Copy of Exam Review January 2024-2025 PDF

Protectionism and Barriers to Trade 1.​ What is protectionism?​ Protectionism refers to government policies designed to restrict imports and protect domestic industries from foreign competition. 2.​ What is a trade embargo?​ A trade embargo is a government-imposed ban on trade with a spe...

Protectionism and Barriers to Trade 1.​ What is protectionism?​ Protectionism refers to government policies designed to restrict imports and protect domestic industries from foreign competition. 2.​ What is a trade embargo?​ A trade embargo is a government-imposed ban on trade with a specific country, often for political reasons. 3.​ What are tariffs/duties?​ Tariffs (or duties) are taxes placed on imported goods to make them more expensive and protect domestic industries. 4.​ What are physical barriers?​ Physical barriers are natural obstacles like mountains, rivers, or distance that make trade difficult. 5.​ What are trade sanctions?​ Trade sanctions are restrictions placed on a country's trade to pressure them into changing specific policies or actions. 6.​ What are trade quotas?​ Trade quotas set a limit on the quantity of goods that can be imported or exported during a specific time. 7.​ What are standards?​ Standards are rules or guidelines set for product quality, safety, or environmental impact to ensure products meet certain criteria. 8.​ What are subsidies?​ Subsidies are financial support from the government to domestic businesses to make them more competitive. 9.​ What are currency fluctuations?​ Currency fluctuations refer to changes in the value of a country’s currency compared to others, which can affect trade costs. 10.​What are the impacts of time zones on trade?​ Time zones can affect communication, scheduling, and efficiency when conducting business globally. Global Strategy 11.​What is a multidomestic strategy?​ A multidomestic strategy involves adapting products and marketing to fit the preferences of each country or region. 12.​What is a transnational strategy?​ A transnational strategy combines global efficiency with local responsiveness, balancing standardization with adaptation. 13.​What are trade agreements?​ Trade agreements are treaties between countries that reduce trade barriers, like tariffs and quotas, to promote free trade. 14.​What are trade organizations?​  Trade organizations are groups like the WTO (World Trade Organization) that promote and regulate international trade. 15.​What are tax treaties?​ Tax treaties are agreements between countries to prevent double taxation and encourage investment and trade. European Union (EU) 16.​What is the EU?​ The European Union (EU) is a political and economic partnership between 27 European countries. 17.​What is the purpose of the EU?​ The EU aims to promote peace, economic cooperation, free trade, and shared laws and policies. 18.​What are the advantages of the EU? ○​ Easier trade between members (no tariffs). ○​ Free movement of people, goods, and money. ○​ Shared regulations and standards. 19.​What are the disadvantages of the EU? ○​ Loss of some national sovereignty. ○​ Unequal benefits across member countries. ○​ Economic disparities between members. 20.​What is the Euro?​ The Euro is a common currency used by 20 EU countries. 21.​What are the advantages of the Euro currency? ○​ Simplifies trade and travel. ○​ Encourages investment and economic stability. 22.​What are the disadvantages of the Euro currency? ○​ Countries lose control over their monetary policies. ○​ Economic differences can strain the currency’s stability. CETA (Comprehensive Economic and Trade Agreement) 23.​What is CETA and what does it stand for?​ CETA stands for the Comprehensive Economic and Trade Agreement, a free trade deal between Canada and the EU. 24.​What does CETA mean for Canadian businesses?​ It reduces tariffs, increases market access, and creates new opportunities for Canadian exporters. 25.​What does CETA mean for consumers?​ Consumers benefit from lower prices and a wider variety of goods and services. 26.​What does CETA mean for Europeans?​ Europeans gain access to Canadian products and markets, boosting trade and investment opportunities. 27.​Who in particular will benefit from CETA?​  Exporters, consumers, and industries like agriculture, manufacturing, and technology in both Canada and the EU. NAFTA/CUSMA 28.​What is NAFTA?​ The North American Free Trade Agreement (NAFTA) eliminated trade barriers between Canada, the US, and Mexico. 29.​What is CUSMA?​ CUSMA (Canada-United States-Mexico Agreement) is an updated version of NAFTA, with modernized rules for digital trade, labor, and environmental standards. BREXIT 30.​What is BREXIT?