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BBB4M Exam Questions and Answers
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BBB4M Exam Questions and Answers
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BBB4M Exam Questions and AnswersBusiness - Answer-The manufacturing and/or sales of goods and/or services to satisfy
the wants and needs of consumers to make a profit.
Transactions - Answer-The exchange of things of value.
Domestic Business - Answer-A business that makes most of its transactions within the
borders of the country in which it is based. Is owned by Canadians, relies primarily on
products it makes or services it provides to people who live in Canada.
International Business - Answer-The economic system of transactions conducted
between businesses located in different countries, a specific company or corporation
that conducts business in other countries.
Domestic Market - Answer-The customers of a business who live in the country where
the business operates.
Foreign Market - Answer-The customers of a business who live in a country than the
one where the business operates.
Trade - Answer-The manufacturing and/or sales of goods and/or services to satisfy the
wants and needs of consumers to make a profit.
Foreign or International Trade - Answer-The economic system of transactions
conducted between businesses located in different countries.
Trading Partner - Answer-One of two or more countries involved in a business
relationship with another country or countries. When a business in Canada develops a
relationship with a business in another country, that country is then considered to be
Canada's trading partner.
Duty or Tariff - Answer-A tax most countries place on foreign imports to increase their
price and make the price of domestic goods competitive.
Globalization - Answer-The process whereby national or regional economies and
cultures have become integrated through new global communication technologies,
foreign direct investment, international trade, migration, new forms of transportation,
and the flow of money.
Interdependence - Answer-The reliance of two or more nations on each other for
products or services.
Primary Industries - Answer-The sector of the economy characterized by the traction of
natural resources from the earth or sea, and beginning to process those resources.
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