signup and view all the answers

<p>An example of a Canadian joint venture is Kellogg’s and Wilmar.</p> Signup and view all the answers

<p>A foreign subsidiary is a business that is operating overseas that is mainly from a different country. Two examples are 7-Eleven and Tim Hortons.</p> Signup and view all the answers

<p>A tariff is a tax on imports or exports.</p> Signup and view all the answers

<p>Protectionism is the restriction of imports from foreign countries to protect domestic businesses.</p> Signup and view all the answers

<p>A quota is limitations.</p> Signup and view all the answers

<p>Similar: involve imports or exports</p> Signup and view all the answers

<p>An embargo is a ban of trade.</p> Signup and view all the answers

<p>A technical barrier to trade (TBT), such as standards, can be a trade barrier when they specify a product's characteristics, such as size, functions, and performance, as well as labeling or packaging, and testing and certification requirements before it can enter a country's market.</p> Signup and view all the answers

<p>An exchange rate is the conversion of the value of currency.</p> Signup and view all the answers

<p>CAD$1,000 would be worth $890 USD.</p> Signup and view all the answers

<p>Losers- exporters, Canadian tourism, Canadian retailers</p> Signup and view all the answers

<p>Supply and demand</p> Signup and view all the answers

<p>Speculation is forming a theory about a subject without evidence.</p> Signup and view all the answers

<p>Time zones are considered a barrier to international business because of different times of meetings, as employees work at different times, compromising communication and coordination across different time zones.</p> Signup and view all the answers

<p>Culture refers to customs, traditions, and the way of life for different people.</p> Signup and view all the answers

<p>We learn our culture through exposure to various sources, including family, friends, school, media, and our experiences.</p> Signup and view all the answers

<p>A person from a foreign culture moving to Canada may encounter language barriers, different styles of life, different foods, different currency, and different laws.</p> Signup and view all the answers

<p>An example of a subculture in Canada is Indigenous people.</p> Signup and view all the answers

<p>A counterculture is a group whose ways of life oppose the culture of the host country.</p> Signup and view all the answers

<p>Saudi Arabian culture is heavily influenced by Islam, shaping traditions and customs from a young age, including prayer times that affect meeting hours and social events, as well as the significance of pilgrimages in business and personal life.</p> Signup and view all the answers

<p>The climate of Saudi Arabia significantly influences Saudi culture, influencing the style of dress, working conditions, food choices, and even the timing of business activities due to variations in daylight hours and weather conditions.</p> Signup and view all the answers

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

<p>Foods and ways of life are different</p> Signup and view all the answers

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

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

<p>The major service that Canada exports is commercial services and tourism.</p> Signup and view all the answers

<p>A cultural savings goal for a Japanese family with children might be to save money for a Kimono, a traditional garment worn for special occasions.</p> Signup and view all the answers

<p>Buying and selling certain goods or services</p> Signup and view all the answers

<p>Cultural norms are everyday things that people do regularly.</p> Signup and view all the answers

<p>Canada has a comprehensive system of labour legislation that reflects its cultural norms, including workplace safety, minimum wage, working hours, employment standards, and human rights.</p> Signup and view all the answers

<p>Canadian businesses should be aware of four major issues: <em>blood diamonds</em>, <em>meeting cultures</em>, <em>business etiquette</em>, and <em>the importance of cultural dimensions</em>.</p> Signup and view all the answers

<p>A blood diamond is a diamond that is mined in a conflict zone, where proceeds from the sale of the diamonds are used to fund war, violence, and human rights abuses. It would not be ethical to buy a diamond without documentation, as it might be a blood diamond.</p> Signup and view all the answers

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

<p>A polychronic negotiator is more likely to be late for a meeting.</p> Signup and view all the answers

<p>A person with a larger spatial perception may be offended by a person with a smaller spatial perception, potentially leading to misunderstandings and discomfort during meetings.</p> Signup and view all the answers

<p>To indicate &quot;no&quot; in Albania, you would nod your head.</p> Signup and view all the answers

<p>What is perceived as respectful and disrespectful?</p> Signup and view all the answers

<p>Geert Hofstede identified five cultural dimensions: power distance, uncertainty avoidance, masculinity versus femininity, individualism versus collectivism, and long-term orientation.</p> Signup and view all the answers

<p>Cultures with a high score in the uncertainty avoidance dimension tend to rely on their set rules and ways of doing things.</p> Signup and view all the answers

<p>A feature of highly individualistic cultures is direct communication.</p> Signup and view all the answers

<p>The highest-ranking cultural dimension for Mexicans is Uncertainty Avoidance.</p> Signup and view all the answers

<p>The highest-ranking cultural dimension for Canadians is individualism.</p> Signup and view all the answers

<p>How should the goods and services be distributed throughout the country?</p> Signup and view all the answers

<p>A country should produce the quantity of goods and services where supply equals the amount demanded.</p> Signup and view all the answers

<p>Scarce resources such as labor and capital should be allocated efficiently and effectively, considering factors such as local supply chains, environmental impact, and the need to minimize waste and maximize productivity.</p> Signup and view all the answers

<p>Goods and services should be distributed efficiently and effectively, ensuring that they reach consumers who need and want them, minimizing waste and promoting equitable access to essential goods.</p> Signup and view all the answers

<p>The price of goods and services should be determined by free competition in the market. The price should be set at a level that allows businesses to cover their costs and earn a profit, while also being affordable and attractive to consumers.</p> Signup and view all the answers

<p>A market economy is an economic system determined by free competition, where businesses, consumers, and market forces determine what goods are created and sold.</p> Signup and view all the answers

<p>A market economy operates under the principles of private property, where individuals and businesses have the right to own and control their assets, and profit, where individuals and businesses are incentivized to generate profits through their activities. Competition is the key driver of a market economy, encouraging businesses to innovate, reduce prices, and improve their products and services.</p> Signup and view all the answers