​ BREXIT refers to the United Kingdom's decision to leave the European Union, officially completed in 2020. 31.​What were the reasons for BREXIT? ○​ Desire for sovereignty over laws and borders. ○​ Concerns about immigration and economic contributions to the EU. ○​ Distrust of EU bureaucracy. 32.​What were the effects of BREXIT? ○​ Economic uncertainty for the UK. ○​ Trade barriers between the UK and EU. ○​ Potential opportunities for the UK to create independent trade agreements. Canada's Competitive Advantage 33.​What is a competitive advantage?​ A competitive advantage is the ability of a country or company to produce goods and services more efficiently or uniquely than others. 34.​What does the world see as Canada's competitive advantage? ○​ Abundant natural resources (oil, minerals, forests). ○​ Skilled workforce. ○​ Stable political environment. Canada's Banking Industry 35.​Why is Canada's banking system considered one of the best in the world? ○​ Strong regulation and oversight. ○​ Financial stability during global crises. ○​ High consumer confidence. 36.​Why is the Canadian banking system better than the United States’? ○​ More conservative lending practices. ○​ Fewer bank failures. ○​ A focus on risk management. 37.​What is the international role of Canadian banks?​ Canadian banks support international trade, invest globally, and offer financial services in foreign markets. Canada's Cultural Industry 38.​Where are Canada’s most successful regions for film and TV production? ○​ British Columbia (Vancouver). ○​ Ontario (Toronto). ○​ Quebec (Montreal). 39.​How does the B.C. government attract film and television production to this area?​ By offering tax incentives and a skilled workforce. 40.​What is a tax credit?​ A tax credit reduces the amount of tax a company owes, incentivizing certain activities like film production. 41.​What is one of Canada’s greatest attributes in its cultural industry?​ Diversity and international appeal in storytelling and talent. Canada’s Technology Industry 42.​Why did Canada’s technology industry become successful? ○​ Skilled labor force in STEM fields. ○​ Government support and funding. ○​ Strong education system. Attracting Foreign Investment 43.​Why would a country choose to invest in a foreign country? ○​ Access to new markets. ○​ Cheaper labor or resources. ○​ Growth opportunities. 44.​What are the disadvantages of foreign investments? ○​ Loss of local control. ○​ Potential exploitation of resources or workers. ○​ Political or economic risks. 45.​What is foreign investment, and why is it important for a country?​ Foreign investment is when a business or individual invests in assets or companies in another country. It’s important because it creates jobs, boosts economic growth, and brings in capital. 46.​How does Canada attract foreign investment? ○​ Offering tax incentives. ○​ Providing a stable political and economic environment. ○​ Promoting access to North American and global markets. A Supportive Business Environment 47.​Why does Canada have an excellent business environment for foreign investment? ○​ Strong infrastructure. ○​ Skilled workforce. ○​ Favorable trade agreements. 48.​Why is Canada considered the Gateway to the World?​ Its geographical location offers access to the US and Asia, and its ports connect to global trade routes. 49.​Why does Canada have a strong connection with Asia? ○​ Proximity to the Pacific Ocean. ○​ Trade relationships with Asian countries. ○​ Large Asian immigrant population. Infrastructure Advantage 50.​What are Canada’s ties to Asia?​ Trade relationships, cultural exchanges, and transportation links like ports and railways. 51.​What are the advantages of Canada’s ports? ○​ Access to global trade routes. ○​ Efficient handling of goods. ○​ Strategic locations near major markets. 52.​What is the Smart Border Accord?​ An agreement between Canada and the US to enhance border security and streamline trade. 53.​How many ports does Canada have?​ Canada has over 550 ports, with major ones like Vancouver, Montreal, and Halifax. 54.​What are the advantages of the St. Lawrence Seaway? ○​ Connects the Atlantic Ocean to the Great Lakes. ○​ Facilitates trade between Canada and the US. ○​ Supports bulk cargo transport. 55.​What are the three major railway connections owned by Canadian railway companies? ○​ Canadian National Railway (CN). ○​ Canadian Pacific Railway (CP). ○​ VIA Rail (passenger). 56.​What is the significance of the Trans-Canada Highway?​ It connects all provinces, facilitating trade and transportation across the country.  Canada’s Cultural Diversity 57.​Why is culture important to a country?​ It shapes national identity, promotes unity, and attracts tourism and investment. 58.​Why is one of Canada’s best assets its immigrants?​ Immigrants bring skills, innovation, and cultural diversity, boosting the economy. 59.​Why is Canada one of the most multicultural countries in the world?​ Its immigration policies and cultural acceptance promote diversity. 60.​What are the advantages of having immigrants in the workforce? ○​ Addressing labor shortages. ○​ Bringing fresh perspectives. ○​ Enhancing global business connections. 61.​Why do immigrants come to Canada?​ For opportunities, safety, education, and a high quality of life. A Great Place to Live 62.​What is HDI?​ HDI (Human Development Index) is a measure of a country's social and economic development based on life expectancy, education, and income. 63.​Why is Canada one of the best places to live in the world? ○​ High standard of living. ○​ Universal healthcare. ○​ Low crime rates. ○​ High HDI ranking. 64.​What does Canada embrace? ○​ Multiculturalism. ○​ Inclusion and diversity. ○​ Democratic values. 65.​Why has Canada ranked as the best place to live among G7 countries?​ Its quality of life, economic stability, and public services like healthcare and education. Productivity 66.​What is productivity measured by?​ Productivity is measured by GDP per capita (Gross Domestic Product divided by the population). 67.​What does a high GDP per capita mean?​ It indicates a high standard of living, better economic output, and wealth distribution. 68.​What does a high GDP per capita allow? ○​ Improved public services. ○​ Higher wages. ○​ Increased investments in infrastructure. 69.​What are the global factors that influence a country’s productivity? ○​ Access to technology. ○​ Workforce education and skills. ○​ Infrastructure quality.  ○​ Economic policies. 70.​How can Canadian companies increase their productivity? ○​ Invest in technology and innovation. ○​ Train and upskill workers. ○​ Streamline operations to reduce waste. 71.​Why would Ottawa be a great investment place for foreign businesses? ○​ Strong infrastructure. ○​ Skilled labor force. ○​ Proximity to government institutions and decision-making. 72.​Why is Canada’s productivity low compared to other G7 countries? ○​ Less investment in innovation. ○​ Smaller manufacturing sector. ○​ Challenges in scaling businesses globally. GDP 73.​What is GDP?​ GDP (Gross Domestic Product) is the total value of all goods and services produced in a country within a specific period. 74.​What is GDP per capita?​ GDP per capita is the GDP divided by the population, measuring the average economic output per person. 75.​How is GDP per capita calculated?​ Divide the total GDP by the country's population. Income Levels 76.​What are high-income countries?​ Nations with a high standard of living and advanced economies, such as Canada, the US, and Japan. 77.​What are middle-income countries?​ Nations with growing economies and improving standards of living, such as Brazil and India. 78.​What are low-income countries?​ Nations with limited economic development and lower living standards, such as Afghanistan and Haiti. Three Problems with GDP 79.​What are three problems with GDP? 1.​ It does not account for income inequality. 2.​ It does not measure environmental degradation. 3.​ It ignores non-market activities like volunteer work. 80.​What is GNH (Gross National Happiness)?​ GNH is a measure used by Bhutan that prioritizes happiness and well-being over economic output. Canada's Role in International Business 81.​What is the changing Canadian workforce? ○​ Increased diversity. ○​ More women in leadership roles. ○​ Greater emphasis on technology skills. 82.​How is the workplace changing? ○​ Flexible work arrangements (e.g., telecommuting). ○​ Adoption of new technologies. ○​ Emphasis on lifelong learning. 83.​How are companies restructuring due to global competition? ○​ Downsizing or outsourcing non-essential functions. ○​ Automating tasks to increase efficiency. 84.​How do technological developments affect the way we work? ○​ Automation streamlines repetitive tasks. ○​ Digital tools enable remote work. ○​ AI and data analytics improve decision-making. 85.​How has telecommuting changed the workforce? ○​ Reduced need for office space. ○​ Improved work-life balance. ○​ Broader access to global talent. 86.​What skills are necessary for the global workplace? ○​ Communication and cultural awareness. ○​ Technological literacy. ○​ Problem-solving and adaptability. 87.​How are workplaces changing because of the global marketplace? ○​ Increased collaboration across borders. ○​ Use of international supply chains. ○​ Focus on sustainability and ethical practices. 88.​How are careers changing because of the global marketplace? ○​ More opportunities for remote work. ○​ Need for multilingual and cross-cultural skills. ○​ Growth in international roles and collaborations. Unit 3: What is Culture 89.​What is culture?​ Culture refers to the shared values, beliefs, customs, behaviors, and artifacts that define a group of people or society. 90.​What are cultural norms?​  Cultural norms are the accepted rules of behavior or standards within a specific culture. 91.​What are customs?​ Customs are traditional practices or behaviors associated with specific social or cultural contexts. 92.​What are cultural determinants?​ These are factors like geography, religion, history, and language that shape a culture. 93.​How do cultural determinants shape culture?​ They influence values, beliefs, traditions, and how people interact with one another. 94.​What is a subculture?​ A subculture is a smaller group within a larger culture with its distinct values, behaviors, or traditions. 95.​What is a counterculture?​ A counterculture actively opposes the norms and values of the dominant culture. 96.​What is a cultural mosaic?​ A cultural mosaic describes a society where multiple cultures coexist and maintain their distinct identities. 97.​What is xenophobia?​ Xenophobia is the fear or prejudice against people from other countries or cultures. 98.​What is populism?​ Populism is a political approach that seeks to represent the interests of ordinary people against elites or established institutions. 99.​What is cultural baggage?​ Cultural baggage refers to preconceived attitudes, values, or beliefs that individuals bring from their own culture when interacting with others. 100.​ What is the difference between East vs. West cultures?​ - Eastern cultures tend to value collectivism, tradition, and group harmony.​ - Western cultures prioritize individualism, innovation, and independence. Maslow’s Hierarchy of Needs 101.​ What is Maslow’s Hierarchy of Needs?​ A theory outlining five levels of human needs: physiological, safety, love/belonging, esteem, and self-actualization. Monochronic vs. Polychronic 102.​ What is monochronic?​ A time system where people focus on one task at a time and value punctuality (e.g., the U.S.). 103.​ What is polychronic?​ A time system where people handle multiple tasks simultaneously and value relationships over schedules (e.g., Latin America). 104.​ What are characteristics of monochronic cultures?​ - Structured schedules.​ - Focus on deadlines.​ - Preference for planning. 105.​ What are characteristics of polychronic cultures?​ - Flexible schedules.​ - Prioritization of personal interactions.​ - Comfort with interruptions. Geert Hofstede’s Theories 106.​ What is Power Distance?​ Power Distance refers to how a society views inequality in power distribution between individuals. 107.​ What is Uncertainty Avoidance?​ It measures how comfortable a culture is with ambiguity or uncertainty. 108.​ What is Masculinity vs. Femininity?​ - Masculinity emphasizes achievement, competitiveness, and material success.​ - Femininity focuses on care, cooperation, and quality of life. 109.​ What is Individualism vs. Collectivism?​ - Individualism values independence and personal achievements.​ - Collectivism emphasizes group goals and interdependence. 110.​ What is Short-Term vs. Long-Term Orientation?​ - Short-term orientation focuses on immediate results and traditions.​ - Long-term orientation values perseverance and future planning. Cultural Awareness and Business 111.​ What is business etiquette?​ Business etiquette refers to the cultural norms and practices that govern professional behavior in a specific country. Cultural Trends and Imperialism 112.​ Why is Canada a desirable destination for immigrants looking for new opportunities?​ - Economic stability.​ - High quality of life.​ - Acceptance of multiculturalism. 113.​ Why do traditional cultures feel threatened by Western music, fashion, and trends?​ They view these trends as forms of Western imperialism, which can erode traditional values and practices. 114.​ What is the first rule of business when going international?​ Understand and respect the culture of the country where you are doing business.  Business Ethics – Chapter 6 115.​ What are business ethics?​ Business ethics refer to the moral principles that guide the behavior of businesses and their employees. 116.​ Who are primary stakeholders?​ Individuals or groups directly affected by a business, such as employees, customers, and shareholders. 117.​ Who are secondary stakeholders?​ Groups indirectly affected by a business, such as the community and media. 118.​ What is the test of disclosure method of ethical reasoning?​ This method asks: "Would I feel comfortable if my actions were made public?" 119.​ What is ethical imperialism?​ The belief that one's own ethical standards should be applied universally. 120.​ What is cultural relativism?​ The belief that ethical practices should be based on the cultural norms of a specific society. 121.​ What is the difference between ethical imperialism and cultural relativism?​ - Ethical imperialism imposes one universal standard.​ - Cultural relativism adapts to the local ethical context. 122.​ What is corporate corruption?​ Corporate corruption involves illegal or unethical practices by businesses, such as bribery or embezzlement. Economics and Politics – Chapter 4 123.​ Who is Adam Smith?​ Adam Smith is known as the "Father of Economics." He introduced the concept of free-market capitalism in his book The Wealth of Nations. 124.​ Why study economics?​ To understand how resources are allocated, how businesses and governments interact, and how economic decisions affect society. 125.​ What is meant by the statement "there is no such thing as a free lunch"?​ It means everything has a cost, even if it seems free; someone always pays for it. 126.​ What is an economic system?​ An economic system is the framework a country uses to allocate resources, distribute goods, and organize production. 127.​ What is opportunity cost?​ Opportunity cost is the value of the next best alternative foregone when a choice is made. 128.​ What is scarcity?​ Scarcity refers to the limited availability of resources relative to unlimited wants. 129.​ What is specialization?​ Specialization occurs when individuals, businesses, or countries focus on producing goods or services they excel at, increasing efficiency. 130.​ Why is there no such thing as a free lunch? Give an example.​ Every action has a cost. For example, a company offering free samples absorbs the production and marketing costs. 131.​ What are political systems we covered in class?​ - Democracy: Power is held by the people or their representatives.​ - Autocracy: Power is concentrated in one leader or group.​ - Communism: A system where the state controls all property and resources.​ - Monarchy: Rule by a king, queen, or emperor. 132.​ What are economic systems, and what questions define them?​ Economic systems determine how resources are allocated.​ Key questions:​ - What to produce?​ - How to produce?​ - For whom to produce? 133.​ What is a mixed economy?​ A mixed economy combines elements of both market and command economies, where private and public sectors coexist. 134.​ What is a command economy?​ A system where the government controls production, distribution, and prices.​ Characteristics: Central planning, state ownership of resources. 135.​ What is a market economy?​ A system where supply and demand determine production and prices with minimal government intervention. 136.​ What is a traditional economy?​ An economy based on customs, traditions, and bartering, often seen in rural or tribal societies. Business Cycle 137.​ Why is it important for you to understand the business cycle?​ Understanding the business cycle helps businesses and individuals make informed financial decisions based on economic conditions. Government’s Role in International Trade 138.​ State six ways the government has a role in international trade.​ 1. Negotiating trade agreements.​ 2. Imposing tariffs or trade restrictions.​ 3. Regulating imports and exports.​ 4. Offering subsidies to domestic industries.​ 5. Enforcing standards and regulations.​ 6. Supporting trade missions and consulates. Trade Mission 139.​ What is a trade mission?​  A trade mission involves a group of government officials and business representatives traveling to foreign countries to promote trade relationships. 140.​ What is Team Canada?​ Team Canada is an initiative that involves government and business leaders collaborating to promote Canadian trade and investment internationally. Trade and Comparative Advantages 141.​ What is absolute advantage?​ When a country can produce a good more efficiently than other countries. 142.​ What is comparative advantage?​ When a country can produce a good at a lower opportunity cost than others, even if it lacks absolute advantage. Government Representation Abroad 143.​ What is lobbying?​ Lobbying is the act of influencing government decisions by advocating for specific policies or interests. 144.​ What are consulates?​ Consulates are government offices located in foreign cities that assist citizens, promote trade, and facilitate diplomacy. 145.​ What services does a consulate provide?​ - Assisting citizens in emergencies.​ - Issuing visas and passports.​ - Promoting trade and investment. 146.​ What is an embassy?​ An embassy is a country's main diplomatic office in a foreign capital, representing the government and fostering international relations.